5 Key Challenges in Payments Modernization

September 30, 2022

The pandemic caused lasting changes in consumer behavior, and the financial industry must adapt to the rapidly-evolving market. Stay-at-home orders caused many to shift to digital transactions, and these new habits have dramatically accelerated the need for payments systems modernization at financial institutions of all sizes. Legacy financial systems are ill-equipped to handle the rising volume of payments. Cyber fraud concerns have also increased as fraudsters around the globe developed sophisticated new ways to exploit financial systems, at a time when many institutions are still facing staffing shortages. Combined, these factors have made modernization of payments systems a top priority. “The dialogue in the U.S. payments ecosystem has irreversibly shifted toward offering increased speed, more choices, and simpler ways of sending and receiving payments," according to a 2022 Federal Reserve report.

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At Peak Capital Investment Services, LLC, we offer comprehensive financial services that help you improve your long-term financial success. We focus our retirement planning almost exclusively on high net worth individuals and corporations, helping them establish and manage qualified plans, whether for themselves or for their employees. While our home base remains in Denver, we also have offices in Dallas, Houston, San Antonio and New Jersey. The firm is comprised of a group of financial professionals with diverse backgrounds.

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5 Key Challenges in Payments Modernization