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Payments Modernization and Technology

Payments Modernization and Technology

Aite Novarica
Pages 6 Pages

The April 2023 report highlights that banks must invest in modern payment capabilities to meet growing business customer demands for efficiency, automation, and robustness. Nearly half of banks report losing at least 10% of payment volume to fintech providers. Key hurdles include legacy system integration, especially for real-time payments, and compliance and security in cross-border transactions. Cloud adoption and Payments-as-a-Service are leveling accessibility, with vendor partnerships critical for expertise, speed, and cost efficiency in modernization efforts.

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