5 Key Challenges in Payments Modernisation

The dialogue in the U.S. payments ecosystem has irreversibly shifted toward offering increased speed, more choices, and simpler ways of sending and receiving payments.

According to a recent survey from Volante, 25% of executives at mid-tier financial institutions are actively modernising their payments systems. Real-time payment settlements emerged as the top priority for banks today, followed by gaining additional API software, which is critical in the era of digital finance and interconnected ecosystems.

For banking executives, the five key challenges of payments modernisation that must be addressed over the next 12 months are: 

• Accelerating timelines of payments system modernisation 
• Migrating payments to the cloud 
• Connecting to real-time payments: RTP^® and FedNow^® 
• Rising volumes in wires and ACH processing outpacing legacy systems 
• Generating new revenue opportunities using APIs 

In this white paper, written in collaboration with American Banker, banking experts share ideas about how to approach the urgent challenges and opportunities of modernisation. Read on to learn about their insights.