The digital transformation of payments reaches its next phase

A digital revolution is driving U.S. banks to evolve their payment solutions. The industry is experiencing a shift from paper to digital processes, with developments including new real-time payments systems, the emergence of innovative overlay services, and the modernization of legacy rails to meet evolving client needs.

In today’s world, the importance of digitization is clear: businesses increasingly expect faster, more streamlined and efficient transaction options — a trend that has been further reinforced in the past few months. Additionally, the uptick in remote working has exposed the need for digital processes more than ever.

Banks must keep up with the pace of change, investing in digital capabilities to ensure they’re positioned both to support their clients’ digital journeys and to maintain traditional payment types and workflows. In addition to providing the technology tools, banks have an important role to play in educating clients — whose own processes are built around legacy systems — and providing guidance to help ease individual client transformations from paper to electronic solutions.

Source: Banking Dive

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