The Future of Payments Is Coming. Is Your Core Ready?

It isn’t just payment systems that need to evolve. Core banking systems are the first step in helping financial institutions with the evolution of their payment capabilities. Legacy systems designed for batch processing and siloed lines of business can no longer keep up with the demands of real-time payments and embedded finance. As financial institutions pursue payment modernization, they must also modernize the system of record that underpins all money movement. 

This report defines the characteristics of a modern core, looks at how vendors are responding, and outlines the organizational and governance risks and challenges FIs face. It explains how core modernization is not a one-time technology project but a part of an ongoing effort to keep up with customer expectations in payments.

Key questions discussed in this report: 

• What makes a modern core banking system essential to supporting real-time and next-generation payment products?
• How are technology vendors adapting their core platforms to meet the demands of payment modernization?
• What organizational shifts must banks make to successfully modernize their core systems and payment infrastructure? 

Companies Mentioned: 

Akoya, Envestnet, FedNow, FIS, Fiserv, Jack Henry Associates, Mambu, Mastercard Open Banking, Plaid, RTP network, Synapse, Yodlee