Migrating card payment systems
A survey discovers the sentiment in global banks in modernising card systems. The survey report "Options for change: migrating to modern card payment systems" explores how leading banks are embracing migration strategies to drive innovation and reduce internal system complexity
Options for Change: migrating to modern card payment systems
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This survey report covers:
- Factors limiting legacy card systems
- Insights on how to effectively migrate to new systems
- Expert views on the right migration path
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Card platform migration: change is here
European banks are actively migrating payment systems, with nearly 2/3 doing so in the past two years. Driven by customer demand, regulation, and system limitations, 80% are modernizing and seeking partners for support.
This survey report covers:
- The race to migrate: what’s driving change
- Considerations in finding the right migration approach
- What banks are considering in their RFIs
SaaS: the future of card payments
Almost three-quarters of European banks intend to outsource some card operations in the next five years. Banks see processing as a commodity, and a function that’s easy to outsource.
This survey report covers:
- When should a bank outsource card systems?
- Prevailing concerns when outsourcing
- Cloud strategies, and when are these relevant
61% of banks in Europe are looking to replace their existing card systems
Card systems migration is a hot topic for European banks, and is at or near the top of their agendas
More than half (52%) of the card systems currently in use are between 10, 20 years old or older
Such systems cannot now be adapted to the needs of a modern digital economy, such as Banking-as-a-Service or transactions via digital marketplaces. This is a key factor driving the current interest in migration.
Vast majority (96%) of banks are considering hosting future card systems in the cloud
While fewer than one-third are actually engaged in that process. This underlines the importance of Software as a Service (SaaS) as a migration strategy given its flexibility and adaptability to future change – such as when a bank decides to move to cloud hosting for its card systems.
You are not alone
Given the complexity of card migration projects, banks should be working with experienced partners who understand the numerous road-blocks and pitfalls that can impede successful migration strategies – and who know how to overcome these obstacles.
At Tietoevry, we believe it’s time to shift perspective. It’s not about what technology can do anymore — but what it should. So that the futures of businesses, societies, and humanity can live and thrive. Side by side.
