PYMNTS: 35% of financial institutions plan to adopt centralized payment hubs

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PYMNTS says 35% of financial institutions plan to adopt centralized payment hubs over the next 12 to 18 months to coordinate card payments, automated clearing house payments, instant transfers, wire transfers and digital assets. The report cited research by Alacriti showing that 53% of financial institutions see deeply embedded internal processes as the main obstacle to modernization, while 52% cited legacy technology and 47% cited system fragmentation. PYMNTS Intelligence data shows that 76% of surveyed financial institutions have enabled RTP for commercial customers, while 40% offer FedNow.