World Report Series 2025 Payments Velocity, meet value Lead in the open and instant future of payments PDF Free Download
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Velocity, meet value
Lead in the open and instant future of payments
World Report Series 2025
Payments
2World Payments Report 2025
Foreword 4
Executive steering committee 6
Executive summary 7
Gear up for the payments transition 8
From just banks to connected
marketplaces, all prepare to tap the
instant opportunity 22
Unraveling corporate payment complexities
for real-time treasury capability 32
Strategic vision helps banks switch from
stop-gap tactical adjustments to
long-term transaction flexibility 44
Conclusion 55
Methodology 56
Partner with Capgemini 57
Contents
3
World Payments Report 2025
Foreword
Payments Report, now in its 20th
th
A
nirban Bose
F
inancial Services Strategic Business Unit CEO
&
Group Executive Board Member, Capgemini
4World Payments Report 2025
2004/05 2006/07 2008/09 2010/11 2012/13 2014/15 2016/17 2018/19 2020/21 2022/23
Non-cash
transaction
volume
(billions)
KEY EVENTS
GLOBAL PAYMENTS LANDSCAPE
KEY MESSAGES
WORLD PAYMENTS REPORT
World Payments Report Series
Capturing payments evolution since the beginning of the 21st century
• Launch of the iPhone in
2007 lays the
groundwork for mobile
payments
• EU: PSD1 in 2007
establishes the
foundation for a single
EU market for payments,
for safer and more
innovative payment
services across the EU,
aiming to make
cross-border payments
as easy, efficient, and
secure as national
payments within a
member state
• China: Alipay launched in
2004, revolutionizing
mobile payments
• Launch of
blockchain-based
payment systems in
2012, enabling real-time
cross-border payments
through initiatives like
Ripple
• Launch of Apple Pay in
2014, kick starting the
digital wallet era
• US: Launch in 2017 of
Real-Time Payments by
The Clearing House
• EU: GDPR launched in
2016 to strengthen data
protection and privacy
• EU: PSD2 launched in
2018 enhances
competition and
innovation, mandating
strong customer
authentication
• India: Launch of unified
payment interface in
2016, shaping digital
payment landscape
• BNPL launched in 2020
with large adoption of
Klarna and Afterpay
• CBDC in 2020: Pilots in
China and Sweden
• US: Launch of FedNow in
2023 offering faster,
more efficient, and
secure payment options
• EU: PSD3 proposal in
2023 to further
streamline payment
services and enhance
consumer protection
• Brazil: PIX launched in
2020, an instant
payment system
• Bitcoin in 2009 emerges
as a new payment method
• Google Wallet launched in
2009 as the first global
mobile payment system
• US: P2P payment services
like Venmo (founded in
2009) gain popularity
• US: Dodd-Frank Act in
2010 aims for financial
stability by improving
accountability and
transparency in the
financial system
• EU: Launch of SEPA in
2008 (Single Euro
Payments Area) makes
sending money easy
• UK: launch of Faster
Payments System in 2008,
enabling
near-instantaneous
bank transfers
• Rapid growth of
electronic payments with
the introduction of SEPA
(Single Euro Payments
Area), increasing
transaction volumes and
decreasing costs
• Competitive and
regulatory pressures
reshape the European
payments market, urging
banks to strategically
reposition to capture
new opportunities (SEPA
& PSD1 adoption)
• Forecast for m-payments
indicates continued
robust growth, with
non-bank providers
playing a crucial role
• Growing shift towards
more non-cash and
sdohtem tnemyap esrevid
due to the global financial
crisis and the eurozone
debt crisis
• Immediate payment
systems are being
adopted globally: faster
transaction times,
reducing fraud, and
lowering transaction costs
• FinTechs increase
competitive pressure on
banks, necessitating
improvements in digital
offerings and customer
experience
• Adoption of
multi-layered security
measures by banks
• Digital payment
methods like cards and
electronic transfers are
becoming dominant
• Non-cash transaction
growth is driven by
emerging markets
(APAC)
• Acceleration of the
adoption of
next-generation
payment methods
• Payment firms must
leverage APIs and cloud
to build
customer-centric
platforms and
ecosystems within the
Payments 4.X
framework
• Banks must adapt to
SMB needs for their
growth
• Upgrading commercial
payments and cash
management for
corporate clients
• Harmonization of
payments standards
can deliver significant
cash management
benefits
• Emergence of new
payments hub
concepts, enabling
banks to execute both
revenue-focused and
cost-focused initiatives
effectively
• Rapid growth of
non-bank mobile
payment providers
157176311361439548705 1,0161,411
5
World Payments Report 2025
Payment system (infrastructure) providers & operators
Technology leaders
Ben Isaacson
Édouard Mandon
Emanuela Saccarola
Pierre-Antoine Vacheron
Tino Kam
Lionel Chaine
Anand Sampath
Rupak Das
Nilesh Dusane
Payments
Matt Wegner
Executive steering committee
The Executive Steering Committee participants for our World Payments Report 2025 included
top executives from leading banks and industry partners. We are grateful for their time,
experience, and vision as they helped guide our report’s content.
