The global payments market is rapidly transforming, driven by technology advances and digitalization. As the payment enterprise ecosystem becomes more diverse and interconnected, companies must make strategic sourcing decisions to remain competitive and prepared for the eventual stabilization of macroeconomic disruptions. This report provides actionable insights to help payment enterprises make informed partner selection decisions, offering a comprehensive guide on optimal sourcing strategies. It also includes a comprehensive supplier assessment, profiling 20 IT-BP and 10 product-heritage providers. Real-time payments, account-to-account advances, and emerging technologies, such as AI and blockchain, are reshaping the market. Digital wallets are gaining traction, and enterprises must modernize their infrastructures and enhance customer experience to stay competitive. This report serves as a vital handbook for sourcing strategies, enabling payment enterprises to navigate challenges and seize long-term success opportunities. Scope Industry: banking and financial services Geography: global Services: payment business processes and information technology services Contents In this report, we: Examine the diverse ecosystem of payment enterprises and their unique sourcing challenges Present a three-step framework to guide sourcing and partner selection decisions Provide detailed profiles of 20 IT-BP and 10 product-heritage providers Membership(s) Banking Business Process Financial Crime and Compliance Operations​ Banking Information Technology Sourcing and Vendor Management

The open banking landscape is transforming due to regulatory mandates, technical advances, and dynamic consumer expectations. Financial institutions invest in open banking solutions to enhance customer experiences, foster innovation, and maintain a competitive edge. This transformation emphasizes the need for improved data security, regulatory compliance, and personalized financial services. Providers offering API management, microservices architecture, data integration, and security frameworks lead this transformation. These solutions deliver seamless and secure customer experiences, drive innovation through FinTech partnerships, and create new revenue streams. Providers are building API-driven ecosystems to facilitate real-time connections with third parties, enhancing operational efficiencies and customer flexibility. As the open banking market matures, there is a growing emphasis on data monetization, leveraging advanced analytics for risk management and regulatory compliance, and exploring embedded finance opportunities. In this report, we analyze 31 open banking IT service providers featured on Everest Group’s proprietary PEAK Matrix® framework. Scope Industry: Banking and Financial Services (BFS) Geography: global This assessment is based on Everest Group’s annual RFI process for the calendar year 2024, interactions with leading technology and IT service providers, client reference checks, and an ongoing analysis of the open banking IT services market Contents In this report, we: Examine key trends in the open banking IT services industry Position the providers on Everest Group’s proprietary PEAK Matrix® framework as Leaders, Major Contenders, and Aspirants Compare providers’ key strengths and limitations Membership(s) Banking Information Technology Sourcing and Vendor Management

The dynamic payments market landscape is driven by technology advances and evolving consumer expectations. Heightened regulatory scrutiny and increased credit-based payment methods worldwide impact the global payments market. Digital wallets are a leading payment instrument. Firms are integrating gen AI to transform their payment operations. As digital transformation accelerates, customers demand faster, more secure, and convenient payment solutions. The competitive pressure to optimize costs and improve profit margins is driving the adoption of AI, blockchain, and cloud solutions. Enterprises should embrace open banking and modernize payment infrastructures to stay competitive and meet dynamic market needs. In this report, we examine enterprises’ evolving priorities in the payments industry. The report analyzes the current global payment market trends and the changing payments buyer landscape. It also explores the key digital levers used in payment enterprises’ sourcing priorities. Scope Industry: Banking and Financial Services (BFS) Geography: global Services: payments business process and IT Contents In this report, we Examine the payments landscape and key market trends Analyze key priorities shaping payment enterprises’ success Study the digital levers used in payment enterprises’ sourcing priorities Membership(s) Banking Business Process Banking Information Technology Financial Crime and Compliance Operations Outsourcing Excellence

Today, providers are differentiating themselves by offering as-a-service models and emphasizing digital transformation solutions through the strategic use of analytics, automation, and AI, coupled with industry expertise and an advisory-led approach. Additionally, providers are leveraging the partnership ecosystem and making new acquisitions to enhance their capabilities and improve the time-to-market of their offerings. Buyers are increasingly partnering with participants capable of providing holistic support, offering proactive guidance on industry best practices, customer experience design, and faster, more cost-effective, and better transformative models. Everest Group’s Banking Operations – Service Provider Compendium 2023 provides detailed and fact-based snapshots of 34 providers and includes insights on the banking operations provider landscape. Each profile provides a comprehensive picture of the provider’s services suite, recent developments and investments, key clients, technology solutions, and delivery locations. It also specifies providers’ position on Everest Group’s PEAK Matrix® as Leaders, Major Contenders, or Aspirants based on their capabilities and offerings. The compendium will enable banks, financial institutions, and providers to make informed sourcing and partnership decisions and gain a better understanding of the current banking operations provider landscape. Scope Industry: Banking and Financial Services (BFS) Geography: global The report covers vertical-specific banking operations and does not include horizontal business processes such as Finance and Accounting (F&A), HR, procurement, and contact centers This assessment is based on Everest Group’s annual RFI process and an ongoing analysis of the banking operations industry Contents This report features 34 banking operations service provider profiles and includes: Banking operations Business Process Services (BPS) scale of operations: key leaders, services suite, FTEs, and recent developments Delivery locations: details of providers’ key delivery locations worldwide Client portfolio: capital markets BPS revenue split by geography and buyer size, FTE split by segment and delivery location, and key clients Technology solutions: key solutions and their brief descriptions Solutions for risk management and regulatory reporting in capital markets Membership(s) Banking and Financial Services Business Process Sourcing and Vendor Management

