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Escaping the Legacy Mindset: How to Approach Modernising Your Payments Ecosystem

April 22 2024

Escaping the Legacy Mindset: How to Approach Modernising Your Payments Ecosystem

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For at least 15 years, vendors and analysts have been heralding the death of legacy systems, arguing they are end-of-life and no longer fit for purpose. Financial institutions (FIs) were told to migrate before it was too late; otherwise, their businesses would become obsolete due to the shiny new, modern technology cores their competitors would adopt.

Yet, this still hasn’t happened. Instead, we have become an industry of integrators, partnerships, and external hubs of complex spaghetti systems with multiple stakeholders that rely on payment orchestration layers and other integration wrappers. The rise of fintechs, multiple stakeholders, and niche players has also led to an unhealthily obsessed with front-ends, with a complete disregard for the core systems that drive it all, as FIs cater to consumer demands for immediacy at the expense of everything else.

In our latest white paper with Consult Hyperion, ‘Escaping the legacy mindset: How to approach modernising your payments ecosystem’, we take a step back to reevaluate the long-term. We examine the payments system architectures that FIs, banks and processors utilise today, highlighting their benefits, disadvantages and where they should sit in your tech stack. This is a must-read for any C-level executive or payments professional seeking to break free of legacy thinking and strive to build a future-proof ecosystem.

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Compass Plus | Fintech Finance

Compass Plus
  1. Real-Time Payments: Pre-Verification Helps, In-Flight Detection Matters Most | Part 6 | Bottomline

    Thought Leadership

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  2. VeChain Flips dApps Playbook With Launch of VeFounder

    Crypto

     Read more
  3. BMLL Introduces Industry-first Trades Plus Dataset in Response to Key Client Challenge to Achieve Execution Analysis at Scale

    News

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  4. Octopus Money Onboards New AI Assistants: Harry, Ron and Hermione

    Fintech

     Read more
  5. Revolut Adds Pay by Bank Option to Their Payment Gateway

    News

     Read more
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