Study: 75% Of Banks, CUs Eye Payments Technology Upgrades / Fresh Today / CUToday.info

NEW YORK — Three-quarters of U.S. banks and credit unions are evaluating or planning to evaluate new receivables and payment processing technology within the next 18 months, signaling a major modernization cycle driven by commercial client demands, operational efficiency, and revenue growth, according to new research released by CheckAlt.

The study, conducted by Datos Insights and based on surveys of senior executives at U.S. banks and credit unions with $30 billion or less in assets during the first half of 2026, found that 67% of institutions expect to increase spending on receivables and payment technology. CheckAlt said growing demand from business customers for faster payments, greater visibility, and streamlined workflows is pushing financial institutions to upgrade legacy systems.

“The data shows a concentrated evaluation window for receivables and payment processing technology,” said Benjamin Nestor, strategic advisor for commercial banking and payments at Datos Insights.

He said modernization decisions are increasingly being driven by commercial client expectations, operational efficiency, revenue opportunities, and the realities of system integration and implementation.

The report found seamless integration with core banking systems is the top priority when selecting a technology provider, with 80% of respondents ranking it as the most important factor. At the same time, nearly 60% cited competing IT priorities as the biggest obstacle to modernization, highlighting the need for implementation strategies that minimize operational disruption.

The business case for upgrading extends beyond efficiency, according to the study. Eighty-eight percent of respondents said stronger receivables and payment capabilities could help grow commercial banking revenue, while nearly 30% identified losing commercial clients to competitors with more advanced payment capabilities as the greatest risk of delaying modernization. ‘

CheckAlt Chief Commercial Officer Jason Schwabline said the decisions financial institutions make over the next 18 months “will shape how institutions compete for commercial business in the years ahead.”