Banking institutions and payments firms are rapidly transforming their payment infrastructures due to a shift in purchasing habits and the demand for better payment experiences following the pandemic. Issuers, networks, payments processors, and merchant acquirers are retooling their payment systems and capitalizing on technology advances to meet regulatory mandates and enhance customer experience.
However, as banks and payments firms upgrade their payment systems, they are finding it difficult to onboard the right talent, skilled in technologies such as AI/ML, APIs, the cloud, and blockchain. Traditional payment service providers also face intense competition from digitally native FinTechs and BigTechs, which are taking the payments services route to enter the financial services space.
Hence, these providers are increasingly leveraging IT service providers to achieve faster time-to-market for innovative payments solutions for customers, merchants, and commercial clients. To serve this demand, technology service providers are investing in pre-configured reusable solutions that banks’ business stakeholders can easily leverage to carry out data analysis, payments reconciliation, and regulatory reporting.
In this research, we provide an overview of the cards and payments IT services market and the provider landscape. We also feature detailed profiles of 19 cards and payments IT services providers globally.
This report analyzes:
Banking and Financial Services Information Technology