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Payment Convergence Shapes Banking Technology

The banking and financial services industry is experiencing fundamental changes. The changing needs and expectations of consumers, along with regulatory challenges, not to mention increased competition from non-bank companies like Google, Facebook and Apple are making comprehensive, innovative platforms a necessity. To effectively rise to the challenge on each of these fronts, financial institutions must develop a holistic payments strategy.

The term “Payment Convergence” has become a popular conversation topic in the financial services industry for both financial institutions as well as solution providers. Why would a single platform that could process many payment types be needed for a financial institution? Indeed, the answer seems obvious – improved efficiency, cost savings, streamlined vendor management, better customer experience – the list goes on and on. Some key factors, including the rapid rate of mobile adoption and emerging trends of mobile and contact-less payments, has given way for the once “pie in the sky” idea of a consolidated payments platform to become a reality.

Legacy System & Vantage

 

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