As the complexity of the payments landscape increases and business end users demand more advanced technology, infrastructure considerations become the foundation of all future initiatives and enhancements.
Selecting a technology partner or partners to assist on a payments modernization journey is an important decision for FIs. Even the largest global FIs leverage technology providers. Understanding the vendor options in the market is a key step in this process.
This Impact Report explores some key trends within the payments hub and infrastructure market. It discusses how technology is evolving to address new market needs and challenges. This report also compares and contrasts the leading vendors’ offerings and strategies, and highlights their primary strengths and challenges. Finally, the report recognises specific vendors for their strengths in critical areas to help FIs make more informed decisions as they select new technology partners.
Leveraging the Aite Matrix, a proprietary Aite-Novarica Group vendor assessment framework, this Impact Report evaluates the overall competitive position of each vendor, focusing on vendor stability, client strength, product features, and client services.
The following criteria were applied to develop a list of vendors for participation:
- Vendors had to have at least three bank clients live or in the process of implementing the solution that could be utilised as customer references
- Vendors had to complete the Aite-Novarica Group Matrix RFI questionnaire
- Vendors had to provide a demo of the solution
Participating vendors were required to complete a detailed product RFI composed of qualitative and quantitative questions, conduct a minimum 60-minute product demo, and provide active client references.