The Global Payment Monitoring Market size is expected to reach $24.5 billion by 2026, rising at a market growth of 29.7% CAGR during the forecast period. Payment monitoring is a solution provided to businesses willing to reduce the possibility of default within the payment plan. Since the time of issue of the invoice, the technology initiates proactive initiatives to strengthen the inflow of receivables. The ability of a company to incorporate an accurate comprehensive payment management program is essential for the survival of its industry. It's the secret to figuring out how the organization is performing.
Financial institutions must comply with the various AML, CFT and KYC legislation in the sense of customer onboarding processes. According to the rules, financial institutions must monitor their new customers. Such checks will be carried out in order to comply with the Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Financial companies are responsible for meeting the criteria of AML, KYC and CDD. Financial organizations that do not take the requisite steps to lose their credibility as well.
In order to address the need for financial inclusion, there has been a rapid expansion of new technology and developments that are helping to make it more economically feasible for banks to access 'unbanked' or 'underbanked' populations. Technology has moved from branch banking to e-banking and now mobile money, which has helped to build pockets of power even among the least financially inclusive countries. With the cost of servicing customers considerably lower for automated teller machines (ATMs), interactive voice response (IVRs), mobile and online banking, these alternative banking platforms have seen a huge increase.
Payment monitoring solutions are of great benefit to organizations; however, they involve skilled and trained professionals with specific experience in analytical and critical thought and financial expertise. There is currently a lack of professional software developers, such as statisticians, conscientious hackers, data analysts, and computer scientists. Nevertheless, a number of education initiatives are being introduced across various countries to train machine learning and analytical professionals. This will help people learn more about analytics and machine learning, which is expected to help develop payment monitoring solutions and contribute to market growth monitoring of payments.
Based on Component, the market is segmented into Solution and Services. Solution segment is further bifurcated into KYC/Customer Onboarding, Case Management, Watch List Screening, and Dashboard & Reporting. Based on Application, the market is segmented into Anti-Money Laundering, Compliance Management & Customer Identity Management and Fraud Detection & Prevention. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Energy & Utilities, Manufacturing, and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix, Oracle Corporation is the major forerunner in the Payment Monitoring Market. Companies such as Fair Isaac Corporation (FICO), Fiserv, Inc., and ACI Worldwide, Inc., BAE Systems PLC, Refinitiv Company, NICE Ltd., Fidelity Information Services (FIS), Inc., Software AG, and SAS Institute, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ACI Worldwide, Inc., BAE Systems PLC, Fiserv, Inc., NICE Ltd., Oracle Corporation, SAS Institute, Inc., Software AG, Fair Isaac Corporation (FICO), Fidelity Information Services (FIS), Inc., and Refinitiv Company.
Recent strategies deployed in Payment Monitoring Market
Partnerships, Collaborations, and Agreements:
Apr-2020: ACI Worldwide collaborated with High Payment Solutions LLC (Hi-Pay), the payment solutions and Service Company. Following the collaboration, the latter company launched its new payments hub using multiple ACI solutions for creating Mongolia’s first payment gateway service. Hi-Pay selected ACI’s UP eCommerce Payments solution with its integrated secure payments gateway and fraud management capabilities and connected with ACI’s UP Real-Time Payments solution, for providing a modern and internationally compatible payments system for the Mongolian market.
Feb-2020: Beta Systems IAM Software AG came into partnership with WeAre Solutions Oy, a Finnish IT consulting firm. Together, the companies is expected to address the evolving Identity Access Management market in Finland.
Jan-2020: Fiserv, Inc. signed an agreement with DolEx Dollar Express, Inc. and its affiliate, Europhil. Following the agreement, DolEx and Europhil is expected to enhance their anti-money laundering (AML) processes with technology from Fiserv.
Dec-2019: BAE Systems partnered with RSA Insurance Ireland, a general insurance company. Following the partnership, the latter company implemented the NetReveal Insurance Fraud technology solution to detect insurance fraud. This partnership supported RSA’s in combating insurance fraud and protects their customers and shareholders.
Nov-2019: ACI Worldwide teamed up with Microsoft with the support of Microsoft Partner Network to facilitate the payments industry's rapid adoption of technology used over the public cloud. The collaboration was aimed to initially provide the license to ACI Universal Payments technology by customers. This is expected to help in application powered by Azure. This collaboration has also benefited the ACI on-premises customers with improved security and reduced long-term capital expenditure. It has further enabled the customers in adopting a scalable model for cloud-based infrastructure. This is expected to especially be beneficial for neo banks and innovators in existing banks and intermediaries.
Nov-2019: FIS entered into collaboration with IBM Corporation following which it integrated the IBM Safer Payments solution with its P2P (person-to-person) services. Through this integration, the former company was aimed to help U.S. financial institutions in preventing fraud on real-time P2P payment services.
