Upgrading to a payment hub is a strategic decision for any bank. With a payment hub in place, regional banks can significantly reduce costs and complexity and deploy new capabilities to better serve their retail and corporate customers.
Often created through acquisitions, regional banks rely on complex, diverse IT systems and operations landscapes. Over time, these systems and operations have grown to the point where they are too expensive to maintain and too slow to adapt to the changing needs of the business.
A centralized payment hub makes it possible for a bank to modernize their payments capabilities by decommissioning multiple siloed payments systems, simplifying IT and payments architecture, and facilitating process automation.