Banks
6World Payments Report 2025
Executive summary
Gear up for the payments transition
adoption of instant payments and reshaping the
From just banks to connected
marketplaces, all prepare to tap the
instant opportunity
Unraveling corporate payment
complexities for real-time treasury
capability
Strategic vision helps banks switch
from stop-gap tactical adjustments
to long-term transaction exibility
7
World Payments Report 2025
Gear up for the
payments transition
8World Payments Report 2025
The non-cash transaction
boom creates massive
opportunity
payments over paper and coins, non-cash
•
position as the fast growing geography for
•
•
Figure 1. Worldwide non-cash transactions (enterprise and retail, volume in billions,
2018 - 2028F)
Sources: Capgemini Research Institute for Financial Services, 2025; ECB Statistical Data Warehouse;
BIS Statistics Explorer; Countries’ central bank annual report
Note: 2023E represents estimated and 2028F represents forecasted
645.8
2018 2021 2022 2023E 2024F 2028F
Global 16.6%
15.2%
23.2%
6.4%
15.5%
20.4%
13.6%
20.7%
7.3%
12%
17.7%
15.0%
CAGR
’23E–’28F
Growth
’23E–’24F
MEA
Latin
America
North
America
Europe
APAC
221.8
187.4
170.5
48.6
16.3
644.6
456.4
258.6
204.7
72.1
24.5
1,016.3
528.7
312.4
222.6
109.2
29.7
1,202.8
361.1
237.3
132.9
34.0
1,411.3
777.5
417.3
252.6
163.7
39.2
1,650.4
1457.6
637.1
338.3
340.7
64.5
2.838.2
9
World Payments Report 2025
Regulatory and industry
initiatives drive the future
of payments
are spearheading innovative payment
payments, more cost transparency, and
65%
of payment
executives
recognize the
need to expand
instant payment
infrastructure
10 World Payments Report 2025
Figure 2.
Key Regulatory & Industry Initiatives (KRIIs) are driving payments transformation
Sources: Capgemini Research Institute for Financial Services, 2025; GlobalData
> 2026
2022 -
2023
2021 -
2022
MiCA Regulation (crypto assets) (proposed)
US Stable Act 2020 (proposed)
Buy Now Pay Later regulations (UK)
(consultation) and Australia (implemented)
Digital ID frameworks (EU Digital identity)
Singapore Payment Services (Amendment) Act 2021
EU DLT Market Infrastructure pilot regime 2023
EU central electronic system of payment information
(CESOP)
New payments architecture (NPA) UK
PSR - APP rules (UK)
Digital Operational Resilience Act (DORA) - EU
Confirmation of Payee - EU
Retail Payment Activities Regulations (RPAR)
SWIFT gpi
European Payments Initiative
(digital wallet solution launch)
Interchange fee regulation UK EEA cross border
(under review)
SWIFT cloud
European Data Governance Act
One - Leg Out Instant Credit Transfer Service
EU Mobile wallet interoperability (EMPSA)
ISO 20022 migration - domestic and cross - border
BIS cross - border harmonization of API protocols
SEPA Payment Account Access (SPAA)
G20 cross - border payments
The American Data Privacy and Protection Act
(new draft proposed)
EU Revised Cross Border Payment Regulation (CBPR2)
ASEAN QR code system for cross - border payments
(ID, MY, PH, SG, and TH)
Payment Data Localization (Schemes II regulations)
SWIFT and Capgemini CBDC interoperability trial
SWIFT Interlinking Payment Infrastructures (IXB)
- pilot in few months
UK Regulated Liability Network (experimentation in 2024)
Tokenization - PCI Data Security Standard (DSS)
- cardholder data
Open finance (multiple regulations across the world)
Instant payments (multiple schemes live across the world)
I
I
E
E
Risk
reduction
Standard
ization
Competition
and
transparency
Innovation
E
IFull implementation of the
initiative/regulation
Intermediate implementation
of the initiative/regulation Elapsed time New KRIIs introduced in 2024
PSR - Payment Systems Regulator
MiCA - Markets in Cryptoassets
IXB - Immediate Cross - Border Payments
SEPA - Single Euro Payments Area
PCI - Payment Card Industry
UK Smart Data Roadmap (proposal phase)
Digital Services Act (EU)
EU AI act
B2B E - Invoicing (France)
EU Data Act (proposal accepted)
Supervisory Reporting Requirements Framework
(EBA recommendations and signposting tool)
I
I E
I
EI
E
EI
E
E
E
E
I
I I E
E
E
E
I I I
E
II
I
E
I
I
II I
I
II E
EI
EI
I E
I E
2023 -
2024
2024 -
2024
11
World Payments Report 2025
Open banking laid the
groundwork for tomorrow's
open nance movement
consent-driven access to payment and
•
•
•
•
•
•
Santander and Iberpay partner to drive instant international payments
12 World Payments Report 2025
Matt Wegner
Open finance is fundamentally
reshaping the financial landscape.
