Icon Solutions commissions research on payments transformation progress

12 June 2019

Icon Solutions, a leading Fintech provider of payment and technology solutions, has commissioned Aite, an independent research and advisory firm, to explore the payments transformation progress of global banks.

‘Payment transformation’ is the watchword for banks around the world. The combined force of Open Banking, the data economy, Instant Payments, operational resilience and the need to reduce costs has driven banks to undertake wholesale changes of their payments systems.

However, while payment transformation is high on the list of priorities for banks in 2019, there is a lack of information around strategic considerations, best practice and how to minimise risk to ensure success.

To help deliver these insights to the banking community, the research will explore the drivers for transformation, the progress made to date and the criteria for successful evolution.

Early insights from the research indicate:

  • A clear link between those prioritising transformation and those growing the profitability of payments
  • The importance on future proofing, particularly in terms of resiliency and scalability
  • Cloud migration and microservices are key to reducing Total Cost of Ownership (TCO)

Simon Wilson, Icon’s Director, Global Payments Solutions said, “Icon Solutions initiated this research in response to feedback from our banking clients who expressed a need to understand the progress of payments transformation in the market and the impact it has on banks’ business models and revenue streams. The resulting report will deliver these insights and identify key considerations for future planning and decision-making.”

Icon Solutions will share the initial research insights at EBAday in Sweden next week. To find out more about the findings email info@iconsolutions.com or register here for an early copy of the report.

About Icon Solutions

Icon Solutions provides world class payment and enterprise solutions for the global financial sector. Their clients include leading international institutions such as BNP Paribas, Citi, HSBC, Lloyds Banking Group and Nationwide. Whether it be assessing payments systems, producing IT transformation roadmaps or simply providing subject matter expertise, Icon delivers pragmatic solutions that allow their clients to be leaner, innovative and responsive to the demands of the future.