New Whitepaper Explores the Concept of “Digital Twins” to Help Financial Institutions Modernize Payments
ATLANTA--(BUSINESS WIRE)--Oct 8, 2024--
Matera announced today the availability of its newest whitepaper, written by Javelin Strategy & Research, titled “ Modernizing Payments: The Digital Twin Approach.”
This free report from Matera and Javelin focuses on a novel approach to helping financial institutions navigate the challenges of updating outdated, legacy core banking systems while at the same time providing seamless, always-on payment experiences that their customers increasingly demand.
Consumers now see payments through the same lens they evaluate their favorite social media apps. However, legacy technology hinders the ability of financial institutions to provide a modern experience. The paper details a promising solution – the digital twin approach to payments. It offers banks the opportunity to satisfy user demands immediately without replacing aging core banking platforms and puts those financial institutions on a path towards modernizing their critical systems.
“The technological challenges facing the financial services market are daunting, and innovative ideas are needed to solve them. Reimagining bank balances through digital twins is one such way, one that offers a real solution to the challenges faced by financial institutions as they deal with the shift in customer expectations toward faster, secure, always-available payment systems,” said James Wester, Co-Head of Payments at Javelin Strategy & Research and author of the report.
The digital twin approach presents several immediate benefits for financial institutions that face the challenge of providing a better payment experience for their customers. By creating digital twins of the accounts stored on a core banking platform, financial institutions can effectively have the best of their old core system—the reliability and scalability that banks have come to rely on—and the ability to connect accounts to modern, open payment systems that provide their customers with better experiences.
This whitepaper examines the digital twin approach in detail, how it can facilitate real-time functionality, instant payment operations and more, as well as practical steps financial institutions can take to begin their core modernization journey.
To read the full whitepaper, click this link to download a free copy.
About Matera
Matera is a trusted provider of technology solutions for financial institutions. With over 30 years of experience and a team of over 1,000 professionals, Matera has deep expertise in Core Banking, Instant Payments and QR Code Payments. Two of the top three global banks, three of the top 10 U.S. banks and one-third of all banks in Brazil trust Matera. Matera operates in both Brazil and North America. To learn more, visit: www.matera.com.
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CONTACT: Mallory Griffin, York Public Relations
Mallory@yorkpublicrelations.com
KEYWORD: GEORGIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: BANKING TECHNOLOGY PROFESSIONAL SERVICES PAYMENTS DIGITAL CASH MANAGEMENT/DIGITAL ASSETS APPS/APPLICATIONS SOFTWARE NETWORKS INTERNET FINTECH FINANCE
SOURCE: Matera
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