Payment – Service Provider Volante Technology All banks in the UK are keen on modernization and most people plan to spend a lot of upgrades in the near future, a new report said.

In the fifth edition of its annual research report, Big Survey 2025: Modern PaymentVolante revealed that 100% of banks in UK banks plan to implement new payment solutions, replacing one or more systems, while 65% plan to do so within six months.

In fact, 21% of UK banks appear to be planning to implement new payment solutions within one to three weeks of Volante survey.

Volante said that while it found that British banks were not only keen on modernization, they were also ready to spend a lot of money on future payment infrastructure. On average, UK banks plan to allocate nearly $125,000 in budget for payment modernization next year.

But what drives this change? Volante said 27% of banks said cost efficiency and operational resilience are external factors driving modernization, followed by leveraging ISO 20022 data potential, as well as competitive pressure from fintech and new units.

Despite significant progress in fintech and banking technology, almost one-third of UK banks (31%) rely on old technology to pay for payment services, either relying on core banks to provide payments or using a combination of in-house built and/or over five years of supplier solutions.

The biggest focus of UK banks in modernizing payments is to select the right suppliers and technology partners (32%) and then focus on internal skills and expertise to manage the transition.

Stay competitive

The survey also showed that while SEPA instant payments are not a core requirement for UK banks, one in seven are currently offering the service, while another quarter said they are close to doing so.

Furthermore, UK banks are curious about adopting cloud adoption modernization, but are not fully accepted. 43% of UK banks say they are exploring modern cloud options, but mainly on-premises.

“The fifth edition of the Big Survey shows that banks recognize that modern payments are crucial to survival in an evolving payment environment.” Vijay OddirajuCo-founder and CEO of Volante Technologies. “It’s not only changing market competition and customer expectations, which impressed them: 2025 is a key year for regulatory deadlines, e.g. SEPA instant payment Swift ISO 20022. Banks in the UK also recognize that payment modernization is the path to its greater profitability by increasing cost efficiency and operational flexibility. ”

“The fact that UK banks are preparing to spend nearly $125,000 on average on payment modernization shows that they understand the importance of adapting to industry shifts. However, the size of this modernized budget means that banks are understandably cautious and cautious in choosing suppliers and technology partnerships, which makes them pay quickly and quickly, and put their payments into practice and modernize them, and will make them pay more and more.