{"id":565715,"date":"2024-12-17T10:10:56","date_gmt":"2024-12-17T09:10:56","guid":{"rendered":"https:\/\/ibsintelligence.com\/?post_type=ibsi_news&p=565715"},"modified":"2024-12-17T10:10:56","modified_gmt":"2024-12-17T09:10:56","slug":"mid-tier-banks-bet-big-on-real-time-payments-revolution-study-shows","status":"publish","type":"ibsi_news","link":"https:\/\/ibsintelligence.com\/ibsi-news\/mid-tier-banks-bet-big-on-real-time-payments-revolution-study-shows\/","title":{"rendered":"Mid-Tier banks bet big on real-time payments revolution, study shows"},"content":{"rendered":"

\"\"Created in partnership with\u00a0Datos Insights, the 2024 report highlights the unique position of mid-tier banks and the investment opportunities available to modernise payment infrastructure.<\/em><\/p>\n

Volante Technologies<\/strong><\/a><\/u>, the global leader in Payments as a Service (PaaS), announced the release of its fourth annual\u00a0survey of mid-tier banks<\/a>.
\nThe report, produced in collaboration with Datos Insights, provides deep insights into how mid-tier banks can accelerate payment modernisation to meet growing customer demands and remain competitive in the dynamic financial ecosystem.<\/p>\n

Gathered from over 1,250 global banking leaders, the report identifies key trends driving the future of payments for mid-tier banks, defined as financial institutions with between\u00a0$3 billion\u00a0and\u00a0$100 billion\u00a0in assets. These include the rising adoption of real-time payments, the strategic importance of ISO 20022 compliance and utilisation, and the role of cloud and Payments as a Service (PaaS) solution in payment modernisation. Notably, the report shows that in response to these trends, mid-tier banks are planning significant additional\u00a0investments in payment modernisation.<\/p>\n

“Strategically positioned between large and small banking institutions, mid-tier banks have an opportunity to transform their complex middle position into an unrivalled value proposition. As corporate customers increasingly demand instant payments, data transparency, and agile financial services to meet growth goals and maintain regulatory compliance, mid-tier banks have the flexibility and resources to modernise, providing specialised, agile, and client-focused services in payments to their customers,”\u00a0said\u00a0Erika Bauman, Director of Commercial Banking & Payments Practice at Datos Insights<\/strong>.<\/p>\n

Mid-tier banks universally reported planned payments modernisation investments, with 76% indicating moderate investment and 24% indicating significant investment. However, despite clear plans for the digital transformation of outdated payment infrastructure, survey respondents indicated that execution is often unfocused or delayed, underscoring the urgent requirement for utilising the right technologies and partnerships.<\/p>\n

Cloud and PaaS Technology are Driving Transformation<\/strong><\/p>\n

Cloud and PaaS solutions enable leading mid-tier banks to modernise, scale operations, streamline compliance, and reduce operating costs. Respondents strongly preferred cloud-native, modular solutions that support seamless integration, reducing implementation time and costs. These technologies facilitate real-time visibility into payment flows, automate key processes, and leverage enhanced data analytics, helping expedite transaction reconciliations and unearth insights to enhance liquidity and risk management.<\/p>\n

“With record demand for real-time payments and ISO 20022 compliance, investing in payments modernisation is no longer optional for mid-tier banks seeking to remain competitive. In the U.S. especially, FedNow\u00ae\u00a0<\/sup>and the RTP\u00ae\u00a0<\/sup>network’s rapid adoption, combined with the upcoming Fedwire ISO 20022 migration, underscores the urgency for modernisation,”\u00a0said\u00a0Deepak Gupta, EVP, Product, Engineering, & Services, Volante Technologies.<\/strong><\/p>\n

“Cloud and PaaS will be game-changers for mid-tier level financial institutions seeking to leverage their unique flexibility and resources to modernise infrastructures, allowing them to offer specialised services and unlock new revenue streams,”\u00a0concluded Gupta.<\/strong><\/p>\n

Mid-tier banks possess a unique position and potential to lead in the payments space. With its new\u00a0Payments Intelligence<\/strong><\/a>\u00a0solution, Volante remains committed to guiding its partners in integrating new advanced technologies, enabling internal innovation, and achieving growth goals.<\/p>\n

Key Findings from the Survey:<\/strong><\/p>\n