Payment solutions modernization: financial game remake

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Payment solutions modernization:

Recreating the financial game

For the past decade, the financial industry has undergone various efforts to modernize the payment solutions demonstrating a higher appetite for digital transformation and adapting their unique traits to move faster and at a larger scale.

Adoption of ISO 20022


The adoption of ISO 20022 messaging standards, open banking, and Baas models are underway to add faster payment methods and leverage the most cost-efficient rail to settle a payment. Financial institutions and corporates are questing for multiple ways to meet the challenges of faster time to market and provide consumers instant-gratification experiences to their clients.


The modernization drive exhibits approximately US$300 billion in opportunities for the financial industry, with around 3 trillion transactions predicted to shift from cash to a digital economy by 2030. Therefore, institutions need a holistic approach to the end-to-end processing payment chain to enable innovation and connect to new networks and schemes

Drivers to transform Payment Solutions in a secured digital environment

We have noticed four main drivers for end-to-end processing payment solutions. In this dynamic environment, financial institutions and corporates are challenged to balance various considerations:

1 Customer experience

Heightened customer expectations

  • Seamless end-to-end user experience
  • Speed to market and “faster payments”
  • Omnichannel and hyper-personalized, frictionless user experience
  • Immediate availability of funds
  • Demand for speed and convenience

2 Regulations

Trends toward agile architecture

  • Modernized, secure payments with customizable options
  • Adopting standards like ISO 20022, Open Banking, and Open Finance
  • Increased scrutiny on resiliency, resolution planning, privacy, and security
  • Regulation is fast-tracking customer-centric banking
  • Cloud delivery models like payments-as-a-service, banking-as-a-service
Drivers to transform Payment Solutions in a secured digital environment

3 Innovation

Innovative products to enhance the efficiency of payments

  • Employing advanced data analytics
  • Increased API connector
  • Scalable, real-time, and user-friendly solutions
  • A nimble, modern, and scalable architecture

4. Blockchain

Blockchain Offers secured, faster, and low-cost payment services

  • Fully traceable money movement
  • Maintain (or establish) currency hegemony
  • No up-front fees and significantly lower transaction costs
  • Ability to offer instant cross-border payment and remittance products

How do individual financial services respond to modern payment solutions?

As per the 2022 Gartner CIO and Technology Executive Survey, around 45% of insurance, investment, and banking respondents plan to move faster for digital business transformation initiatives. We discovered four different players of financial services organizations in the payment modernization wave:
How do individual financial services respond to modern payment solutions?


showed relatively high digital maturity for contactless payments, mobile payments, mobile wallets, identity verification technologies, smart speaker systems, machine learning, and AI for security. However, they lost momentum while coping with the digital transformation challenges. 


quested to build out their leading position with a high maturity level while maintaining their digital transformation pace owing to the legacy infrastructure considerations, manual processes, and strict regulatory oversights.


exhibited a low digital maturity and lost ground as their pace of change decreased in meeting the approach to payments transformation with the end-to-end payment processing perspective.


which had a low digital maturity, however now they are trying to catch up with their industry faster.

ECS payment solutions that matches customer needs and market trends

ECS Fin believes that moving away from the current legacy monolithic payments architecture is imperative to board the modernization journey. We follow a strategy around vital areas that allows banks and corporates to modernize their infrastructure completely. A modern payments architecture empowers organizations with scalability, seamless integrations with partners/vendors, and an adaptive ecosystem.

ECS’s enterprise-centric solution, IMS, is designed to support you at any stage of the payment innovation journey. This solution is designed to rapidly adapt to shifting trends, regulatory mandates, and customer demands.
Zero disruption to internal applications and legacy systems
0 %
Graceful termination of complex mapping tools and integration services
Eliminates the need to build hundreds of processing rules

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