Modern banks are juggling a growing array of payment rails, from traditional transfers and cheques to real-time, mobile, and digital payments. Yet, most continue to rely on fragmented legacy systems that are expensive to maintain, hard to change, and ill-suited for today’s fast-evolving payment landscape. This whitepaper argues that banks urgently need a new approach: a single, domain-aware payment orchestration platform that can unify all payment types while remaining agile and resilient.
Unlike patchwork solutions that attempt to consolidate everything in one unwieldy system, a modern payment engine should combine thin, dedicated connectivity components with a universal orchestration layer. Crucially, this layer should allow banks to easily design, adjust, and deploy their own payment flows—without depending on vendors or requiring massive engineering efforts. Much like game engines revolutionised software development in gaming, this type of platform gives banks the tools to innovate faster, reduce operational complexity, and adapt to new payment methods as they emerge.
The Payments Association
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Emerging Ventures Limited t/a The Payments Association; Registered in England and Wales, Company Number 06672728; VAT no. 938829859; Registered office address St. Clement’s House, 27 Clements Lane, London, England, EC4N 7AE.
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