PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

On Demand Webinar: Cloud Infrastructure: The Key to Payments Modernization

PaymentsJournal by PaymentsJournal
June 23, 2021
in On Demand Webinar
0
On Demand Webinar: Cloud Infrastructure: The Key to Payments Modernization

On Demand Webinar: Cloud Infrastructure: The Key to Payments Modernization

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

In the modern world, a breadth of alternative payment options and instruments are entering the market at an accelerated pace. These options put consumers in the driver’s seat when it comes to making payments, continuously raising the expectations they have of financial institutions and issuers.

For banks and issuers still relying on legacy technology and siloed systems, rising consumer expectations are a challenge. That said, failing to meet them is not an option. To stay relevant and competitive, financial institutions need to embrace ongoing change and seek out modern approaches. One way to modernize is by incorporating API driven cloud-native infrastructure into their offerings.

In a recent PaymentsJournal webinar titled “The Importance of Cloud Infrastructure for Payments Modernization,” guest speakers Markus Doeinghaus, Global Engagement Manager, Payment Solutions and Innovation at Diebold Nixdorf, and Tim Sloane, VP of Payments Innovation at Mercator Advisory Group, explored why embracing cloud solutions is a must moving forward. 

Legacy systems don’t meet modern expectations, but cloud infrastructure does

Today, many financial service providers are facing complications and high costs due to payment complexity. This is particularly true for banks still relying on legacy technology stacks that cannot cater to the complex technology and regulatory requirements of the modern world.

Banks recognize these challenges. A 2021 Finastra survey of 150 financial institutions found that only 14% of financial institutions currently have any cloud deployed. One in three (33%) indicated that multiple payment solutions are too complex and expensive. Even more respondents (35%) indicated that access to real-time or intraday information is the top issue they’re facing, and 11% indicated cross-border payments are inefficient. The takeaway? Payments complexity complicates everything and increases costs.  

“We believe there is a case for change. We believe that banks need to think about how to keep up, especially with the innovation that is needed in order to provide consumers [with] new ways of interacting with banks and new ways of [making] payments,” said Doeinghaus.

While this is difficult to accomplish with existing systems, modern technology provided in a cloud-native API-driven ecosystem enables banks to deliver a future platform that meets their customers’ needs.  By doing so, multiple aspects of the payments process can be improved, from cost, time-to-market, security, consolidation, regulations, authentication, and so on.

Cloud solutions put customers back in the driver’s seat

Moving forward, consumers will expect more control over the payments experience from start to finish. “Consumers will expect that eventually [they] can combine multiple accounts from multiple banks and have one view of [their] aggregated financial situation. That is a big, big play,” said Doeinghaus.

This control goes beyond aggregating financial information. “It’s really putting the consumer back into the driver’s seat, not only by allowing him to choose different methods [and] choose the channel of choice for a specific payment, but also how to manage their payments,” he added.

While it’s easy to say that migrating to cloud-native platforms can enable banks to better serve customers, they might not know where to start. Fortunately, there are plenty of options for banks looking to modernize.

“There’s no shortage of third parties that have services that financial institutions should be looking at. The challenge they have are their siloes and their inability to integrate; this will fix it,” explained Sloane. This includes platforms that can integrate with existing technology and enable software development without a heavy lift.

Ultimately, these services will require a structure that enables software development, open APIs, and third-party applications and operating on the cloud is an approach that will bring with it safe deployment, reliability, and scalability.

“The Holy Grail of getting access to people and services”

According to Doeinghaus, a cloud-native platform can be viewed as the Holy Grail of accessing people and services. This is because these platforms enable banks to test and launch new elements, services, and consumer features without the heavy lift or high cost.

Cloud-native technology makes increased transparency possible and grants access to services and talent around the world that were not accessible via legacy technology. Even more importantly, it puts the consumer at the center of the payments process. End-in-mind, a consumer-centric approach will be crucial for the future of payments.

Learn more about how cloud infrastructure can fuel payments modernization

In the webinar, Doeinghaus and Sloane dig deeper into how banks and issuers can take advantage of the opportunities that come with a cloud-native approach. They also discuss other approaches, including microservices architecture, low-code environment, continuous integration/continuous delivery (CI/CD), and API and third party integration.

Fill out the form below to access the complimentary PaymentsJournal webinar, “The Importance of Cloud Infrastructure for Payments Modernization.”

    Access the On Demand Webinar - Cloud Infrastructure: The Key to Payments Modernization

    Tags: CloudDieboldModernization
    0
    SHARES
    0
    VIEWS
    Share on FacebookShare on TwitterShare on LinkedIn

      Analyst Coverage, Payments Data, and News Delivered Daily

      Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

      Must Reads

      digital payments

      Navigating the Future: Top Digital Payment Trends to Watch

      March 31, 2023
      scams

      As Scams Become Omnipresent, New Tools Can Help FIs Fight Back

      March 30, 2023
      item clearing

      As Check Volumes Decrease, Financial Institutions Need to Consider Alternative Clearing Options

      March 29, 2023
      payments friction

      Too Much Payments Friction Can Lead to Customer Chafing

      March 28, 2023
      online fraud

      Understanding the Cost of Online Fraud and How to Prevent It

      March 27, 2023
      live shopping, ebay

      Q&A: eBay Exec on Live Shopping and the Future of Payments

      March 24, 2023
      AI and Biometrics in Regulatory Compliance in Finance

      The Importance of AI and Biometrics in Regulatory Compliance in Finance

      March 23, 2023
      Everyone Benefits from the Real-Time Payment Networks  

      Everyone Benefits from the Real-Time Payment Networks  

      March 22, 2023

      Linkedin-in Twitter

      Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
      ©2023 PaymentsJournal.com

      • Analysts Coverage
      • Truth In Data
      • Podcasts
      • Videos
      Menu
      • Analysts Coverage
      • Truth In Data
      • Podcasts
      • Videos
      • Industry Opinions
      • Recent News
      • Resources
      Menu
      • Industry Opinions
      • Recent News
      • Resources
      • Analysts Coverage
      • Truth In Data
      • Podcasts
      • Industry Opinions
      • Faster Payments
      • News
      • Jobs
      • Events
      No Result
      View All Result