Nov-2019: Refinitiv's World-Check teamed up with Saudi Telecom Company following which the former company aimed to support the latter company's compliance with Know-Your-Customer and Anti-Money Laundering (AML) regulations as it launches a new digital payment solution.
Nov-2019: Refinitiv entered into partnership with EastNets for providing enhanced automated access to software and data that enables real-time risk management and improved compliance capabilities to companies at risk of financial crime.
Sep-2019: NICE Actimize, a NICE business came into collaboration with Zenus Bank. Together, the companies were aimed to establish a cloud-focused financial crime strategy for both anti-money laundering compliance and enterprise fraud protections with NICE's AML and Fraud SaaS Essentials solutions.
Sep-2019: Oracle Financial Services signed a collaboration agreement with Quantifind, an emerging player in the financial crimes risk management software market. In this collaboration, Quantifind's software-as-a-service (SaaS) solutions for Investigations, Customer Due Diligence, and Alerts Management have been integrated with Oracle Financial Services. With the help of Oracle, Quantifind is focused on changing the way that analysts and investigators assess risk on individuals, corporations, and alerts in the AML pipeline.
Sep-2019: Fair Isaac signed partnership agreement with Arachnys, a leader in risk investigation solutions. The partnership was aimed to enable financial organizations and their customers to benefit from a faster and smoother onboarding experience and enhanced record management.
Acquisition and Mergers:
Jul-2019: Fiserv, Inc. acquired First Data Corporation, a financial services company. With this acquisition, Fiserv became one of the world’s leading payments and financial technology providers with the ability to provide unique value to financial institutions, corporate and merchant clients, and consumers.
Aug-2017: Fiserv completed the acquisition of Dovetail, a provider of bank payments, and liquidity management solutions. The acquisition enabled Fiserv to help the financial institutions in transforming their payments infrastructure for fulfilling the evolving needs of wholesale, commercial, and retail sectors.
Product Launches and Product Expansions:
Mar-2020: ACI Worldwide launched Incremental Learning, a new technology for enhancing fraud protection for merchants, financial institutions, and its customers. The technology can be implemented in machine learning models within the company’s fraud prevention solutions, including Proactive Risk Manager and ACI ReD Shield.
Mar-2020: FIS unveiled a new biometric 3D Secure (3DS) authentication service dubbed 3DS Flex. This service helps merchants comply with PSD2 Strong Customer Authentication (SCA) deadlines in the European Economic Area and the UK. 3DS Flex delivers intelligent switching and protects against online fraud by analyzing information such as geolocation data and shopper history to verify identity online or on a mobile device. It uses biometric authentication such as face ID and fingerprint and other advanced technologies for keeping the authentication process simple.
Jan-2020: Fair Isaac introduced the FICO Score 10 Suite built with FICO's deep expertise. FICO Score 10 Suite provides lenders unparalleled flexibility and predictive power for making more precise lending decisions. It incorporates trended credit bureau data for further accelerating the predictive power.
Nov-2019: Fair Isaac added two new product families to its portfolio: FICO Identity Proofing, which enables organizations to digitally onboard new customers without requiring in-person verification, and FICO User Authentication, a comprehensive suite of capabilities including multifactor, biometric, and behavioral authentication. For supporting these platforms, FICO acquired EZMCOM, a valuable security partner. The company is engaged in discovering security transformation benefits with EZMCOM's innovation and expanding its platform across multiple regional operations.
Sep-2019: FICO released FICO Falcon X, which delivers groundbreaking AI and machine learning technology. The solution was aimed at preventing new forms of fraud and financial crimes that are enabled by the rapid adoption of real-time payments.
Sep-2019: Refinitiv launched Qual-ID, a new solution combining digital identity verification with risk screening. The solution has been improving the digital onboarding of consumers and compliance with Know-Your-Customer (KYC) and anti-money laundering (AML) regulations around the world.
Scope of the Study
Market Segmentation:
By Component
By Application
By Organization Size
By End User
By Geography
North America
Europe
Asia Pacific
LAMEA
Companies Profiled
Unique Offerings from the Publisher
Financial institutions must comply with the various AML, CFT and KYC legislation in the sense of customer onboarding processes. According to the rules, financial institutions must monitor their new customers. Such checks will be carried out in order to comply with the Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Financial companies are responsible for meeting the criteria of AML, KYC and CDD. Financial organizations that do not take the requisite steps to lose their credibility as well.
