The capital markets and commercial banking landscape is undergoing large-scale modernization across customer experience, operations, and technology. Much of this is driven by ever-increasing

digitization across the product value chains, colliding with regulatory and industry reaction to increasing transaction complexity.

This modernization is particularly relevant within the payments ecosystem. Whilst many advancements have been made in card and P2P payments, wire payment processing has historically been neglected across many institutions. Dated technology stacks and inefficient processes paired with increased regulatory scrutiny on all nature of wire payments have led to bloated payment organizations and increased cost per payment.

Organizations are investing heavily across all facets of the payments lifecycle to drive the

transformation required to modernize their payments services. Wires, the critical transactional movement of money and a mainstay in financial services, continue to evolve with a focus

on technology, cost, control, client expectations, and process efficiency.

In theory, wires are a simple transaction between two entities where the payment life cycle should follow a standard process. In practice, wires can become complex depending on the purpose of the transaction, where and to whom it is being sent, volume, controls, and overall payment architecture.

This article will examine the current challenges and trends with wires and examine the opportunities in the space.