The September 2024 Vendor Evaluation of payment hubs highlights rapid transformation in the space, driven by rising financial institution demand, cloud and API innovation, and Payments-as-a-Service models. The market has diversified beyond large banks, with strong client acquisition even among institutions under $5 billion in assets. Sixteen vendors were evaluated, with many averaging over 10 new clients in three years. Definitions of payment hubs now vary by institution needs, making vendor rankings less rigid. The report emphasizes high investment levels, flexible deployment models, and a wide range of capabilities across vendor offerings.

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