Volante Technologies research reveals Middle East and Africa financial institutions have ambitious payments modernization plans

Volante Technologies research reveals Middle East and Africa financial institutions have ambitious payments modernization plans

DUBAI, UAE, /PRNewswire/ -- Volante Technologies, the global leader in cloud payments and financial messaging, today announced that, according to new original research, banks and fintech firms in the Middle East and Africa (MEA) are planning more investment in payments modernization over the next two years than any other region in the world.

Data from the report Payments Modernization: The Big Survey 2022, published by Finextra in collaboration with Volante, indicates that the beginning of 2022 has been an incredibly busy period for payments modernization, propelled by mandates at the national and cross-border infrastructure level, and the drive towards instant / real-time payments.

The survey elicited the highest proportion of responses confirming modernization plans in the 1-2 year timeframe from MEA (22.3%) compared with the rest of the world. Although COVID put a number of projects on hold at the start of 2021, planning for payments modernization was well underway at that stage and led to this flurry of activity in 2022, according to the report.

The conversation at two recent exclusive round table events hosted by Volante in the UAE and Saudi Arabia, in partnership with MEA Finance Magazine confirmed this finding. Speaking at the Dubai event, Anand Sampath, Executive Director and