Perficient is proud to be included in the IDC ServiceScape: Worldwide and U.S. Microsoft Power Apps Low-Code/No-Code Custom Application Development Services, 2025 (Doc# US53748825 September 2025) report. We believe this inclusion highlights our commitment to helping enterprises accelerate innovation and streamline development through Microsoft Power Platform.

This IDC ServiceScape offers a comprehensive guide on the key capabilities of custom application development service providers using the Microsoft Power Apps low-code/no-code development platform, featuring services from companies including Perficient. The status of each service capability is categorized as fully supported, partially supported, partner provided, road map, or not supported, aiding services buyers in quickly identifying which vendors align with their changing requirements.

Powering Innovation with Microsoft Power Platform

As digital transformation accelerates, low-code/no-code platforms are becoming essential tools for agility and innovation. Perficient is proud to be included in this evolving landscape and remains committed to delivering solutions that drive real business outcomes.

“Our approach to Power Platform is rooted in strategy, scale, and speed. We’re not just building apps—we’re enabling transformation. By combining governance frameworks, multi-shore delivery, and AI-powered experiences, we help clients unlock the full potential of low-code development and drive meaningful business outcomes.” – Eric Schmitt, Director of Microsoft Business Applications.

Perficient offers a comprehensive suite of low-code/no-code services designed to accelerate transformation:

• App modernization programs to migrate legacy systems to Power Platform
• Intelligent automation and rapid RPA migration (e.g., UiPath to Power Automate Desktop)
• Custom co-pilot envisioning workshops and enterprise app development
• Governance engagements including CoE setup and citizen developer enablement
• Process mining and lifecycle management
• Multi-shore delivery models with agile development pods and managed services

We’re also increasing investment in Co-pilot Studio Agents, helping clients build custom functionality and deploy agents within Power Platform environments. Our governance frameworks ensure scalable, secure adoption—whether you’re enabling citizen developers or launching enterprise-wide automation programs.

Learn more about our Power Platform capabilities: Power Platform / Perficient

Perficient is a global digital consultancy with over 7,000 colleagues worldwide, operating as one unified team across North America, LATAM, and India. With deep expertise in industries like Healthcare & Life Sciences, Manufacturing, and Automotive, we deliver strategic technology solutions that drive measurable outcomes. Our Microsoft practice is backed by more than 25 years of experience and over 250 certified cloud consultants, with strong capabilities in Azure, M365, Dynamics CRM, and Power Platform.

Perficient differentiates through global delivery, scalability, and robust governance. With 95% of our business coming from repeat clients, we’re proud to be a trusted partner in building AI-first, low-code solutions that deliver real business value.

Ready to move from ambition to impact? Let’s define your low-code strategy and build the foundation to lead what’s next.

The financial services industry is entering a new era defined by rapid transformation, constant disruption, and unprecedented opportunity. Digital-first client expectations, shifting demographics, and evolving market dynamics are reshaping how institutions operate, engage, and grow.

At the heart of this evolution is a powerful convergence: the rise of AI, the acceleration of intergenerational wealth transfer, and the demand for seamless, personalized experiences. For financial institutions, these forces present both pressing challenges and exciting possibilities.

This three-part blog series explores how firms can stay ahead in today’s fast-changing environment:

• Blog 1: How digital transformation is reshaping client engagement
• Blog 2: How to capture the next generation of investors during the great wealth transfer
• Blog 3: How FSC helps firms overcome the industry’s biggest challenges, from data silos to AI adoption

Persistent market uncertainty, rising service expectations, and demographic shifts are creating new pressure points for financial institutions. For leaders, the signal is clear: the environment is changing fast. The firms that adapt the quickest will set the pace for 2026 and beyond.

But what exactly is driving this shift, and how can financial institutions respond with confidence?

Four Forces You Can’t Ignore in 2025 (and Why They Matter for 2026)

The pressures reshaping financial services are coming from every direction. Consider four of the most disruptive forces shaping 2025:

1. Interest Rate Volatility → Flexibility Is Survival

Rates remain unpredictable, with direct impacts on lending margins, deposits, and investment strategies. Firms need tools for rapid scenario modeling and tighter margin management.

2. Declining Financial Confidence → Empathy Builds Loyalty

Consumer confidence has taken a hit. In 2023, only 28% of customers felt more financially secure than in 2022, while 42% felt less secure. This shift highlights the urgency for personalized guidance and proactive outreach to maintain trust and reduce churn.

