New Rails, New Options, and New Challenges Drive Payments Transformation

According to IDC, the financial services industry is undergoing significant evolution, and payments is playing a key role in the changes. Rather than simply a line of business or an auxiliary function, payments have become a significant point of strategy. Driven by new networks, new technologies, new business models, and, critically, new customer expectations, banks are being forced to change the way they think about payments. In many cases, payments have become a key catalyst for change across the institution.

As banks take on the challenge of evolving their business, the underlying systems are evolving as well. Rigid legacy payment infrastructure is transforming into flexible platforms with new deployment models. Keeping up with rapid change in what has historically been a slow-moving market requires new thinking and new technology.

Bolstered by data from a global survey, this IDC White Paper examines the current state of payment technology and payment product strategies necessary for financial institutions to compete in a rapidly changing global environment.