Payments Modernisation: The Big Survey 2023

This research report presents findings from the Payments Modernisation: The Big Survey 2023, conducted by Finextra Research in collaboration with Volante. The survey captures insights into the evolving landscape of payment systems, emphasizing the necessity for financial institutions to modernize their payment processes. It outlines key drivers for this transformation, including the growing demand for real-time payments, cost-effective processing, and enhanced security measures. The report details the significant trend towards cloud-based Payments-as-a-Service models, with 93% of implementation plans involving such solutions. It highlights that 72% of banks plan to increase their budgets for payments modernization in the coming year, reflecting a commitment to adapt to changing market dynamics. The methodology section describes the survey's global scope, with 300 responses from various banking tiers. The report also discusses the challenges and opportunities presented by the modernization of payment systems, aiming to facilitate strategic actions within financial institutions.