In brief

In brief

  • Accenture polled 240 payments executives to get their views on readying their banks for the instant, invisible and free (IIF) payments world.
  • Respondents overwhelmingly agree that owing to market trends like Open Banking, the global payments industry is quickly becoming IIF.
  • Banks can deploy innovation across two key complementary, interconnected and interdependent actions to win big: scale and differentiation.

Who wants US$500B more in payments revenue?

The 2019 Accenture Global Payments Pulse Survey polled 240 retail and corporate payments executives from the largest banks across 23 markets to gain their perspectives on priorities for banks in an instant, invisible and free (IIF) payments world.

A mix of powerful market drivers—from customers’ and merchants’ rising expectations for speed and convenience to new providers now taking market share—is creating a new world in which all payments are IIF. With some six percent annual growth occurring in global payments revenue, there is by our estimation, some US$500 billion in incremental payments revenue up for grabs.

Yet, capturing this growth opportunity will not be easy. Our survey gauged timings for payments becoming IIF and identified tactics and tools banks plan to use to add value and raise their game as IIF payments happen. Combining the survey findings with our experience, we see two key ways banks can extract more payments value and win:

1. Play the scale card

Be able to develop a secure, fast, convenient and completely frictionless payments experience through low-cost digital services and capabilities.

2. Create new market distinction

Better differentiate your payments business in the eyes of customers to grow loyalty, revenue and profits.

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The surveyed executives prioritized ways to adapt to an IIF payments world.


Aspire to sell raw data within three years


Say that building security into the retail payments transaction will be the main priority for banks


See boosting innovation via internal, legacy-free, start-up incubation units as their main priority

Embrace innovation in payments

Accenture helps banks and payments providers continuously reinvent their systems and operations to win in the digital ecosystem. Our services support the entire payments value chain to drive improvements in provider costs, offering innovation and customer experiences.

To protect their payments businesses, banks need to define innovation strategies around scaling technology and adding value to address IIF payments challenges.

About the Authors

Sulabh Agarwal

Managing Director – Global Payments Lead

Luca Gagliardi

Director – Accenture Research, Payments Lead


Dominika Bosek-Rak

Research Specialist – Accenture Research, Banking


What ‘IIF’ payments were instant, invisible and free
Open Banking+Instant Payments: Go-time for Europe
Make corporate payments simple, relevant, instant

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