By creating a new data layer, it’s
fueling innovation and empowering
consumers to take control of their
financial lives. The traditional
banking model is evolving as we
shift towards a hyper-personalized
approach. By leveraging open finance
data, we can deliver tailored solutions
that truly meet the unique needs of
our customers, strengthening our
relationships and driving business
growth.”
Figure 3. Early open finance adopters are poised to drive innovation with real-world applications
Sources: Capgemini Research Institute for Financial Services, 2025; FDX(US), switchcraft
BusinessCustomer
B2C use cases B2B use cases
Refunds and
chargebacks
Personal finance
management (PFM)
Pre-approved loans
Account opening
and onboarding
Payment initiation
Payroll processing
Loan underwriting
Account aggregation
Authentication services Cash forecasting
Payment reconciliation
Business finance
management (BFM)
Categorization and
expense management
KYC automation
and onboarding
ERP/TMS integration
Tax automation
Supply chain financing
Risk scoring
Intraday cash pooling
and income smoothing
Customer Business
P2P use cases C2B use cases
Bill splitting
Social payments
A2A payments
Savings sweeping
Rule-based payments
Pay-by-bank
Subscription payments Contract switching
Bill payments
BNPL
Open nance: Around the
world and all over the map
APAC:
2
13
World Payments Report 2025
Europe:
competition and innovation within the
North America:
South America:
Open nance boosts value
creation across business
models
14 World Payments Report 202514
World Payments Report 2025
Open nance and strategic partnerships can revolutionize nancial
management for SMBs7
B2C use cases gain traction
in personal nance
management
P2P and C2B use cases
Only 25%
of customers
are delighted
with their bank’s
personal nancial
management app
15
B2B use cases
• Wider access to capital:
• Unprecedented nancial clarity:
• Streamlined operations:
and gain a competitive edge with a
16 World Payments Report 2025
Édouard Mandon
Cash management is undergoing
a transformation with open finance
APIs. Corporates can now connect
their ERP, treasury, and core payment
systems directly to banks, enabling
them to optimize payment operations.
FinTechs are at the forefront, offering
APIs that bridge the gap between
traditional, non-instant payments and
the new world of instant payments."
Figure 4. How will the payments mix evolve by 2027?
Source: Capgemini Research Institute for Financial Services, 2025; GlobalData Payments Analytics 2024
Payment mix: New payments vs traditional payments
(% of transaction volume by region, 2023)
APAC LATAM North
America Europe MEA Global Global
Instant payments
E-money
(including wallets)
Direct Debit (payee-
driven pull transactions)
Credit Transfers (payer-
driven push transactions)
Cards (debit and credit)
Checks
New
payment’s
mix
Traditional
payment’s
mix
26%
15%
53%
28%
5%
22%
40%
4%
3%
9%
8%
72%
4%
5%
8%
17%
66%
19%
1% 2%
44%
34%
16%
5%
4%
17%
57%
22%
8%
18%
2%
50%
2028F
1% 1%
5%
1% 5%
1%1%1%1%1%
Banks need to prepare
for open nance or risk
opportunity losses
Instant payments are on the
rise, but will they catch on
everywhere?
North America
Only 17%
of banks ar
piloting or
launching open
nance products
17
World Payments Report 2025
How Pix became a verb: Instant
payments take o in Brazil
• Instantaneous:
• Universal:
• Cost-eective:
• Mandatory participation:
• Centralized control:
• Predened rules:
• Security rst:
• Standardized experience:
• Open nance integration:
• E-commerce boost:
The
Europe
18 World Payments Report 2025
Latin America
Middle East
20
22
as a fast adopter in the instant payments
APAC
• Financial inclusion:
Otavio Damaso
PIX, combined with Open
Finance, is a powerful infrastructure
that will drive innovation through
market-led development. Just as
credit cards evolved beyond their
initial purpose, PIX has the potential
to spawn countless new use cases.
While the Central Bank will lay the
groundwork, it's the market that will
truly unlock PIX's full potential, from
domestic to international applications."
