The Future Of Payments Is Cloud: Are you Ready?

Celent has been extolling the benefits of payment processing in the cloud for more than 15 years, yet little progress has been made. However, as we emerge from the pandemic into the "New Unknown", the industry has pivoted, with cloud now by far the most frequent choice. This report looks at the reasons why, and highlights why banks need to look beyond costs to ensure they select the right partner. While cloud can deliver lower costs, chosing the cheapest vendor is probably not the right choice, and cetrainly unlikely to be unless you've deliberately chosen that route. This is especially true as the industry is pivoting together, with the early adopters only migrating now. Coupled with the offerings of cloud based solutions, choosing the right solution gives many banks the opportunity to leapfrog their slower competitors.