Across EMEA, the drive to modernise payments is real, urgent, and well underway. However, the journey looks very different depending on where you are.

Some regions are sprinting ahead with bold investment and next-gen infrastructure. Others are moving more cautiously, held back by legacy systems, resource constraints, or sheer complexity. Yet, the throughline across every market is clear: the era of slow, siloed, and manual payments is coming to an end. And the institutions that adapt fastest will define the next chapter of financial services in EMEA.

Drawing on insights from Volante Technologies’ 2025 Big Survey, here’s the story unfolding across the region—one country, one transformation path at a time.

United Kingdom: Realising the urgency, wrestling with execution

In the UK, there’s no question that banks understand the stakes. Every institution surveyed is planning to implement a new payments solution, with 21% aiming to do so within just three weeks, among the fastest timelines in the region. However, behind the urgency lies hesitation.

UK banks appear stuck between recognition and readiness. Despite aggressive timelines, 43% are still exploring how to comply with ISO 20022, and only 19% are fully compliant. Their investments aren’t keeping pace with ambition either: just 27% increased their modernisation budgets, while 14% reduced them—one of the highest cutback rates in EMEA.

This gap between intent and infrastructure is reflected in performance: only 46% of UK banks claim to be effectively delivering domestic instant payments, compared to the 80% EMEA average. Cloud adoption remains fragmented, with 16% of UK banks having no plans to adopt cloud for payments.

The UK story is one of ambition restrained by legacy challenges and cautious investment. The vision is there—supported by the National Payments Vision—but execution remains uneven. The risk? That more decisive markets outpace the UK, just as the global competition heats up.

Benelux: Quiet confidence, careful progress

If the UK is marked by urgency and uncertainty, the Benelux countries (Belgium, the Netherlands, and Luxembourg) present a more confident and steady approach.

Benelux banks are among the most self-assured in the region, with nearly universal confidence in their ability to deliver instant payments, cross-border transactions, and data-driven services. The vast majority (94%) say they’re effectively delivering real-time domestic payments, and 95% are leveraging analytics to unlock value, the highest in EMEA.

But that confidence breeds caution. While 89% of Benelux banks plan to implement new payments solutions within 11 months, only 3% are moving in the next 3 weeks. Budgets are solid, but measured: 43% have increased spending, and the average budget hovers at $1.37 million, with stark differences between Luxembourg’s $1.82 million and Belgium’s $975k.

Trust is a key concern, with 52% of Benelux banks citing vendor and technology partner selection as their top challenge. This underscores a market that wants to get modernisation right, not just fast. Their preference for hybrid and private cloud approaches reflects this balance of innovation and control.

Benelux banks aren’t trying to be first. They’re trying to be sure.

Iberia: The rising star of modernisation

Spain and Portugal are rewriting the script on what modernisation looks like when strategy, investment, and execution align.

Spain, in particular, is leading EMEA on nearly every front. With an average modernisation budget of $2.41 million, Spanish banks are outspending peers and reaping the benefits: 73% are fully ISO 20022 compliant, and 70% are already offering SEPA Instant Payments. Adoption of OCT and PaaS is also well above average.

Customer experience is at the heart of the Iberian approach. Six in ten (63%) Iberian banks measure success by transaction growth, and 60% prioritise customer satisfaction and retention—a clear signal that modernisation is being treated as a strategic growth engine, not just a compliance project.

Even in Portugal, where confidence and investment are more measured, the trajectory is positive. The region has embraced hybrid and private cloud models, with Spain emerging as a regional innovation hub. The story of Iberia is one of bold, targeted investment and results to match.

Nordics: Technical excellence, strategic caution

The Nordic countries—Sweden, Denmark, Finland, and Norway—stand out for their technical readiness, but they’re not all moving in lockstep.

Nine in ten (91%) Nordic banks say they are effectively delivering real-time payments, and 95% have ISO 20022 cross-border compliance under control. Cloud strategy is advanced: 65% use a hybrid model, and many are exploring multi-cloud and PaaS deployments.

That said, spending is uneven. Denmark and Norway show strong budget growth, while Sweden is more restrained. Interestingly, despite their technical strengths, the Nordics are among the most concerned about costs, with budget constraints ranking as a top worry.

Cybersecurity is also a leading concern—64% of Swedish banks highlight it, suggesting that even high-performing markets must continually defend their lead.

The Nordics possess the necessary infrastructure and expertise. Now the question is: will they accelerate before others catch up?

Saudi Arabia and UAE: National strategy meets market momentum

In the Gulf, modernisation has grown from a bank-led initiative to a state-backed mission.

In Saudi Arabia, the Vision 2030 plan has galvanised banks to push toward 70% non-cash transactions by 2030. In the UAE, the National Payment Systems Strategy (NPSS) is already yielding results: 72% of banks say their services are aligned with NPSS, and 66% offer GCC RTGS (AFAQ) services.

What’s striking is the region’s cloud maturity. One in five (20%) banks in both Saudi Arabia and the UAE are fully cloud-native, and many are ahead in instant and cross-border services. However, internal skills remain a challenge: roughly half (52%) of UAE banks cite expertise gaps as a key hurdle.

This is a region with momentum and regulatory clarity, backed by vision, investment, and urgency. The foundation is there. Now it’s about scaling sustainably.

EMEA’s payments story is one of diverging speeds

Zooming out, one overarching theme emerges: EMEA is not modernising at one pace, but at many.

Some markets (like Spain, UAE, Luxembourg) are transforming payments into platforms for innovation. Others (like the UK, Belgium, and parts of the Nordics) are still balancing legacy challenges and internal friction with long-term goals.

But the trajectory is consistent. Across the region:

• Cloud adoption is rising, with hybrid models leading
• ISO 20022 readiness is a dividing line between the proactive and the reactive
• Real-time services are becoming table stakes
• Success is increasingly measured by outcomes—volume growth, speed, satisfaction, not technical milestones

What may have started as a regulatory shift has transformed into a generational change in how banks build, deliver, and monetise payments.

The clock is ticking, and the gap is growing

The difference between being compliant and being competitive is growing starker. Markets like Spain and the UAE are proving what’s possible with the right blend of ambition, strategy, and execution. Others are at risk of falling behind—not because they lack awareness, but because they haven’t yet built the muscle to act.

Volante’s 2025 Big Survey makes one thing clear: the future of payments in EMEA won’t arrive evenly—but it will arrive quickly. Banks that lead now will set the standard. Those who hesitate may find themselves playing catch-up in a landscape that rewards speed, resilience, and flexibility.

The time for planning is over. The time to modernise is now.