19World Payments Report 2025
• Frictionless payments:
• Open nance:
Beyond technology: Building
a customer-centric approach
for instant payment success
•
•
• determine
•
Figure 5. Take a user-centric, collaborative approach to adopt instant A2A payments
Source: Capgemini Research Institute for Financial Services, 2025; BIS
Rules
Aliases or proxies
(alternative to
bank account
numbers)
Number of
use cases
Participation
mandate (banks
and non-bank
PSP participation)
Pricing
structure
Transaction
limits
Payment
initiation
method
RTGS vs DNS
settlement (risk
vs liquidity cost
trade off)
Existing vs
dedicated wholesale
settlement system
Messaging
standards
(ISO20022 vs
proprietary)
Auxiliary
infrastructure
(such as cloud
computing)
Instant payment
interlinking for
cross-border
payments
Standardized
user
interface
Ownership of instant payment system (public vs private vs hybrid)
Infrastructure
User
focus
Governance
Represents high correlation between adoption
of instant payments and design feature
20 World Payments Report 2025
Figure 6. From necessity to strategy: the future of payments is instant and open
Source: Capgemini Research Institute for Financial Services, 2025
Digital core systems
for business agility
Traditional financial service products
Open finance APIs
Value-added services
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Rupak Das
Looking ahead, the convergence
of instant payments and open
finance-based overlay services unlock
intriguing possibilities for marketplace
dynamics. Transactions seamlessly
integrate with everyday experiences
today without the immediate need
for separate payment actions - be it
riding an Uber or Waymo; visiting an
Amazon Go store; or tapping a mobile
device on public transport. With
biometric security and augmented
reality devices, this vision continues to
become ubiquitous, and underscores
the potential of streamlined,
frictionless instant transactions
enabled by universal payments
solutions.”
Combine open nance use
cases with instant payments
to unlock value
52%
of executives say
customer-facing
instant payment
use cases are a top
priority
21
World Payments Report 2025
From just banks
to connected
marketplaces, all
prepare to tap the
instant opportunity
22 World Payments Report 2025
Growing payment exibility
across online and in-store
checkouts expands consumer
choice
How can instant A2A payment
wallets challenge card dominance?
Figure 7. Wallets take the lead as customers look beyond plastics
Sources: Capgemini Research Institute for Financial Services, 2025; Worldpay
E-commerce share of checkout by
payment method
(Global, % in value, 2023-2027F)
In-store POS share of checkout by
payment method
(Global, % in value, 2023-2027F)
Prepaid cards
Cash on delivery
BNPL
Debit cards
Instant A2A
payments
Credit cards
Digital wallets
(Card-linked and
non-card-linked wallets)
Prepaid cards
POS financing
Cash
Debit cards
Credit cards
Digital wallets
(Card-linked and
non-card-linked wallets)
50%
61% 30%
46%
22%
15% 27%
22%
23%
18%
16%
11%
7%
8%
12%
8%
5%
5%
2% 2%
2%
1%
1%
1%
1%
1%
2023 2027F 2023 2027F
23
World Payments Report 2025
a scenario where merchants attract
interchange fees and interest rates than
2424 World Payments Report 2025
Figure 8. Wero: A unified solution and an alternative to traditional payment methods
Source: Capgemini Research Institute for Financial Services, 2025
Customer
interface Wero digital wallet
Potential
use cases
Value-added
services
Clearing and
settlement
infrastructure
P2P payments
In-store POS payments
Digital identity Data analytics Fraud prevention
Digital Euro Merchant loyalty
programs
Electronic/mobile
commerce payments BNPL
SCT instant payment rails
Europe gets a wallet
makeover: EPI launches Wero
person payments within and across
• 2025:
• 2026:
•
•
transfers
•
23%
of executives
anticipate
signicant credit
card disruption by
A2A payments
25
World Payments Report 2025
DZ BANK implements SCT Inst
with an eye on innovative business
models
• Enhanced customer experience:
• Business model innovation:
• Digitization:
26 World Payments Report 2025
Figure 9. Competition for market share in global wallet payments spans multiple industries
Source: Capgemini Research Institute for Financial Services, 2025
Super wallets BigTech wallets A2A Wallets Vertical-specific wallets Closed-loop wallets
Value
proposition
Focus
geography
Examples
• One-stop shop
• Multiple use cases
Asia Global APAC, East Europe,
Nordics, LATAM
US,
Western Europe,
Hong Kong
US, Europe
• Great UX
• Security
• Cost efficiency
• Financial inclusion
• Industry-specific
use cases
• Brand experience
• Loyalty and
rewards program
• We Chat Pay
• AliPay
• GoPay
• GrabPay
• PayPal
• ApplePay
• Google Wallet
• PhonePe
• PayTM
• Twint
Switzerland)
• Easypark (car parking)
• Edenred (fleet)
• Octopus (transit)
• Starbucks rewards
• United Airlines wallet
• Disney MagicMobile
Will instant A2A payments
take a piece of bank prots?
