A new white paper from Compass Plus Technologies argues that when it comes to payments technology platforms modernisation strategies, there is a lot more to consider than just investing in newer technology.
With consultants from Gartner, Bain and Company and McKinsey & Co all arguing that banks must modernise their platforms to survive in the digital era, the need to act has never been greater.
However – as outlined in this white paper – making the right decisions when upgrading matters as much, if not more than the decision to upgrade in itself.
The new white paper, “Don’t be locked-down, locked-in or locked-out: Three red flags to look out for when selecting a modern payments platform” explains how easy it is to fall into familiar traps; whereby the payments technology and the technology partner can inadvertently stifle an FIs transformation strategy rather than enable and encourage it.
Whilst the industry-wide call to modernise legacy payments platforms gains momentum, in this digital-first landscape, there is a lot more to consider than like-for-like replacements.
The selection of a new issuing and acquiring platform to underpin an FIs business is no small task, and this paper sets about defining the bullets to dodge when making this decision.
These include vendor lock-down, or being limited by seemingly newer platforms that are still card-based and therefore still offer often unseen constraints to FIs in their innovation efforts.
vendor lock-in, in which vendors lack the flexibility to offer a range of deployment options that can be employed as an FI evolves and at every stage of their strategy there-on; and vendor lock-out, in which feature-poor Application Programming Interfaces (APIs) act as a brake on dialogue with other systems and platforms, making 3rd party integrations more complex, slowing innovation and ultimately incurring additional cost.
Download a copy of Don’t be locked-down, locked-in or locked-out: Three red flags to look out for when selecting a modern payments platform
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