US mid-tier banks leading payment modernization: 2024 insights

US mid-tier banks leading payment modernization: 2024 insights

US mid-tier banks are investing heavily in payment modernization to stay competitive. The 2024 US Mid-Tier Bank Payments Report, conducted by Datos Insights and Volante Technologies, highlights these banks’ strategic focus on real-time payments, cloud adoption, and ISO 20022 compliance.

Key highlights

• 100% plan to invest in payment technology within three years.
• 44% are adopting both RTP® and FedNow℠.
• $5M-$20M is the typical investment range.
• 62% are leveraging ISO 20022 for enriched data and automation.

Business use cases

Real-time payments enable instant payroll, just-in-time supplier payments, and cash management tools. Customers prioritize automation (52%) and cash flow forecasting (51%) to meet financial goals.

Seize the opportunity

Mid-tier banks are overcoming legacy challenges to strengthen client relationships and differentiate through innovation.