The payments landscape is changing rapidly. Today, consumers have more payment options than ever before. This is primarily due to the unprecedented rise of FinTechs, PayTechs, and neo-banks, which introduce faster, innovative, and convenient transaction methods such as Buy Now Pay Later (BNPL), digital wallets, Request to Pay (R2P), embedded payments, and digital currencies. The increasing prevalence of digital payments and consumer demand for seamless instant transactions are driving the adoption of real-time payments systems. New regulations and standards, such as ISO 20022, are paving the way for faster and more efficient payments. These new data standards offer numerous opportunities for data monetization. Financial institutions are investing in modernizing payment infrastructure to support instant payments, leverage monetization opportunities, provide alternative payment methods, and launch digital currencies. This compendium provides comprehensive and fact-based snapshots of 30 providers featured on the Payments IT Services PEAK Matrix® Assessment 2023. Each profile offers a comprehensive view of the provider’s vision and strategy, practice size and scale, scope of services and solutions offered, investments, partnerships, case studies, and key strengths and limitations. The compendium will enable providers to benchmark their capabilities against their peers, while enterprises will be able to assess the providers based on their desired set of capabilities. Scope Industry: Banking and Financial Services (BFS) Geography: global The assessment is based on Everest Group’s annual RFI process for the calendar year 2023, interactions with leading technology and IT services providers, client reference checks, and an ongoing analysis of payments in BFS IT services market Contents In this report, we evaluate 30 payments IT service provider profiles and include: Key trends in the payments space Classification of 30 payments IT service providers as Leaders, Major Contenders, and Aspirants on Everest Group’s proprietary PEAK Matrix® framework A summary dashboard on providers’ market impact and vision and capabilities An overview of providers’ payments IT services business – vision, scope of services offered, delivery footprint, practice size and scale, and presence across enterprise segments and geographies An overview of providers’ payments IT services investments, key solutions/IP, and partnerships Key payments IT services case studies Providers’ key strengths and limitations Membership(s) Banking Information Technology Sourcing and Vendor Management

Amid a challenging year marked by volatile interest rates, inflation pressures, and a banking crisis, the banking industry has swiftly realigned its priorities to navigate these complex market dynamics. This report examines the transformations that enterprises are pursuing and the support they require in this evolving landscape. By analyzing data from Everest Group’s annual RFI process, interactions with industry leaders, client references, and ongoing market analysis, the report offers a comprehensive panorama of the banking operations market. The study analyzes the impact of key macroeconomic factors on the Banking and Financial Services (BFS) industry, highlighting the priority areas that enterprises are focusing on. It also examines the BFS Business Process Services (BPS) market, highlighting the emerging trends among providers and evaluating their responses to the industry’s evolving needs. A detailed scrutiny of the banking operations provider landscape is presented, along with an insightful outlook on the future of banking operations. In this report, we discuss the banking market’s current state and offer invaluable insights into the strategies, trends, and challenges shaping the industry’s trajectory. Scope Industry: BFS Geography: global Contents In this report, we examine: Key macroeconomic factors affecting the BFS industry Priority focus areas for enterprises BFS BPS market overview Emerging trends among BFS BPS providers Banking operations provider landscape Banking operations outlook Membership(s) Banking Business Process Sourcing and Vendor Management

The payments landscape is changing rapidly. Today, consumers have more payment options than ever before. This is primarily due to the unprecedented rise of FinTechs, PayTechs, and neo-banks, which introduce faster, innovative, and convenient transaction methods such as Buy Now Pay Later (BNPL), digital wallets, Request to Pay (R2P), embedded payments, and digital currencies. The increasing prevalence of digital payments and the consumer demand for seamless instant transactions are driving the adoption of real-time payments systems. New regulations and standards, such as ISO 20022, are paving the way for faster and more efficient payments. These new data standards create numerous opportunities for data monetization. Financial institutions are investing in modernizing payment infrastructure to support instant payments, leverage monetization opportunities, provide alternative payment methods, and launch digital currencies. In this report, we examine the vision and capability and market impact of 30 payments IT service providers and position them on Everest Group’s proprietary PEAK Matrix® framework as Leaders, Major Contenders, and Aspirants. Scope Industry: Banking and Financial Services (BFS) Geography: global The assessment is based on Everest Group’s annual RFI process for the calendar year 2023, interactions with leading technology and IT services providers, client reference checks, and an ongoing analysis of the payments IT services market Contents In this report, we: Examine key trends in the payments IT services industry Classify 30 payments IT service providers as Leaders, Major Contenders, and Aspirants on Everest Group’s proprietary PEAK Matrix® framework Discuss the IT service providers’ competitive landscape for payments IT services in BFS Assess providers’ key strengths and limitations Membership(s) Banking Information Technology Sourcing and Vendor Management

