Volante Technologies’ Finextra Survey Cites 73% of Organisations Looking to Increase Use of Payments as a Service
Survey conducted in 2021 by Finextra in collaboration with Volante was based on 150 banks and payment service providers (PSPs) worldwide
NEW YORK, LONDON, DUBAI, MEXICO CITY, 28 July, 2021 – Volante Technologies, the global leader in cloud payments and financial messaging, today revealed key findings from a Volante Technologies and Finextra survey, ‘Payments Modernisation: The Cloud Imperative.’
The global survey conducted in early 2021 was based on a sample of 150 banks and payment service providers, with 44% of respondents from the EU, UK or Nordic countries and 22% each from North America and Asia Pacific. 47% of participants were from global banks, with the remainder split across regional and local banks, and fintech/payments service providers. 48% of respondents work in the corporate transaction banking space, with the remainder in consumer and small business payments.
The responses from the survey are clear – cloud is imperative. Cloud allows banks to accelerate their digital transformation journeys and future-proof the needs of their payments businesses, whether the end result is to benefit from cost reduction and efficiency advantages, or to have the capability to rapidly deliver new customer experiences based on Open APIs, microservices or Payments as a Service (PaaS).
Other survey highlights include:
The survey notes that “the ever-evolving needs of customers and the payments markets means banks and institutions need to concentrate their initiatives on an appropriate modernisation strategy…no longer focusing on ‘big bang rip and replace’ programmes, but highly targeted approaches to modernising architectures and moving to cloud and ‘as-a-service’ delivery models to improve agility.”
“With more than half of organisations planning to make changes to the hosting and delivery model of their payments infrastructure within the next 12 months,” the survey continues, “the current 22% of organisations using hybrid cloud and 9% engaging with a payments-as-a-service providers, will increase.”
John Farrell, SVP Global Product Management, Volante Technologies said, “Being cloud-ready is no longer a nice to have. It has become essential for global banks and institutions. Entities using cloud technologies can accelerate their digital journeys which in turn keeps them competitive. Cloud services also scale elastically so any institution considering rolling out new value-added services need not concern themselves with fluctuating volumes. Having a full cloud enabled end-to-end payments lifecycle from initiation to clearing and settlement also means that banks can consolidate channels with applications and align to changing standards such as the move to ISO 20022.”
To download a complimentary copy of the survey, visit Volante’s Cloud Modernisation Survey Page.