Subheading
Volante Technologies’ latest report reveals significant investments by mid-tier banks in payment modernization to meet growing customer demands and stay competitive.
Highlights
- Record Investments: Mid-tier banks plan significant investments in payment modernization, ranging from $5 million to $20 million.
- Real-Time Payments: 59% of mid-tier bank customers expect to increase their use of real-time payments within the next 12 months.
- ISO 20022 Compliance: 62% of mid-tier bank clients already use or plan to adopt ISO 20022, highlighting its strategic importance.
Volante Technologies has released its fourth annual survey of mid-tier banks, revealing a strong commitment to payment modernization. The report, produced in collaboration with Datos Insights, highlights that mid-tier banks, defined as financial institutions with assets between $3 billion and $100 billion, are planning significant investments in payment modernization, with amounts ranging from $5 million to $20 million.
Key trends driving this investment include the rising demand for real-time payments, with 59% of customers expecting to increase their usage within the next year, and the strategic importance of ISO 20022 compliance, with 62% of clients already using or planning to adopt the standard. These investments are crucial for mid-tier banks to remain competitive, meet customer demands, and provide agile, client-focused services in the evolving financial landscape