In order to address the need for financial inclusion, there has been a rapid expansion of new technology and developments that are helping to make it more economically feasible for banks to access 'unbanked' or 'underbanked' populations. Technology has moved from branch banking to e-banking and now mobile money, which has helped to build pockets of power even among the least financially inclusive countries. With the cost of servicing customers considerably lower for automated teller machines (ATMs), interactive voice response (IVRs), mobile and online banking, these alternative banking platforms have seen a huge increase.
Payment monitoring solutions are of great benefit to organizations; however, they involve skilled and trained professionals with specific experience in analytical and critical thought and financial expertise. There is currently a lack of professional software developers, such as statisticians, conscientious hackers, data analysts, and computer scientists. Nevertheless, a number of education initiatives are being introduced across various countries to train machine learning and analytical professionals. This will help people learn more about analytics and machine learning, which is expected to help develop payment monitoring solutions and contribute to market growth monitoring of payments.
Based on Component, the market is segmented into Solution and Services. Solution segment is further bifurcated into KYC/Customer Onboarding, Case Management, Watch List Screening, and Dashboard & Reporting. Based on Application, the market is segmented into Anti-Money Laundering, Compliance Management & Customer Identity Management and Fraud Detection & Prevention. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on End User, the market is segmented into BFSI, IT & Telecom, Healthcare, Retail & eCommerce, Government & Defense, Energy & Utilities, Manufacturing, and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix, Oracle Corporation is the major forerunner in the Payment Monitoring Market. Companies such as Fair Isaac Corporation (FICO), Fiserv, Inc., and ACI Worldwide, Inc., BAE Systems PLC, Refinitiv Company, NICE Ltd., Fidelity Information Services (FIS), Inc., Software AG, and SAS Institute, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ACI Worldwide, Inc., BAE Systems PLC, Fiserv, Inc., NICE Ltd., Oracle Corporation, SAS Institute, Inc., Software AG, Fair Isaac Corporation (FICO), Fidelity Information Services (FIS), Inc., and Refinitiv Company.
Recent strategies deployed in Payment Monitoring Market
Partnerships, Collaborations, and Agreements:
Apr-2020: ACI Worldwide collaborated with High Payment Solutions LLC (Hi-Pay), the payment solutions and Service Company. Following the collaboration, the latter company launched its new payments hub using multiple ACI solutions for creating Mongolia’s first payment gateway service. Hi-Pay selected ACI’s UP eCommerce Payments solution with its integrated secure payments gateway and fraud management capabilities and connected with ACI’s UP Real-Time Payments solution, for providing a modern and internationally compatible payments system for the Mongolian market.
Feb-2020: Beta Systems IAM Software AG came into partnership with WeAre Solutions Oy, a Finnish IT consulting firm. Together, the companies is expected to address the evolving Identity Access Management market in Finland.
Jan-2020: Fiserv, Inc. signed an agreement with DolEx Dollar Express, Inc. and its affiliate, Europhil. Following the agreement, DolEx and Europhil is expected to enhance their anti-money laundering (AML) processes with technology from Fiserv.
Dec-2019: BAE Systems partnered with RSA Insurance Ireland, a general insurance company. Following the partnership, the latter company implemented the NetReveal Insurance Fraud technology solution to detect insurance fraud. This partnership supported RSA’s in combating insurance fraud and protects their customers and shareholders.
Nov-2019: ACI Worldwide teamed up with Microsoft with the support of Microsoft Partner Network to facilitate the payments industry's rapid adoption of technology used over the public cloud. The collaboration was aimed to initially provide the license to ACI Universal Payments technology by customers. This is expected to help in application powered by Azure. This collaboration has also benefited the ACI on-premises customers with improved security and reduced long-term capital expenditure. It has further enabled the customers in adopting a scalable model for cloud-based infrastructure. This is expected to especially be beneficial for neo banks and innovators in existing banks and intermediaries.
Nov-2019: FIS entered into collaboration with IBM Corporation following which it integrated the IBM Safer Payments solution with its P2P (person-to-person) services. Through this integration, the former company was aimed to help U.S. financial institutions in preventing fraud on real-time P2P payment services.
Nov-2019: Refinitiv's World-Check teamed up with Saudi Telecom Company following which the former company aimed to support the latter company's compliance with Know-Your-Customer and Anti-Money Laundering (AML) regulations as it launches a new digital payment solution.
Nov-2019: Refinitiv entered into partnership with EastNets for providing enhanced automated access to software and data that enables real-time risk management and improved compliance capabilities to companies at risk of financial crime.
Sep-2019: NICE Actimize, a NICE business came into collaboration with Zenus Bank. Together, the companies were aimed to establish a cloud-focused financial crime strategy for both anti-money laundering compliance and enterprise fraud protections with NICE's AML and Fraud SaaS Essentials solutions.
