Modern Banking Transformation: How to Reap the Benefits of a Decade of Investment 

According to Tietoevry’s recent whitepaper, banks are now primed to leverage their modernized infrastructure to unlock real business value, create standout customer experiences, and ensure long-term competitiveness.

Key Insights:

Infrastructure Modernization Pays Off

• Investment in real-time payments (RTP) and the ISO 20022 data standard has given banks the tools to provide innovative, efficient services.
• With high compliance to regulations like PSD2, banks now manage transactions with richer data and straight-through processing, improving operational efficiency and minimizing manual errors.

Unified Payment Orchestration and Order Management

• Consolidating payment channels through centralized order management platforms reduces costs, enhances the user experience, and allows seamless bulk and batch file payments.
• These integrated systems orchestrate and validate payments regardless of the customer’s entry point, helping banks meet fast-changing service expectations.

Next-Generation Service Offerings: Request to Pay (R2P)

• Request to Pay is emerging as a value-added, digital-first service. It supports e-invoicing, flexible payment schedules, and efficient collection management for non-performing or failed direct debits.
• R2P streamlines billing and payment flows, reduces manual handling, and improves payment times for all parties. This is especially critical as e-invoicing becomes mandatory across the EU in 2026.

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Verification of Payee (VoP): Heightened Security and Fraud Reduction

• Verification of Payee, mandated EU-wide by October 2025, validates payee details before transaction execution. This reduces fraud, misdirected payments, and streamlines onboarding for clients and partners.
• VoP applies to single, bulk, and batch payments, ensuring consistent, automated security across all transactions.

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Actionable Takeaways for Banks

1.    Maximize Existing Investments: Banks should shift focus from infrastructure compliance to value creation through new products, automation, and customer-centric services.


2.   Adopt Modular, Scalable Approaches: Implement order management, R2P, and VoP as modular solutions that incrementally deliver cost savings, efficiency, and competitive differentiation.


3.   Prepare for the Future: Stay ahead of coming regulatory deadlines (e.g., VoP, e-invoicing) while using core modernization as a springboard for new digital offerings.