Surveying the Payments Consultants: The Services Overview

The next wave of payment modernization is rolling in. Technology has emerged to power more advanced payment solutions, including real-time payments rails and open banking. It follows previous iterations of technological transformations that laid the groundwork for the coming changes. Updates to core banking platforms, more streamlined data management, and cloud computing have made these changes possible. But banks’ modernization of their technology infrastructure to enable such changes will require hard work and significant resources, especially for smaller institutions. That’s where a varied cohort of consultants comes in. 

All but the very largest global financial institutions may lack the scale and financial strength to approach payment modernization on their own. Some may have tech debt left over from misguided decisions made during previous waves of digital transformation. This Javelin Strategy & Research report details the all-encompassing nature of payment modernization, the imperative for all aspects of banks’ business to be engaged in it, and the various ways IT consultants can provide support during the journey to modernization. 

Key questions discussed in this report:

• What does payment modernization mean for financial institutions? 
• How should a bank determine which technological changes it needs? 
• Does banks need to partner with a technology consultant to realize their payment modernization goals?
• How do banks determine which technology consultant is right for their institution and situation?

Companies Mentioned:

Accenture, Capgemini, Cognizant, Consumer Financial Protection Bureau (CFPB), Deloitte, DXC Technology, EY, FedNow, Finxact (A Fiserv Company), FIS, Fiserv, Fujitsu, IBM, Infosys, ISO 20022, Jack Henry, KPMG, NTT Data, PWC, Tata Consultancy Services (TCS), Wipro