Having spent the last few years deep in digital payments, this year I decided to dig into trends and providers in card management and transaction processing (CMTP). My view is that CMTP technologies are more relevant than ever. Despite advancements in mobile payments and digital wallets, cards are not disappearing any time soon. Furthermore, modern transaction processing systems can be at the heart of the banks’ cards and retail payments offerings and act as a hub for a broad range of transactions from different channels, devices, and payment instruments. However, many financial institutions around the world remain stuck with legacy solutions. Growing transaction volumes, proliferation of products, channels, and transaction types, and changes in customer expectations have been putting significant strains on those legacy platforms. Not surprisingly, issuers, acquirers, and processors around the world have been looking at options to renew and transform their retail payments platforms. There are many vendors and service providers with relevant offerings in this space. However, navigating through their capabilities and understanding how they compare against competitive offerings can be a daunting task. Therefore, I am looking to understand:
- What are the demand drivers for card management and transaction processing capabilities? Who needs them and why?
- What options do the clients have to acquire those capabilities: build, outsource, etc.?
- Who are the main players in key categories: software vendors, processors, system integrators / implementation partners?
- What are the differentiating features to look for in solutions?
- Which vendors distinguish themselves in terms of solution capabilities, market presence, and customer focus?
- What can the industry learn from banks that have recently transformed their retail payments infrastructure?
