Payments Modernization

Transforming the payments experience

The payments domain has acquired significant importance in recent years. Outdated legacy systems, changing customer expectations of speed, security and convenience, and new regulatory requirements have created greater challenges for Banks and FIs who are now forced to make major investments in technology to transform the payment experience to survive, compete and grow.

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Future of payments is
real-time, open, flexible and easy-to-integrate

  • Customers are becoming digitally savvy, and many are using their smartphones for mobile banking and to make person-to-person and merchant payments. Banks will be expected to integrate these new payment channels into the banking experience to attract and retain clients

  • Markets are today demanding the Open Banking model of collaboration and sharing through open APIs, and new fintech players are all set to disintermediate banks, as Banking-as-a-service (Baas) is gaining momentum around the globe

  • The world is moving towards customer-centric banking that provides level playing ground for FinTechs. The rise of Open Banking and PSD2 regulation in Europe is gradually spreading to other parts of the world forcing banks to modernize their end-to-end payment operations with increased focus on security, privacy, and resiliency.

  • It is crucial that banks upgrade their legacy systems to take advantage of emerging trends while controlling costs.RS Software helps banks to build a modern payments architecture that employs a cloud based microservices framework and optimizes costs via seamless integrations with vendors and commoditised products.