PAYMENTS
TOP TRENDS 2024

To hedge against macroeconomic challenges, payment ﬁrms will prioritize three critical focus areas

CUSTOMER FIRSTENTERPRISE MANAGEMENTINTELLIGENT INDUSTRY

The success of payment ﬁrms
will depend on...

Market forces will catalyze...
CUSTOMER FIRST
Treasury services transformation sparked by globalization andsupply chain disruptions

Consumer demand for frictionless, more convenient, andfast payment transactions

Leveraging real-time treasury capabilities to help corporateclients modernize and become more operationally eﬃcient

Initiating strategic FinTech partnerships to oﬀer consumers alternative
payment methods, including pay by bank and buy now/pay later

ENTERPRISE MANAGEMENT
Need for streamlined back-end processes with cloud-native
applications while retaining compatibility with legacy systems

Demand for integrated order-to-cash and pay-to-procure cycles foreﬃcient cash management services

Emergence of local and regional payments initiatives

Regulatory push for more eﬃcient cross-border transactions andpayments innovation

Adopting composable and modular SaaS-based payment
infrastructure to ensure adaptability within the evolving landscape

Building digitized, intelligent, and automatedaccounts payable/receivable processes

Developing a interoperable cross-border global network that canstreamline international trade

Adoption of ISO 20022, upcoming regulatory standards such
as PSD3, and leveraging QR payments initiatives

INTELLIGENT INDUSTRY

Customer demand for 24/7, always-on real-time payments

Adopting instant payment services to increase eﬃciency and achieve
quicker settlement times

Need for lower barriers to inclusion for global unbanked andunderbanked populations

Leveraging CBDCs to boost intermediation eﬃciency ofpayment networks globally while lowering costs and improving
ﬁnancial inclusion

Demand for programmable payments, increased transaction security,and enhanced transparency

Adopting card tokenization and blockchain-based decentralizedﬁnance for value creation

Proﬁtability considerations and the need to streamline
labor-intensive tasks, minimize errors, and expedite transactions

Leveraging AI-based models to boost personalization and growrevenue while reducing fraud and safety risks

FUTURE FOCUS
In 2024, payment ﬁrms will look to streamline processes, realize eﬃciencies, and leverage
new-age technologies such as DeFi and Generative AI as they face regulatory changes andcompetition from alternative payment methods and BigTech companies.
• Technology advancements, such as tokenization, AI, automation, CBDC, and cloud services,
will signiﬁcantly impact the payments industry value chain• Firms will adopt composable platforms to oﬀer new payment solutions• Rationalization and streamlining will be another area of focus in the months ahead, inaddition to the compatibility of regional initiatives to achieve a interoperable and seamlessglobal payments network
Payment ﬁrms will also focus on digitally transforming accounts payable/receivable
processes and adopting new-age technologies to fulﬁll evolving customer expectations.
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