In an increasingly competitive environment, financial institutions are turning to cloud-based payment solutions and payment-as-a-service (PaaS) models to remain relevant players. Such solutions allow financial institutions greater flexibility, scalability and security as compared to traditional, on-premises solutions.
They also provide financial institutions with better data analytics capabilities and the ability to adapt more quickly to an ever-changing market. From a customer perspective, they enable new value-added services to be launched. As financial institutions, fintechs and cloud service companies continue to develop a new payment ecosystem, financial institutions must be ready to reimagine many roles they have traditionally filled as collaborative partnerships if they are to survive.