Growing by 21% annually, we can expect that by 2021 over half of all information technology spend will be cloud-based . Despite early reluctance, the banking industry has largely embraced cloud models for delivery of enterprise software solutions. That is, except for the area of core payments processing.
This report, authored by Celent, explores the misconceptions that persist in the payments industry around the viability of processing payments in the cloud, particularly with regard to security, regulatory compliance, cost and risk, and shows how modern cloud technology addresses and neutralizes them. It also makes the strong case that for a host of reasons – among them the advent of real-time payments, the rise of open banking, and the ISO20022-powered drive to standardization – it is time for banks to take a closer look at cloud-based payments offerings.