Author: Aaron McPherson

Business Strategy
August, 2011  -  Doc # FIN229962
Number of Pages: 11
Number of Figures: 1

This IDC Financial Insights report revisits the meaning of the term "enterprise payments," which involves processing all payment types through a common infrastructure. Following a period of stagnation during the worldwide financial crisis of 2008–2009, interest in enterprise payments has again begun growing in the financial services community as a response to high maintenance costs for existing payments infrastructure and new pressures on revenue from government regulations and continuing economic weakness. However, today's enterprise payments planners have a new revenue opportunity to draw on — the ability to sell access to existing payments infrastructure through Web services interfaces, or "cloud payments."

According to Aaron McPherson, practice director at IDC Financial Insights and the author of this report, "Payment services hubs are not only a means of reducing cost within the enterprise but can also serve as the foundation for extending existing payment infrastructure into cloud services and mobile services, such as online games and digital content delivery. These revenues will ultimately far outweigh any cost savings, providing financial institutions with a new growth path in the coming decades."

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