Sep-2019: Oracle Financial Services signed a collaboration agreement with Quantifind, an emerging player in the financial crimes risk management software market. In this collaboration, Quantifind's software-as-a-service (SaaS) solutions for Investigations, Customer Due Diligence, and Alerts Management have been integrated with Oracle Financial Services. With the help of Oracle, Quantifind is focused on changing the way that analysts and investigators assess risk on individuals, corporations, and alerts in the AML pipeline.
Sep-2019: Fair Isaac signed partnership agreement with Arachnys, a leader in risk investigation solutions. The partnership was aimed to enable financial organizations and their customers to benefit from a faster and smoother onboarding experience and enhanced record management.
Acquisition and Mergers:
Jul-2019: Fiserv, Inc. acquired First Data Corporation, a financial services company. With this acquisition, Fiserv became one of the world’s leading payments and financial technology providers with the ability to provide unique value to financial institutions, corporate and merchant clients, and consumers.
Aug-2017: Fiserv completed the acquisition of Dovetail, a provider of bank payments, and liquidity management solutions. The acquisition enabled Fiserv to help the financial institutions in transforming their payments infrastructure for fulfilling the evolving needs of wholesale, commercial, and retail sectors.
Product Launches and Product Expansions:
Mar-2020: ACI Worldwide launched Incremental Learning, a new technology for enhancing fraud protection for merchants, financial institutions, and its customers. The technology can be implemented in machine learning models within the company’s fraud prevention solutions, including Proactive Risk Manager and ACI ReD Shield.
Mar-2020: FIS unveiled a new biometric 3D Secure (3DS) authentication service dubbed 3DS Flex. This service helps merchants comply with PSD2 Strong Customer Authentication (SCA) deadlines in the European Economic Area and the UK. 3DS Flex delivers intelligent switching and protects against online fraud by analyzing information such as geolocation data and shopper history to verify identity online or on a mobile device. It uses biometric authentication such as face ID and fingerprint and other advanced technologies for keeping the authentication process simple.
Jan-2020: Fair Isaac introduced the FICO Score 10 Suite built with FICO's deep expertise. FICO Score 10 Suite provides lenders unparalleled flexibility and predictive power for making more precise lending decisions. It incorporates trended credit bureau data for further accelerating the predictive power.
Nov-2019: Fair Isaac added two new product families to its portfolio: FICO Identity Proofing, which enables organizations to digitally onboard new customers without requiring in-person verification, and FICO User Authentication, a comprehensive suite of capabilities including multifactor, biometric, and behavioral authentication. For supporting these platforms, FICO acquired EZMCOM, a valuable security partner. The company is engaged in discovering security transformation benefits with EZMCOM's innovation and expanding its platform across multiple regional operations.
Sep-2019: FICO released FICO Falcon X, which delivers groundbreaking AI and machine learning technology. The solution was aimed at preventing new forms of fraud and financial crimes that are enabled by the rapid adoption of real-time payments.
Sep-2019: Refinitiv launched Qual-ID, a new solution combining digital identity verification with risk screening. The solution has been improving the digital onboarding of consumers and compliance with Know-Your-Customer (KYC) and anti-money laundering (AML) regulations around the world.
Scope of the Study
Market Segmentation:
By Component
- Solution
- KYC/Customer Onboarding
- Case Management
- Watch List Screening
- Dashboard & Reporting
- Services
By Application
- Anti-Money Laundering
- Compliance Management & Customer Identity Management
- Fraud Detection & Prevention
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
By End User
- BFSI
- IT & Telecom
- Healthcare
- Retail & eCommerce
- Government & Defense
- Energy & Utilities
- Manufacturing
- Others
By Geography
North America
- US
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Companies Profiled
- ACI Worldwide, Inc.
- BAE Systems PLC
- Fiserv, Inc.
- NICE Ltd.
- Oracle Corporation
- SAS Institute, Inc.
- Software AG
- Fair Isaac Corporation (FICO)
- Fidelity Information Services (FIS), Inc.
- Refinitiv Company
Unique Offerings from the Publisher
- Exhaustive coverage
- Highest number of market tables and figures
- Subscription based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global Payment Monitoring Market by Organization Size
Chapter 5. Global Payment Monitoring Market by Industry Vertical
Chapter 6. Global Payment Monitoring Market by Application
Chapter 7. Global Payment Monitoring Market by Component
Chapter 8. Global Payment Monitoring Market by Region
Chapter 9. Company Profiles
Companies Mentioned
- ACI Worldwide, Inc.
- BAE Systems PLC
- Fiserv, Inc.
- NICE Ltd.
- Oracle Corporation
- SAS Institute, Inc.
- Software AG
- Fair Isaac Corporation (FICO)
- Fidelity Information Services (FIS), Inc.
- Refinitiv Company
Methodology
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