For banks, standalone
wallets won’t suce
USD105
billion
in interest charges
earned by major US
card companies in
2022
27
World Payments Report 2025
Instant payments poised to
coexist in a multi-rail and
connected ecosystem
A billion-dollar bite: Apple
Pay gains payments landscape
inuence
28 World Payments Report 2025
Figure 10. The multi-rail advantage: Scaling up and unlocking innovation in retail payments
Source: Capgemini Research Institute for Financial Services, 2025
Use cases
Interface/
channels
Payment
flow
management
Infrastructure
rails
Mobile apps Digital wallets
Intelligent and dynamic payment routing
Unified payment orchestration
C2B P2P B2C G2C
Real-time
payment rails
ACH, SEPA,
SWIFT, etc. Card networks CBDC
payment strategy, aiming to create a
29
World Payments Report 2025
From gatekeepers to value
creators: Monetize customer
journeys
•
•
•
Figure 11. Banks can be experience aggregators with a multi-rail strategy
Source: Capgemini Research Institute for Financial Services, 2025
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Multi-rail mobile
app/wallet
Automobile
Property
Health and
wellness
Entertainment
Fashion and
lifestyle
Customer journeys
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30 World Payments Report 2025
31World Payments Report 2025
Unraveling corporate
payment complexities
for real-time treasury
capability
32 World Payments Report 2025
The shift to paperless and
digital B2B transactions
appears inevitable
Figure 12. B2B non-cash payment transactions are fast catching up with the digital trend
Source: Capgemini Research Institute for Financial Services, 2025
Note: Commercial non-cash transactions: Transactions between businesses (not individuals) using a mode of
payment other than cash. 2023E represents estimated and 2028F represents forecasted
Worldwide non-cash transaction volume
Commercial payments
(billions, 2018-2028F)
19.0 29.5 33.6 38.3 66.7
34.2
46.5 51.6 57.6
89.9
39.7
49.0 52.5 56.2
75.5
13.4
19.2
21.6
24.4
41.2
1.7
2.3
2.5
2.8
3.1
10.7%
13%
7.0%
11.6%
14%
12.7%
13.8%
7.5%
11.7%
14.7%
5.1
2018
26.1
42.3
45.8
17.3
2021 2022 2023E 2024F 2028F
107.9
133.7
146.8
162.1
179.6
278.4 Global
MEA
Latin America
North America
Europe
APAC
Growth
’23E–’24F
CAGR
’23E–’28F
10.8% 11.4%
33
World Payments Report 2025
Figure 13. Cash management challenges faced by corporate treasurers across
different sectors
Sources: Capgemini Research Institute for Financial Services, 2025; World payments report 2025 corporate survey (N=600)
Insurance
Poor cash forecasting
Higher operational and
administrative costs
High interest costs due to
external borrowing to meet
short-term obligations
Claims reserves are
higher than necessary
Long cash conversion cycles
Long cash conversion cycles
High operational costs (due
to late payment fees, missed
early payment discounts.
Poor cash forecasting
Increased level of bad
debt and writes-offs
High risk of fraudulent
activities due to lack of
visibility and control
Poor cash forecasting
Higher operational and
administrative costs
Unable to balance cash flow
with inventory requirements
Lack of visibility on real-time
cash position
Inability to manage seasonal
fluctuations in cash reserves
Automotive Retail
Common issues across sectors
Unfullled potential: Why do
transaction banking services
underwhelm corporate
treasurers?
•
•
•
Modern cars, antiquated
payments
34 World Payments Report 2025
•
•
•
or identifying improvement areas is
Figure 14. Accounts payable and receivable inefficiencies hurt enterprise
cash management
Source: Capgemini Research Institute for Financial Services, 2025
Billing
and
invoicing
Invoice
recognition and
categorization
Credit
practices
for end
user
Data
capturing
Payment
routing
Invoice
verification
Revenue
recognition
Payment
tracking
Accounts
receivable
process
issues
Accounts
payable
process
issues
Cash out
Cash in
35
World Payments Report 2025
Insurance policyholders
experience a digital
disconnect
The challenge of delayed claims and customer experience
36 World Payments Report 2025
Retailers struggle with
balancing omnichannel
growth and back-oce
eciency
80%+
of treasury
executives said
their rms rely
on manual and
paper-driven AP/
AR processes
37
World Payments Report 2025
Figure 15. Corporates are demanding instant capabilities to address value
chain complexities
Sources: Capgemini Research Institute for Financial Services, 2025; World Payments Report 2025
Corporate Survey (N=600)
Corporate priorities: Weighing willingness to pay against use case significance
Importance to corporates
Willingness to pay the premium
Real-time cash forecasting
Real-time multi-bank dashboard
Instant multi-currency
payments
Custom report
generation
Payment exception
management
Instant payroll
High
Low
Low High
Real-time cash
balances
Just-in-time
payments Instant cash
sweeping
Real-time
payments
tracking
Instant working
capital loans
Instant tax
payments
Instant supplier
payments
Automated
reconciliation
Instant payments
+ e-invoicing +RFP
Open finance
Instant payments
Open finance +
instant payments
Corporations want instant
capabilities to address value
chain complexities
Instant payment implications
for value chains:
Request-to-Pay (RtP) and e-invoicing
for instant collections:
38 World Payments Report 2025
to send and receive invoices with enriched
to Pay can specify a set payment date,
UK SMEs embrace app that
enables quick, secure, cost-
eective transactions – and
instant access to funds
Business challenge
Strategy/Implementation
Results
39
World Payments Report 2025
Instant tax payments:
Instant working capital:
Bulk payments:
reaches the recipient on the same day or
Bpifrance is at the forefront of
innovation, piloting several exciting
use cases that leverage instant
payments and open finance APIs.
