Competing in the era of cloud technology
Rapid technology change and increasingly digital customers across many markets are challenging even the most capable payment organizations. These factors are in addition to the pressure to reduce running costs while adhering to compliance obligations. Payment infrastructure that once was a competitive differentiator is now becoming dated, making it difficult for many organizations to compete. However, advancements in cloud technology and artificial intelligence are enabling organizations to provide differentiated features at a lower price point.
Many organizations are accelerating their plans to modernize their payment infrastructure to be competitive in a rapidly changing world. Here are five benefits for payment organizations that are adopting cloud technology to modernize their payment infrastructure.
5 benefits of modernizing your payment infrastructure
1. Scaling efficiently as payment volumes increase
The expanding global economy and the significant growth of digital commerce have led to record payment volumes in most markets. However, fee decreases from market competition and regulation have made it challenging to keep the same level of profitability using existing payment infrastructure.
Fortunately, cloud platforms have made it possible to automatically adjust capacity when there are changes in payment volume. These platforms can also detect when there are system issues and automatically take corrective action so that organizations can meet the type of availability needed for a critical service.
Also, the high degree of automation in cloud platforms — using technologies like Red Hat Ansible Automation Platform — and the ability to choose the infrastructure provider means that organizations can reduce the cost of hosting while providing the capacity needed to support growing payment volumes. Modern payment infrastructure powered by cloud-based technologies is enabling organizations to not only scale, but also thrive as volumes increase.
2. Making real-time payments a reality
The introduction of real-time clearing and settlement facilities in many markets has made it possible to process payments almost instantly. This near-instant processing will become the new normal for most customers. Real-time payments can help organizations differentiate themselves with new products and services that do not exist today because of the delay in payment processing and the lack of robust payment information. They also can act as an enticement for customers to move away from checks and other more costly payment methods.