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IT Spending in Payments at U.S. Banks

Monday 24 May 2004 00:07 CET | News

Celent announces that U.S. banks internal IT spending on non-card payment systems will climb to US$1.0 billion in 2004, boosted by the overhaul of the check processing infrastructure.

In a new report, IT Spending in Payments at U.S. Banks, Celent provides an introduction to current bank internal information technology (IT) spending on non-card payment systems in the U.S.. The report reveals that U.S. bank internal IT spending on non-card payment systems will grow 37% between 2004 and 2003 compared with 24% between 2003 and 2002 and 14% between 2002 and 2001. Massive investment in check processing will drive this short-term spike. Bank internal IT spending on non-card payments will reach $1.0 billion in 2004, up from US$0.7 billion in 2003 and US$0.6 billion in 2002. This spending will account for 2.7% of the total IT budget of U.S. banks in 2004, up from 2.1% in 2003 and 1.7% in 2002. Celents finding indicate that bank internal IT spending on non-card payments is growing much more rapidly than overall bank IT budgets. The current growth in internal IT spending is good news for payment technology vendors.


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Categories: Payments & Commerce | Payments General
Countries: World
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