The revolution of digital payments: how AWS drives modernization and innovation

The COVID-19 pandemic accelerated digital transformation in payments, boosting the use of remote payments, digital wallets, and options like "buy now, pay later" (BNPL). However, customer expectations for convenient, real-time payment experiences continue to grow. This landscape, combined with data localization requirements, new messaging standards like ISO 20022, and increasing fraud risks, is pushing banks and payment organizations to modernize their infrastructures to remain competitive, scale, and differentiate.

In this context, banks and payment organizations are no longer asking if they should migrate to the cloud but rather how to begin, accelerate, or scale their adoption.

Companies are leveraging the cloud to:

• Offer more flexible payment methods.
• Make payment experiences seamless, secure, and personalized.
• Enable real-time payments.
• Adopt next-generation connectivity, security, and payment standards.
• Reimagine transactional banking, cash management, and treasury services.

Amid the growth of digital payments, flexible payment methods are essential

Customers demand more agile payment options—from contactless payments to embedded finance—and expect to access them globally without interruptions. However, payment organizations face limitations with legacy systems in meeting these expectations.

AWS helps overcome these challenges by:

• Modernizing APIs and core systems: Scaling backend infrastructure to support APIs and ensure performance during peak demand.
• Applying advanced analytics, AI, and ML: Processing large data volumes in real-time for faster, more accurate credit decisions.
• Integrating third-party data: Using tools like AWS Data Exchange to enhance customer interactions and credit decisions.

Seamless, secure, and personalized payment experiences

Beyond flexibility, customers want frictionless and personalized experiences, where the payment process and fraud prevention are nearly invisible. AWS drives this transformation by:

• Optimizing transaction routing.
• Detecting fraud with advanced ML models.
• Personalizing offers with data-driven forecasting.

With generative AI, payment organizations are redefining experiences, enhancing security, and discovering new use cases to improve internal processes and customer interactions.

The cloud and digital payments: essential allies

Cloud technology is fundamental for payment organizations to meet their strategic priorities, from more flexible payment methods to enabling real-time payments and adopting new connectivity standards.

With AWS, organizations not only modernize their infrastructures but also gain the agility, scalability, and security needed to lead in an ever-evolving market.

References

https://pages.awscloud.com/GLOBAL-field-DL-Payments-in-the-cloud-ebook-confirmation.html?aliId=eyJpIjoiblN4aFdMTEhZYnljYlpIdCIsInQiOiJrdDY2ZzVJRVJWMmFHZVVXQXFHUEtnPT0ifQ%253D%253D