The original payments hub architectures are roughly 15-20 years old and not necessarily relevant in the new age of technology. The latest generation architecture allows for a new set of requirements, in particular open application programming interfaces (APIs), which need to interface with older systems without requiring major rewrites. The new generation of payments hubs are aimed at facilitating communication and integration with a wide variety of products and services. A new research report from Mercator Advisory Group, Payments Hub Market and Vendor Solutions Overview: Technology Advances Offer a New Perspective, reviews nine vendor solutions with respect to key categories and attributes.
Interest in the payments hub space has grown during the past several years as new technology has become available that provides flexibility to manage a hub in different ways, migrating away from the predominantly bank-hosted deployments of the past. The new era reflects the increase in cloud delivery capabilities and as-a-service models that have appeal to broader asset classes of financial institutions lacking the capital expenditure resources to install and manage payments hub infrastructure. We chose an array of vendors who have solutions that continue to move in this direction, in order to better understand this new generation of hub capabilities.
“There are new instant payments rails, a transition to global messaging standards, and alternative payment types facilitating cross-border transactions,” commented Steve Murphy, Director of the Commercial and Enterprise Advisory Service at Mercator Advisory Group, the author of this report. “So now is a good time for financial institutions to assess their hub capabilities, and in cases where a bank doesn’t have one, determine if now is the time to adopt a hub approach.”
This report is 16 pages long and has 13 exhibits.
Companies Mentioned in this Report: ACI Worldwide, Bottomline Technologies, IBM, Finastra, FIS, Fiserv, Modo Payments, Temenos, Volante Technologies