Payments have been slowly evolving for the past decade. However, the pace has accelerated over the past few years, forcing infrastructure and organizational changes to meet the demands of payment modernization. The move to improve efficiency, speed, and security has provided the payments industry with multiple options to advance in meeting market needs. The time for watching from the sidelines to see what happens is over. It is now time for each financial institution and payment facilitator to meet the demands of consumers and businesses and to make significant changes.

Javelin has identified three key trends that will be central to the success of payment industry participants in 2019 and beyond. The recommendations require full participation of the payments organization — technology, product, operations, marketing, and other units required to launch new products and services. With new technology comes the need for transparency in expense and revenue management, operational components, and multiyear plans to modernize payments. The three-pronged approach — technology, business, and product development — will generate the momentum needed to make strategic strides and help avoid costly missteps.