Payment services

Your business challenges

Companies across the payments industry face a range of urgent and complex challenges. There is pressure to innovate and enhance products through the harnessing of data, thanks to intensifying competition and disruption caused by the rise of open banking and embedded finance.

Regulatory scrutiny is increasing. Outdated technology platforms cannot meet today’s requirements for highly resilient, digitally responsive and immediate payments services, and regulations are playing catch-up with innovation.

For any firm seeking to drive growth and innovation through payments, these challenges represent significant barriers to success. For payments suppliers, who face the most significant threats to their customer relationships and existing revenue streams, solving these challenges is imperative. Defending their market position by delivering effective payments services requires explicit strategies, fully modern technology platforms, and the right people and teams – all of them aligned and energized by a unified go-to-market approach.

For the consumers of payments services, continual innovation is necessary to ensure that payments fit seamlessly within intuitive and personalized customer experiences. That requires a clear understanding of existing payments capabilities and a careful evaluation of vendors. Most importantly, a robust data strategy is necessary to manage and optimize their payments acceptance and to further monetize the data they generate.

What EY payments teams can do for you

Our experienced team helps all stakeholders in the payments ecosystem achieve their objectives and enhance their outcomes across a wide range of use cases. We design, implement and manage efficient, secure and resilient payments offerings for enhanced performance and continuous innovation in:

• Enterprise money movement and infrastructure – real-time payments, wire, ACH and P2P
• Card services – issuing platforms and conversions, data monetization, new products, rewards and loyalty
• Merchant acquiring – merchant onboarding, acquiring platforms, data and reporting
• Treasury management – institutional, corporate and commercial payments; transaction banking; and B2B payments
• Digital payments – mobile wallets and alternative payment methods
• ISO 20022 - business and strategy, technology and innovation, as well as compliance, risk and regulations.

Our team includes strategists, product designers, technologists, and regulatory and functional specialists to cover the full range of stakeholder needs.

We offer deep insight and practical support to help you answer:

• How can I harness payments data to drive value for my customers and stakeholders?
• How can payments improve bottom-line performance?
•  How do I create and optimize proactive risk management and compliance strategies to strengthen safety, soundness and trust?  How do potential regulatory changes affect current operations and future plans?
• What is the right strategy for me? How do I identify the most promising areas for new products, features and businesses and how do I defend against new entrants and nontraditional competitors?
• What is the current state of my technology platform and where are my key opportunities (either for modernization or new products like data monetization)?