Finastra is named to the leaders’ category

Financial institutions (FIs) are heavily investing in payments modernization, recognizing it as a crucial enterprise initiative. However, this transformation poses considerable challenges. FIs need to develop comprehensive payment strategies, which entails substantial costs and time. ISO 20022 is being mandated for some longstanding processes (including Fedwire and SWIFT). In some markets, participation in instant payment rails is now or soon will be required. 

To address these challenges, FIs are increasingly adopting centralized payment hubs. According to Aaron Press, research director, Worldwide Payment Strategies at IDC Financial Insights, "Rapid changes in the payments landscape are driving banks to modernize their infrastructure to handle a growing range of payment methods and channels. Choosing the right platform means understanding not only the technical capabilities of the system but also its overall fit for an institution.” 

IDC MarketScape Worldwide Integrated Bank Payment Systems 2024 Vendor Assessment delves into key trends and vendors in the payment hub market, examining how technology is evolving to meet new market needs and challenges to aid FIs in making informed decisions when selecting new technology partners. 

At Finastra, we are proud to be positioned in the leaders’ category in the 2024 IDC MarketScape for integrated bank payment systems, serving over 300 clients across more than 50 countries. Finastra Payments is dedicated to delivering modern payment solutions, ensuring peace of mind for our bank customers as they manage mission-critical money movements that underpin the global economy. Our scalable modular architecture accommodates increasing transaction volumes and evolving business needs, ensuring that financial institutions' operations remain resilient, efficient, and fast as they grow. Our solutions streamline payment processing, guaranteeing speed, security, and efficiency.