Modernize or risk disintermediation—A global payment services leader reinvents merchants

Payments are having a moment. Out of all the financial services trends and examples of digital progress, none is more far-reaching in our personal and professional lives than digital payments. The pandemic kicked digital payment adoption into high gear, and payment providers of all stripes are not looking back. But addressing the massive demand for new offerings, such as cross-border payments, real-time payments, digital wallets, and blockchain payments, requires established payment providers to enable the speed, security, and agility needed to deliver all forms of digital payments. Skip this step, and you risk disintermediation by your nimbler competition.

Our research is informed by a recent survey with 150 payment providers about their needs and priorities, conducted in partnership with Infosys. To help bring the data to life, we connected with a Senior IT Director of a 172-year-old payments provider best known for money transfer services to talk about modernization, transformation, and how to execute this correctly. The director oversaw the providers’ cross-border merchant settlement operations modernization. The journey, enabled by an end-to-end partnership with Infosys, took the payment provider from an inflexible legacy mainframe to a modern configuration-based system offering the speed and agility necessary to satisfy the rapidly changing and complex needs of merchant settlement across 200+ countries.

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