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