Payment Monitoring Market Scope
Payment monitoring is a process of real-time reviewing, analyzing, and administering large volumes of financial transactions on various business applications such as ATMs, POS, web applications, and mobile applications. With the increasing number of money transactions and to reduce the risk of non-payment within the payment schedule the use of payment monitoring has increased. It enables organizations to manage their customer's compliance and mitigate money laundering and Counter-Terrorist Financing (CTF) activities. As per an estimation, in the United States, the online transactions 45% of transactions are done via. Credit/debit card. The United States digital payments market is expected to grow with a growth rate of ~14 in the period 2020-2024. The rising use of advanced analytics to provide proactive risk alerts is expected to enhance market growth.
According to AMA, the Global Payment Monitoring market is expected to see growth rate of 28.88%
Research Analyst at AMA estimates that United States and European Players will contribute to the maximum growth of Global Payment Monitoring market throughout the predicted period.
ACI Worldwide, Inc.(United States), BAE Systems PLC (United Kingdom), Fiserv, Inc.(United States), NICE Ltd. (Israel), Oracle Corporation (United States), SAS Institute, Inc. (United States), Software AG (Germany), Fair Isaac Corporation (United States), Fidelity Information Services, Inc. (United States) and Refinitiv Company (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Thomson Reuters Corporation (Canada), Experian (Ireland ), Infrasoft Technologies (India), ComplianceWise (Netherlands) and IdentityMind (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Payment Monitoring market , by Application (Anti-Money Laundering, Compliance Management, Customer Identity Management and Fraud Detection & Prevention) and Region with country level break-up.
On the basis of geography, the market of Payment Monitoring has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In July 2019, Fiserv, Inc. acquired First Data Corporation, a financial services company. With this acquisition, Fiserv became one of the world’s leading payments and financial technology providers.
In February 2020, Beta Systems IAM Software AG entered into a partnership with WeAre Solutions Oy, a Finnish IT consulting company to address the evolving Identity access management market in Finland.
Market Trend
- Integration Of Machine Learning, Artificial Intelligence, And Big Data With Payment Monitoring Solutions
Market Drivers
- Need To Manage KYC Compliance And Mitigate Money Laundering
- Increasing Awareness Among End User Organizations
Opportunities
- Stringent Regulatory Compliances To Tackle Fraudulent Activities
- Increasing Demand For Proactive Risk Alerting Systems By Using Advanced Analytics
Restraints
- Lack Of Risk Analysis Professionals
Challenges
- Difficulties In Managing Cross Border And Multi-Jurisdictional
- Anti-Money Laundering Compliance
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Payment Monitoring Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End Use Industry