Banks motivated to invest in payments modernization to compete for new business while reducing costs and maintaining compliance obligations
With the digitization of global commerce, merchants require their payment providers to support multiple payment methods and currencies, manage payments over all channels, and provide mobile-first experiences for consumer clients as well as their own needs. In turn, payment providers are investing in value-added services to differentiate from the competition, enter new markets and segments, and sustain profitability.
In Drivers of Change in Payments: Setting the Payments Modernization Agenda for Banks and Other Acquirers—a new Impact Report sponsored by BPC Banking Technologies—research and advisory firm Aite-Novarica Group highlights major trends in the global payments industry, with a forward-looking view on the evolution of payments and the drivers for investment in payments modernization.
“The space is now nonlinear and growing in many directions simultaneously,” said Ron van Wezel, Strategic Advisor at Aite-Novarica Group and author of the new report. “Companies supporting merchant payments should stay flexible and on top of trends in the industry, as well as watch for emerging competitors in the fintech space, software suppliers, and consultants in specific commerce verticals.”
About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.