The payments sector is evolving as the industry contends with the emergence of real-time payment rails, cryptocurrencies, and open banking. Financial institutions need a common approach to support payment innovation, with a shift occurring to central platforms that can support multiple payment types rather than siloed engines. The demand for instant payments is growing from both a consumer and business perspective, with settlement expected to occur in real-time.
The payments hub vendor marketplace has seen a resurgence in recent years, with incumbent payment specialists facing growing competition from banking software and enterprise tech vendors as well as tech startups, with there being an increasing willingness from financial institutions to invest in payment hub solutions. Given the influx of different market solutions, organizations must do their due diligence to ensure they select a best fit payment hub for their needs. Omdia has developed a new and improved approach to the selection of a solution provider with the technology users and buyers at its heart. The new product, called Omdia Universe, analyzes vendors for their current capabilities, readiness for the future, and most importantly, mirror the actual experiences and requirements of the tech user community.
Omdia’s purpose through this Universe research is to help technology decision-makers take informed, balanced, and smart decisions so that they can best utilize and benefit from the myriad of payment hub solutions that exist. In turn, Omdia wants to help payment hub vendors further understand their position in the market and how they can better address the needs of users and anticipate the technology disruption of the future.
To best support our objective of guiding technology decision makers, the report looks at a broad set of solution capability offered by 12 vendors: ACI Worldwide, Finastra, Finzly, FIS, Fiserv, Icon Solutions, Infosys Finacle, Intellect Design Arena, Oracle, Temenos, TietoEVRY and Volante Technologies. It digs deep into customer experience with each of the above service providers. To garner customer insights, Omdia conducted a customer survey and held discussions with lead customer references to support and further inform this report and provide relevant insights from customer reviews. Omdia thus creates a balanced and enhanced picture to inform and advise decision makers about the end-user experience with products from the 12 vendors we evaluated.
Following a strict criterion for inclusion/exclusion of a vendor, the Omdia Universe not only ranks vendors but also looks at the key trends, market dynamics, and activities to provide businesses and IT executives an up-to-date view of the payment hubs market in 2021/22. Along with many interesting findings, the Payments Hub Universe identifies five market leaders, along with five challengers that are competing aggressively via their differentiated offerings. Two prospects appear to be catching up quickly with highly customized offerings and selling into targeted market segments.
For further info, please visit https://omdia.tech.informa.com/OM021048/Omdia-Universe-Selecting-a-Payment-Hub-202122
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