One key area of focus is automating
risk management with analysis and
categorization of open banking
information. We're also exploring
automation for state subsidies,
particularly for projects receiving
funding based on their nature.
Imagine an end-to-end program
where subsidies for building new
factories involve real-time invoice
verification throughout the project.
This ensures seamless alignment
between invoiced amounts and
project goals."
Lionel Chaine
40 World Payments Report 2025
initiated for instant payment, meaning
Instant multi-bank cash sweeping:
A global debit network reduces reconciliation time by 90% with
automation
Business challenge
Strategy/Implementation
Business Impact
41
World Payments Report 2025
and instant payments, companies can
instant payment ecosystem encompassing
•
•
•
There is significant opportunity
in cross-border, real-time payments
for liquidity management. Domestic
Instant Payments schemes have
thresholds, while blockchain-based
solutions, like Citi Token Services, are
emerging as powerful tools to move
funds across borders in real time 24/7.
By combining blockchain technology
and smart contracts, these platforms
offer corporates innovative ways to
manage global liquidity in real-time,
on a programmable basis."
Emanuela Saccarola
42 World Payments Report 2025
World Payments Report 2025 43
Strategic vision helps
banks switch from
stop-gap tactical
adjustments to long-term
transaction exibility
44 World Payments Report 2025
Figure 16. Instant payment adoption is a multistage journey for banks
Source: Capgemini Research Institute for Financial Services, 2025; World payments report 2025
payment executive survey (N=200)
25% of banks have the ability
to receive instant payments
53% of banks are fully capable
of sending and receiving instant
payments
• Address enterprise payment
capabilities for instant
payment adoption
• Improve bank-ERP connectivity
13% of banks are actively
exploring new use cases and
developing value-added services
on top of instant payments
Inception Growth Maturity
Value HighLow
• Build value-added services with
primary use cases for corporates
(request-to-pay, e-invoicing, etc.)
• Realize critical volumes for cost
normalization
• Expand context with secondary
use cases
• Monetize instant payment
use cases
• Drive cost leadership
Inception:
day transaction processing with high
Growth:
Maturity:
45
World Payments Report 2025
Unlocking SEPA instant payments
for FinTechs: The Numeral-BPCE
Collaboration
credit transfers, instant credit transfers, and direct
It’s inevitable, instant payments
will disrupt end-to-end enterprise
capabilities
• Channels and product management:
changes in the type, timing within the
The shift from batch processing
to real time presents a major
challenge, particularly for core bank
systems. While banks are making
progress with instant payment
functionality, the real obstacle to
offer the full benefit of real time
to customers lies in adapting these
systems and customer accounts to
operate accordingly. Same applies
to the need for open platform to
offer payments in contextualized
environments This necessitates a
fundamental shift in infrastructure,
requiring substantial investment."
Pierre-Antoine Vacheron
46 World Payments Report 2025
• Payment instruction services:
Figure 17. The shift from batch to continuous processing will impact the
payments landscape
Source: Capgemini Research Institute for Financial Services, 2025
Core payment services
Product
management
and channels
Payment
instruction
Payment
order
Payment
release Payment operations Risk support
services
Billing and
financial
services
Customer
information
reporting
Distribution
channel
management
Payment
template
management
Payment
agreement
management
Mandate
management
Customer
account
management
Internet/
mobile
SWIFT
Bank-ERP
connectivity
File
transmission
Instruction
validation
Instruction
enrichment
Instruction
scheduling
Payment
mandate
handling
Instruction
receipt
Payment charge
handling
Payment order
sending/
receipt
Confirmation
handling
Financial
position update
R-transactions
Order
routing and
scheduling
Credit
check
Liquidity
check
Compliance
check
Payment
status
notification
Complaints
and disputes
Payment
status
monitoring
Payment
repair
Reference data
management
Transaction
screening and
tracking
Alert
management
Payment
workflow
management
Payment
queue
management
MOP (routing)
management
Payment
Reconciliation
Balance
check
Investigation
and exception
Authorization
management
Audit trail
Operations
risk
management
Sanctions list
verification
Internal black/
grey list
Fraud
analysis
Payment rate
and charge
Counterparty
management
FX rate
management
Liquidity
position
handling
General ledger
update
Fraud
detection
Regulatory
compliance
Nostro/Vostro
management
Transactional
archiving
Payment
billing
Medium impact on functions High impact on functions
47
World Payments Report 2025
• Payment release services:
information from the instant payments
• Payment order services:
associated with instant payments
Building scalable instant payments with mandate management
Business challenge
Business solution
Business Benets
Taking full advantage of
instant payments requires an end-
to-end review of not just client
facing services, but also back-office
infrastructure at both financial
institutions and corporates. Efficient
real-time processing necessitates
changes to many critical functions
that encompass operations, returns,
and fraud / risk management, as well
as migration to a 24/7 operating
environment. This will incorporate
real-time memo posting and other
time-sensitive processes.”
