How modern payment methods are transforming the business?

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HowModern Payment Methods are transforming the payments business?

The term “modern payment methods” is increasingly on everyone’s minds. The uptick in the quest for payment modernization solutions correlates with the rapid payment’s industry evolution since the pandemic.
HowModern Payment Methods are transforming the payments business?
With the expansion of digital wallets, real-time/instant 24*7 payments, and bitcoins, businesses and customers are now experiencing twice as many ways to pay and be paid as they did a few decades ago. The ISO 20022 messaging standard continues to be the cornerstone for the payment industry to make transactions seamless. In fact, API technology, PSD2, and Open Banking have also expanded in the race of payment service providers.

At ECS Fin, we firmly believe the following most effective modern payment methods/strategies to ideally positioned to win the “survival of the fittest” race and increase their market share;

ISO 20022

Open Banking

Real-Time Payments

Future capabilities for modern payment methods: What's driving change?

The term, “Payment modernization” describes the transition of providing payment services from conventional-styled methods to agile, digital yet modern payment methods coupled with the latest technology.

Below shared are the drivers to accelerate the trend toward digitization and real-time payments:

Biggest Customer Pain points:

ECS Fin identified these seven most significant customer pain points as they are exploring digital channels to learn new ways of making and receiving payments.

Modern payment methods/strategies for value and growth

With increasing pressure from emerging competitors and customer demands in the payment landscape, banks understand that it’s time to look for modern payment strategies for value and growth. We have identified important steps in this journey that take a holistic, coordinated and strategic approach to modernizing their entire payments architecture.