The global payments industry continues to evolve at rapid speeds. After rebounding back from the pandemic faster than most anticipated, the sector is predicted to double its revenue by the turn of the decade.
But this sustained growth comes at a high price: despite the far-reaching success of the industry as a whole, nearly half of all payments executives say that their business is either slightly or highly unprofitable.
The back-office of the payments industry lags behind
Many firms struggle with profitability because the industry has moved so quickly that back-offices are generally unequipped to match the growing capabilities of the frontend. For example, our research finds that very few payments firms are confident in key back-office financial control processes like reconciliations.
We have watched closely as this mismatch has developed, and our key message to firms in this report is that failure to modernise these processes will invite all sorts of problems as 2022 will pile yet more pressure on the back-offices of the payments world.
This report offers our most comprehensive take on the challenges and operational requirements of the global payments industry, which we believe to be:
- A growing regulatory burden
- Growing payment methods and data volumes
- The demand for real-time payments
- Cross-border payments
In our era of unprecedented competition and cutting-edge innovation in payments, success will depend largely on the strength of each firm’s IT, Software and Tech infrastructure.
Download the full report to learn:
- Key payments trends in the last 12 months
- How we can expect payments to develop in 2022 and beyond
- What steps payments firms can take to prepare for ongoing regulatory changes
- How other firms are responding to the pressures of regulation, real-time payments, growing payment methods and cross-border payments
- How the challenges of payments will impact operational requirements
- What reconciliation solution will provide payments organisations with a competitive edge
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