Ben Isaacson
48 World Payments Report 2025
Instant payments have a
business case for corporates in areas
like accounts payable/receivable and
trade finance, but wider adoption
depends on adjustments to corporate
workflows (ERP, treasury) and
customer readiness. It will likely be
a gradual shift, with a mix of instant
and traditional payments for the
foreseeable future.”
Tino Kam
• Payment operations: The adoption of
payment operation services which
payments to instant payments presents
• Risk support services:
optimization to accommodate increased
distinctive characteristics of instant
payment systems necessitate
• Billing and nancial services:
49
World Payments Report 2025
As instant payments surge, banks
struggle to keep up
to seize competitive instant payment
Regulators race to stay ahead of
instant payment fraud
Figure 18. Banks remain underprepared for instant payment acceleration
Sources: Capgemini Research Institute for Financial Services, 2025; World payments report 2025 payment
executive survey (N=200)
Note: Business readiness is measured by scoring instant payment pricing strategy, partnership strategy to expand
instant payments, dispute resolution mechanism, risk management framework, etc. Technology readiness is
measured by scoring real-time processing capability, API integration, ISO20022 messaging standard, AI powered
fraud detection, confirmation of payee checks, etc.
Business and technology readiness of banks to adopt instant payments
Business readiness
Technology readiness
Low Medium High
Low Medium High
4%
67% 22%
5%
2% 1%
67%
of banks are in
the “medium
preparedness”
band for instant
payments’ business
and technology
readiness
50 World Payments Report 2025
A snapshot of Europe’s CoP
verication landscape48 49
• United Kingdom:
payment systems
• The Netherlands:
• Nordic countries:
• Spain:
• Italy:
• France:
10-second challenge: Reconciling instant payments with strict AML
• ISO 20022:
• Data analysis and machine learning:
• Next-generation screening engines:
51
World Payments Report 2025
Beyond CoP: Embrace the power of
AI in fraud prevention
payment operations, addressing errors
instant payments defense to protect them
Act now and shift gears
Nilesh Dusane
Building a best-in-class payment
stack empowers banks to excel
in today's competitive landscape.
By strategically selecting leading
providers for KYC, fraud prevention,
and last-mile connectivity, banks can
leverage an orchestration layer to
seamlessly integrate these solutions.
This approach not only accelerates
time-to-market but also ensures
high-performance across the entire
payment value chain."
52 World Payments Report 2025
Figure 19. Select the transformation roadmap that aligns with the bank’s long-term vision
Sources: Capgemini Research Institute for Financial Services, 2025; World payments report 2025 payment
executive survey (N=200)
Adopt service
bureau/shared
infrastructure
Collaborate
with FinTechs
Build new
instant payment
platform
Approach to
instant payments
Approach preferred
by payment executives
Description
Investment required
Degree of ownership
Time to market
Level of innovative
use cases
Target market
segment
Fastest
Limited
Primarily C2B
and P2P
B2C, C2B, P2P
and B2B (SMBs)
B2C, C2B, P2P
and B2B (SMBs),
treasury use cases
All segments with
real-time treasury
use cases
All segments with
real-time treasury
use cases
Varies Moderate Moderate to high High
Fast Slow Slowest
Varies
(basis collaboration
maturity)
Leverage
Payment-
as-a-Service
Refresh/
upgrade existing
payment hubs
21%
$$$ $$ $$$ $$$$
21% 50% 9% <1%
Multiple banks
share external
provider' platform
Banks partner with
a PaaS provider,
gaining access to
technology and
infrastructure
Banks upgrade
their current
payment hubs
Banks build a
custom instant
payments platform
from scratch
Banks partner with
existing FinTechs,
leveraging their
expertise and
technology
53World Payments Report 2025
Digital transformation accelerated: Security Bank and Capgemini
deliver multi-phased centralized domestic and international payment
solution
Business challenge
The Capgemini Solution
Business impact
54 World Payments Report 2025
Conclusion
• Gear up for the payments transition:
• Elevate the transformation journey:
• Unleash new value streams:
55
World Payments Report 2025
Methodology
Scope and research sources
2024 Global corporate survey
cash management, and emerging payment services
2024 Global banking and payments
executive surveys and interviews
A robust methodology to capture 360o voice of industry in 15 key markets