The banking operations market has become relatively consolidated at the top, with the leading participants capturing a larger share of the market. Additionally, specialists have entered specific banking segments. Lines of business such as cards and payments and retail banking are growing significantly. Enterprises are focusing on becoming future-ready, agile, and resilient to manage volume fluctuations and staff shortages. Providers are differentiating themselves by offering as-a-service models and focusing on digital transformation solutions by leveraging analytics, automation, and AI, combined with industry expertise and an advisory-led approach. Additionally, they are leveraging the partnership ecosystem and making new acquisitions to enhance their capabilities and improve the time-to-market of their offerings. Buyers are increasingly partnering with participants capable of providing holistic support in the form of proactive guidance on industry best practices, customer experience design, and faster, cheaper, and better transformative models. In this report, we analyze 34 banking operations service providers and position them on Everest Group’s PEAK Matrix® as Leaders, Major Contenders, and Aspirants based on their capabilities and offerings. The report will assist key stakeholders, such as banks, financial institutions, and providers, in understanding the current banking service provider landscape and make informed sourcing and partnership decisions. Scope Industry: Banking and Financial Services (BFS) Geography: global The report covers vertical-specific banking operations and does not include horizontal business processes such as Finance and Accounting (F&A), HR, procurement, and contact center This assessment is based on Everest Group’s annual RFI process and an ongoing analysis of the banking operations industry Contents This report features 34 banking operations service provider profiles and includes: Providers’ relative positioning on Everest Group’s PEAK Matrix® for banking operations Providers’ market impact Providers’ vision and capability assessment across key dimensions Enterprise sourcing considerations Membership(s) Banking Business Process Sourcing and Vendor Management

Web 3.0 technologies are revolutionizing the payments industry and driving a major restructuring. As new payment market participants expand their operations, the demand for Business Process Services (BPS) is expected to soar. This shift is fueled by changing consumer behavior, market dynamics, and the constantly evolving technology, infrastructure, and regulatory landscape. Therefore, it is not surprising that providers and enterprises are showing immense interest in the payments market. In this report, we explore the evolving payments ecosystem and the disruptive trends surrounding recession, geopolitical conflicts, digital adoption, sustainability, and innovation. We also discuss the processes that are likely to experience an increase in outsourcing demand in the near term such as transaction screening, fraud detection, chargeback, and dispute management. Additionally, the report covers technologies such as blockchain, metaverse, Artificial Intelligence (AI) / Machine Learning (ML), Application Programming Interface (API), Real Time Payments (RTP), and quantum computing, along with some of the major challenges faced by industry participants. It also offers a comprehensive overview of the payments solution landscape and the different delivery models provided by third-party providers. Scope Industry: Banking and Financial Services (BFS) Geography: global Contents In this report, we: Examine the evolving payments landscape and the trends impacting its future  Explore the major challenges that payments industry participants face  Present a framework to understand the various elements of the third-party payments solution landscape Membership(s) Banking Business Process Sourcing and Vendor Management

Open banking has evolved and extended its benefits to a wider range of financial products, including mortgages, wealth management, insurance, savings, and capital markets. It has also added a cross-industry dimension, giving rise to concepts such as embedded finance, buy now pay later, and super-apps. This enables banks to become more customer-centric and deliver hyper-personalized products, allowing customers greater visibility into their financial lives. Adoption and implementation are rapidly increasing, and open finance is expected to revolutionize traditional banking models, leading to innovative models such as marketplace banking. Additionally, regulators worldwide are implementing regulations and data sharing initiatives to synergize banks and FinTechs, leading to open data. This allows customers to share data across multiple industries, which, in turn, enables enterprises and providers to build new solutions, establish partnerships, and merge and acquire to strengthen their market position. This compendium provides detailed profiles of 26 Banking and Financial Services (BFS) IT service providers featured on the Open Finance IT Services PEAK Matrix® Assessment 2022. Each profile offers a comprehensive overview of the provider’s vision and strategy, practice size and scale, delivery footprint, scope of services and solutions offered, investments, partnerships, case studies, and strengths and limitations. The compendium will enable providers to benchmark their capabilities against their peers, while enterprises will be able to assess the providers based on their desired set of capabilities. Scope Industry: BFS Geography: global Our assessment is based on Everest Group’s annual RFI process for the calendar year 2022, interactions with leading technology and digital services providers, client reference checks, and an ongoing analysis of the open finance IT services market Contents In this report, we evaluate 26 service provider profiles and include: Key trends in the BFS open finance space Providers’ classification as Leaders, Major Contenders, and Aspirants on Everest Group’s proprietary PEAK Matrix® framework A summary dashboard on market impact and vision and capabilities An overview of the providers’ open finance IT services business – vision, scope of services offered, delivery footprint, practice size and scale, and presence across enterprise segments and geographies An overview of the providers’ open finance IT services investments, key solutions/IP, and partnerships Providers’ open finance IT services case studies Key strengths and limitations Membership(s) Banking and Financial Services Information Technology Sourcing and Vendor Management