Boston, April 14, 2021 – Payments modernization is a key priority for financial institutions and an area of continual investment. Payments are going through a period of disruptive change, and it is increasingly difficult for FIs to meet the quickly developing requirements imposed by clients and regulators. Legacy platforms prove costly to maintain and limit the bank’s ability to bring new products to market quickly. That is why many FIs use third-party payment processing software platforms, and that market category has grown into a US$7 billion industry.

This report highlights some of key drivers for clients seeking vendor solutions, the various reasons leading to specific vendor selections, and client views across a number of essential capabilities for each vendor. Leveraging the process laid out by the Aite Matrix, a proprietary Aite Group vendor assessment framework, this report provides views of client references related to the payment processing software platform market.

This 25-page Impact Report contains 17 figures and two tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions ACI Worldwide, FIS, Fiserv, HPS, OpenWay Group, and TietoEVRY.