A recently published report by the Boston Consulting Group emphasises that banks must take action to protect their payments businesses or risk a further reduction in profits as the current economic crisis continues.
Indeed, a complex combination of circumstances has resulted in unprecedented pressure on payment systems and their IT managers. Many of today’s systems are ill equipped to cope with the major challenges this brings. If unaddressed, these challenges could have long term detrimental consequences for providers of financial services.
This whitepaper looks at this complex situation, including the variety of factors exerting pressure on banks today. There are still a number of opportunities out there; however, to exploit them, banks must address the weaknesses and limitations of their current systems.
The success of any future strategy is dependent on the suitability and sustainability of the technology supporting it. This document focuses on precisely this aspect and proposes a technological framework to provide the basis for flexible, yet robust and high performance solutions.
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