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Enterprise Payments Platform Market Segmented By Enterprise Payment Platform, Services in Cloud-Based and On-Premises Deployment Mode
Enterprise payments platforms enable large and multinational companies to streamline and optimize their payment processing structure. The platform increases the efficiency of payment activities by minimizing payment errors, preventing payment frauds, automating large transactional processes and transferring funds from customers to suppliers in multiple currencies.
The platform also assists retail, e-commerce and financial institutions to simplify their payment processing infrastructure and deliver an effective payment strategy to their customers, while adhering to regulatory requirements in payment industry. The rising demand for real-time payments is forcing organizations to adopt advance enterprise payment platforms.
The coronavirus pandemic has been the one of the biggest economic change maker in recent decades. The pandemic has impacted several key vectors in the payment industry. As time spent under lock-down increased, consumers relied more on digital payments than ever.
The pandemic has accelerated the shift towards digital payments and online financial services. As COVID-19 continues to take its toll, players in the payments industry continues to innovate advance payment solutions to meet the customer needs.
As a result, banks and technology providers are forming partnerships to enable digital payments. The enterprise payments platform market has shown significant growth during the pandemic, and is expected to grow by nearly 4% - 5% in Q1-Q3 2020 and projected to show increased growth post-coronavirus scenario.
Moreover, the pandemic has triggered an uptick in digital fraud and identity theft. According to reports received by the Federal Trade Commission (FTC), around 18,235 fraud reports has been received since the beginning of the year 2020. The rise in frauds on banking, government and retail sectors has increased the demand for enterprise payments platform solutions.
Huge Adoption of Real-Time Payments Methods
The mass adoption of real-time payment systems across the globe has contributed to an environment in which many consumers, merchants, and financial institutions expect to be able to do instant payments to their customers, and transfer money in more easily and faster way, especially across borders.
This adoption of new standards is driving change for traditional payment types — checks, credit, debit, prepaid, and the like — as consumers have generally come to expect faster settlement periods, notifications and consolidated reporting. Thus, enterprises are adopting enterprise payment platforms to simplify their payments infrastructure and deliver an effective payments strategy.
Huge Need for Fast, Secure and Efficient Payment Processing has increased the Demand for Enterprise Payment Platforms
The accelerated adoption of digital technology is transforming the payments industry and creating a highly competitive market. Offering a great customer experience is imperative to any business. With a huge customer base and larger business model to support, it is necessary to have a faster, easier, and secure payment solution already integrated.
Enterprise payment platforms offer fast, secure, and efficient payment processing for any and all payment types including ACH, wire, and real-time payments. Thus, utilizing a single platform for all types of payments helps modernize existing payment channels by emerging channels with proven payment solutions.
Enterprise Payment Platforms Market, Regional Overview
South Asia is projected to be the fastest growing regional market for enterprise payment platforms spend, as the adoption of mobile payment and contactless card-based payments by enterprises and retailers in Asia-Pacific is likely to rise further and become a standard.
Thus, enterprise are focusing more on shifting their traditional payment management methods to advanced enterprise payment platforms. Moreover, North America & Europe together would contribute more than 50% of the global market share, due to technological advancements in the financial services infrastructure.
Key players in the enterprise payments platform market are focusing on product innovation and strategic partnerships with the technology vendors to collaborate for offering advanced enterprise payments platform solution and services to enhance payment performance and mitigate payment frauds.
The major players offering enterprise payments platform solutions includes Fiserv, FIS Global, Oracle, Payscout, ACI Worldwide, Bottomline Technologies, Global Payments Direct, Inc., Capco, among others.
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