70% tier I banks
30% tier II banks
200+
Payment executives
surveyed &
interviewed
600
Corporate treasurers
surveyed
Automotive
Insurance
Retail
UK
France
Singapore
Netherlands
Germany
Sweden
Canada
US
Hong Kong
Italy
Spain
Brazil
Australia
Saudi Arabia;
UAE
56 World Payments Report 2025
Partner with Capgemini
Connected Payments
•
•
ecosystem integration, data and
and managed services
•
•
Open Banking Platform
The open economy is a competitive
•
identifying and prioritizing the correct
•
•
•
•
with a diverse ecosystem of partners
•
57
World Payments Report 2025
Ask the experts
jeroen.holscher@capgemini.com
nilesh.vaidya@capgemini.com
christophe.vergne@capgemini.com
venugopal.psv@capgemini.com
58 World Payments Report 2025
florian.forst@capgemini.com
nathan.summers@capgemini.com
elias.ghanem@capgemini.com
vivek-kumar.singh@capgemini.com
59
World Payments Report 2025
Key contacts
Global
Kartik Ramakrishnan
kartik.ramakrishnan@capgemini.com
Ian Campos
Ian.campos@capgemini.com
Pierre-Olivier Bouee
pierre-olivier.bouee@capgemini.com
................................................................................
Austria and Germany
Joachim von Puttkamer
joachim.von.puttkamer@capgemini.com
Stefan Huch
stefan.huch@capgemini.com
................................................................................
Italy
Dario Patrizi
dario.patrizi@capgemini.com
Lorenzo Busca
lorenzo.busca@capgemini.com
................................................................................
Middle East
Venugopal PSV
venugopal.psv@capgemini.com
Vincent Sahagian
vincent.sahagian@capgemini.com
................................................................................
Spain
Sebastian Carlos Ghilardi
sebastian-carlos.ghilardi@capgemini.com
Enrique Cepeda Lázaro
enrique.cepeda-lazaro@capgemini.com
...............................................................................
Asia (Hong Kong,
Singapore)
Sriram Kannan
sriram.kannan@capgemini.com
...............................................................................
Belgium and Netherlands
Stefan Van Alen
stefan.van.alen@capgemini.com
Alexander Eerdmans (Netherlands)
alexander.eerdmans@capgemini.com
Joost van Putten (Netherlands)
joost.van.putten@capgemini.com
................................................................................
Japan
Makiko Takahashi
makiko.takahashi@capgemini.com
Hiroyasu Hozumi
hiroyasu.hozumi@capgemini.com
................................................................................
Nordics (Finland, Norway,
Sweden)
Saumitra Srivastava
saumitra.srivastava@capgemini.com
Johan Bergstrom
johan.bergstrom@capgemini.com
Johan Meregan (Sweden)
johan.meregan@capgemini.com
Tea Silander (Finland)
tea.silander@capgemini.com
Emilie M. Flaate (Norway)
emilie.flaate@capgemini.com
...............................................................................
Switzerland
Jorge Sobrino Gomez
jorge.sobrino-gomez@capgemini.com
Loïc Paquotte
loic.paquotte@capgemini.com
..................................................................
Australia
Manoj Khera
manoj.khera@capgemini.com
Saugata Ghosh
saugata.ghosh@capgemini.com
...............................................................................
France
Yann Leclerc
yann.leclerc@capgemini.com
Jean-Charles Croiger
jean-charles.croiger@capgemini.com
................................................................................
Latin America
Jamile Garcia Lovro Leao (Brazil)
jamile.leao@capgemini.com
Dani Dutra (Brazil)
Dani.dutra@capgemini.com
Walter Adriani (Mexico)
walter.andriani@capgemini.com
................................................................................
North America
P.V. Narayan Puthanmadhom
pvnarayan@capgemini.com
Ravi Vikram
ravi.vikram@capgemini.com
Patrick Bucquet
patrick.bucquet@capgemini.com
................................................................................
United Kingdom
Michel Vaja
michel.vaja@capgemini.com
Murali Venkataramani
murali.venkataramani@capgemini.com
Stephen Dury
stephen.dury@capgemini.com
...............................................................................
World Payments Report 2025
60
The following rms agreed to be publicly named:
FS rms:
FinTech rms:
Technology rms:
Survey partners:
Teams and individuals
Acknowledgments
Capgemini Research Institute for Financial Services: Lead analyst
Vaibhav Pandey
vaibhav.a.pandey@capgemini.com
61
World Payments Report 2025
Endnotes
The Paypers
62 World Payments Report 2025
About us
Disclaimer
Financial Services World Report Series
63
World Payments Report 2025 63
