The survey is an annual research report that looks at the payments modernization priorities of US mid-tier banks.
Commenced in the first quarter of 2023, the report was developed from interviews with over 70 senior banking, mid-tier financial institutions to glean insights into their current payment operations and shed light on their strategic plans for system modernization over the next 12 months.
The results are then compiled into the “US mid-tier bank survey,” aimed to capture the pulse of the industry, identify challenges, and understand emerging trends in payments. By providing insights aligned with market dynamics, our hope is to empower institutions to compete effectively and innovate alongside their larger counterparts.
43% indicated their intention to connect to the FedNow service within the next year, up from 29% in 2022
most requested capability among corporate clients is instant payments
ISO 20022 migration has become a major concern for the wireroom
Over 7 out of 10 banks report the most wanted new payments capability is APIs