Volante Technologies' Finextra Survey Cites 73% of Organisations Looking to Increase Use of Payments as a Service

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Survey conducted in 2021 by Finextra in collaboration with Volante was based on 150 banks and payment service providers (PSPs) worldwide

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Volante Technologies, Inc.

Jul 28, 2021, 08:00 ET

NEW YORK, LONDON, DUBAI, UAE and MEXICO CITY, July 28, 2021 /PRNewswire/ -- Volante Technologies, the global leader in cloud payments and financial messaging, today revealed key findings from a Volante Technologies and Finextra survey, 'Payments Modernisation: The Cloud Imperative.'

The global survey conducted in early 2021 was based on a sample of 150 banks and payment service providers, with 44% of respondents from the EU, UK or Nordic countries and 22% each from North America and Asia Pacific. 47% of participants were from global banks, with the remainder split across regional and local banks, and fintech/payments service providers. 48% of respondents work in the corporate transaction banking space, with the remainder in consumer and small business payments.

The responses from the survey are clear - cloud is imperative. Cloud allows banks to accelerate their digital transformation journeys and future-proof the needs of their payments businesses, whether the end result is to benefit from cost reduction and efficiency advantages, or to have the capability to rapidly deliver new customer experiences based on Open APIs, microservices or Payments as a Service (PaaS).

Other survey highlights include:

68% of organisations have seen changes to product and service delivery models accelerate since the pandemic took hold in 2020, with 70% having seen digital adoption dramatically increase in the customer base.
9% of total survey respondents are currently using Payments as a Service providers, but this number rises to 16% when looking at either North America or Asia Pacific.
Around a third of respondents said their approach to cloud delivery models was ad-hoc at best, while at the other end of the scale 24% to 30% said they had a detailed strategy covering cost, compliance, availability and agility.

The survey notes that "the ever-evolving needs of customers and the payments markets means banks and institutions need to concentrate their initiatives on an appropriate modernisation strategy…no longer focusing on 'big bang rip and replace' programmes, but highly targeted approaches to modernising architectures and moving to cloud and 'as-a-service' delivery models to improve agility."

"With more than half of organisations planning to make changes to the hosting and delivery model of their payments infrastructure within the next 12 months," the survey continues, "the current 22% of organisations using hybrid cloud and 9% engaging with a payments-as-a-service providers, will increase."

John Farrell, SVP Global Product Management, Volante Technologies said, "Being cloud-ready is no longer a nice-to-have. It has become essential for global banks and institutions. Entities using cloud technologies can accelerate their digital journeys which in turn keeps them competitive. Cloud services also scale elastically so any institution considering rolling out new value-added services need not concern themselves with fluctuating volumes. Having a full cloud enabled end-to-end payments lifecycle from initiation to clearing and settlement also means that banks can consolidate channels with applications and align to changing standards such as the move to ISO 20022."

To download a complimentary copy of the survey, visit Volante's Cloud Modernisation Survey Page.

About Volante Technologies
Volante Technologies is the leading global provider of cloud payments and financial messaging solutions to accelerate digital transformation. We serve as a trusted partner to over 100 banks, financial institutions, market infrastructures, clearing houses, and corporate treasuries in 35 countries. Our solutions and services process millions of transactions and trillions in value every day, powering four of the top five corporate banks, 40 percent of all U.S. commercial bank deposits, and 70 percent of worldwide card traffic. As a result, our customers can stay ahead of emerging trends, become more competitive, deliver superior client experiences, and grow their businesses through rapid innovation. To learn more, visit www.volantetech.com. Follow us at linkedin.com/company/volante-technologies and twitter.com/volantetech.

SOURCE Volante Technologies, Inc.