What's Happening?
A recent study by Corefy, a global payment orchestration platform, highlights that a significant number of businesses are managing payments through disconnected systems. The report, titled 'The State of Payment Maturity 2025: A Global Study on Payment Stacks
and Orchestration Readiness,' is based on 672 assessments from businesses worldwide. It reveals that 58.5% of companies operate with 'Fragmented payments,' using multiple disconnected providers and tools. Only 11.7% of businesses have advanced to 'Responsive' and 'Agile' payment systems, which are adaptive and optimized. The study also notes a shift from basic payment acceptance to more complex operational capabilities, with 23.9% of businesses managing functions like refunds and chargebacks. Additionally, 8.3% of respondents have adopted AI and machine learning for automation in payment processes. The report underscores the growing trend of multi-provider portfolios, with 37.1% of businesses managing five or more providers, necessitating standardized flows and centralized routing logic.
Why It's Important?
The findings of the Corefy study are significant as they highlight the challenges businesses face in managing payment systems efficiently. Disconnected payment systems can lead to inefficiencies, increased operational costs, and reduced control over financial transactions. As businesses increasingly rely on digital payments, the need for integrated and adaptive payment systems becomes crucial. The shift towards multi-provider portfolios and the adoption of AI/ML automation indicate a move towards more sophisticated payment management strategies. This evolution is essential for businesses to remain competitive in a rapidly changing financial landscape. Companies that fail to adapt may face operational bottlenecks and miss out on opportunities to optimize their payment processes, impacting their bottom line.
What's Next?
As businesses continue to navigate the complexities of payment systems, the demand for integrated and adaptive solutions is likely to grow. Companies may increasingly invest in technologies that offer centralized control and flexibility in managing multiple payment providers. The trend towards AI and machine learning in payment processes is expected to accelerate, providing businesses with enhanced capabilities for decision-making and process automation. Payment orchestration platforms like Corefy are likely to play a pivotal role in this transition, offering solutions that address the challenges of fragmented payment systems. Businesses that embrace these advancements may gain a competitive edge by improving operational efficiency and customer satisfaction.
