In our estimation there are somewhere in the region of 700 banks looking to change their payments infrastructure. This change has been driven by the M&A activity of banks, processors and payments vendors, leading payments solutions attracting “maturity” status and the pace of innovation within the payments market.
Processors capable of delivering a lower risk and lower cost solution can effectively remove the massive challenges facing those Banks today and surf the wave rather than be crushed by it. Processors who have or are investing in modern and reliable payments platforms with creative pricing models will demonstrate the vision and delivery capability to successfully attract many of the Banks wrestling with the ‘in-house’ versus ‘outsource’ challenge as they look to determine their preferred replacement strategy.
So what is your strategy and do you agree that the perfect storm has arrived?