The operating model for a payments company is under siege from multiple sources. The business and IT functions in these organizations are being forced to transform due to the pace of industry consolidation, price compression, regulatory compliance, technology advancements, globalization, and commoditization.
Due to this transformation, organizations are under increasing pressure to adapt faster and deliver improved software and services to retain a competitive edge. Payments companies are no longer financial institutions leveraging technology to process payments; they are technology companies delivering the value of payments.
Most payment organizations have committed to the difficult journey of digital transformation of their core payment processing business to streamline operations and improve customer experience. They are further looking to monetize data and build value-added services to offset challenges to the current operating levers while embracing new technologies like real-time payments.