March 28, 2024
With banking becoming a part of the lifestyle of its users, real-time payments, embedded finance initiatives, buy now-pay later (BNPL) schemes and new ways of authenticating payments have gotten mainstream. There is a growing opportunity for technology and platform modernization for acquirers, issuers, payment services and card network providers. As per a recent Everest report, the Payments IT services market is growing at ~23% CAGR and is driven by customer payment modernization initiatives.
Payments is a key focus area for Hitachi Digital Services. Our vision is to be a preferred partner for financial institutions (FIs), payment service providers (PSPs) and card networks in their technology modernization and transformation initiatives by leveraging our strong digital transformation capabilities, combined with our investments in Payment solutions under the One-Hitachi model. And we have enabled several customers already.
As our name implies, we have a deep focus on services, offerings and investments related to cloud transformation, the use of data/AI/ML in the Payments ecosystem, and open banking initiatives for our customers. We are working with several acquirers and issuers and leveraging our domain capabilities in the Payments ecosystem. Our solutions, such as Finger Vein authentication, enable contactless customer payments. We are also partnering with some of the leading financial services customers on their payment platform modernization programs.
Please read the detailed report about our capabilities here: https://www2.everestgrp.com/reportaction/EGR-2023-31-R-6017/Toc
To meet rising AI and cloud demand, Hitachi Digital Services was formed recently from Hitachi Vantara and strives to offer a unified operating model for cloud, data, IoT and managed services and to integrate digital capability with domain knowledge. Please read more about the reorganization here:
Hitachi Digital Services, a wholly owned subsidiary of Hitachi Ltd., delivers intelligent data platforms, modern applications, and digital expertise supported by deep research and development capabilities. We have rich experience across the value chain in Banking, Capital markets, Payments and insurance. Our comprehensive Digital Transformation portfolio of services is available in areas such as Customer Onboarding/ KYC, Advisor Engagement, Product Development, Customer 360, Compliance Management, Payments systems modernization, Risk and compliance services & products & ESG initiatives. We bring technical excellence, engineering discipline and a delivery track record for our global customers. For more information on how Hitachi Digital Services can help enable institutions like yours to offer your customers a Unified Payments Operating Model or otherwise improve their experience, contact us or visit www.HitachiDS.com today.