3. The Great Wealth Transfer → Win the Next Generation

Roughly $124 trillion will change hands through 2048. Firms that modernize advice and engagement for digital-first investors can secure lifetime loyalty.

4. Housing Affordability → Speed + Transparency Win Borrowers

With mortgage rates starting 2025 near 7%, affordability remains tight and approvals complex. Customers expect faster, simpler, and more transparent journeys.

Together, these forces deliver a clear message: interest rate swings demand flexibility, financial anxiety calls for empathy, generational wealth transfer requires modernization, and housing challenges make speed and transparency essential.

Here’s How FSC Turns Disruption into Advantage

As year-end approaches, financial leaders face a defining moment: adapt to these forces or risk falling behind. But within that pressure lies opportunity.

This is where Salesforce Financial Services Cloud (FSC) makes the difference. Built on the world’s #1 CRM, FSC unifies data from banking, wealth, and insurance systems into a single source of truth.

With that foundation, firms can activate automation and industry-specific AI to improve productivity, strengthen trust, and deliver faster outcomes by:

• Unify customer data to personalize every interaction and rebuild loyalty at scale.
• Automate workflows to reduce cycle times in lending and onboarding.
• Leverage AI insights to anticipate customer needs and capture lifetime value from the Great Wealth Transfer.
• Scale service with self-service and AI to cut costs while delivering speed and transparency.

The takeaway is simple: firms that modernize their operations and customer engagement now will transform disruption into long-term advantage.

Why Forrester Named Salesforce a Leader in Financial Services CRM

Forrester’s latest evaluation of CRM providers for financial services named Salesforce a Leader, highlighting Salesforce’s deep industry capabilities, AI-powered insights, and the highest possible score in the vision criterion.

With Financial Services Cloud and other tools like Agentforce, Salesforce helps banks, insurers, and wealth managers deliver smarter, faster, and more personalized experiences that today’s customers expect.

What’s Next: Turning Strategy into Action

This post kicks off our three-part “Chaos to Clarity” series. In the next installment, we’ll explore how financial institutions can prepare for the largest intergenerational wealth transfer in history and what it takes to build meaningful relationships with the next generation of investors.

To dive deeper into the trends shaping financial services and learn how FSC can help your firm stay ahead, download our full guide, From Chaos to Clarity: How Salesforce Transforms Financial Services.

Financial services leaders are turning our 2025’s top digital payments trends into reality—from leveraging AI for smarter decision-making to embedding finance for seamless customer experiences. Insights from events like Fintech South reinforce that leading firms are moving fast to make these priorities into real-world strategies. We sat down with Amanda Estiverne, Director – Head of Payments, to explore how organizations are acting on these trends today, and what it means for the future of payments.

Key Trends Driving 2025 Digital Payment Strategies

AI-Driven Payment Innovations With Purpose

The next wave of artificial intelligence (AI) in payments isn’t just about efficiency. It’s about amplifying human creativity and problem‑solving to deliver hyper‑personalized, conversational payment experiences and smarter decisions while meeting rising expectations for safety and compliance.

“We’re living in a pivotal moment where artificial intelligence is no longer just about automating tasks — it’s about amplifying human creativity and problem-solving.”

At Fintech South, this theme came through loud and clear. Leaders explored how AI can empower us—not replace us—to achieve things never thought possible before. This aligns with our previous trend prediction that AI-driven payment innovations would dominate 2025, provided firms balance innovation with compliance and ethics.

Where firms are focusing:

• Personalization at scale: Using GenAI to tailor offers, loyalty, and checkout flows without adding friction.
• Conversational experiences: Voice and chat interfaces that are grounded in robust data privacy and make payments feel frictionless.
• Responsible adoption: Governance, data minimization, and explainability baked into model life cycles, not bolted on later.

Success in Action: Intelligently Mining Complex Content With an LLM Assistant

Embedded Finance for Social Good and Customer Loyalty

Embedded payments are moving beyond convenience to purpose-driven experiences to meet people where they are and close real gaps. We’re seeing momentum in:

• Earned wage access (EWA): Helping hourly and frontline workers improve resilience by accessing earned pay when it’s needed.
• Frictionless giving: Removing steps from donation flows and matching programs so generosity fits naturally into digital journeys.

“What happens when we challenge employers, financial institutions, and fintech innovators — the true system builders — to see themselves not just as service providers, but as architects of opportunity, agents of equity, and accelerators of change?”

Strategic partnerships can move the needle when they pair impact with disciplined risk and compliance. This validates our earlier prediction that embedded finance would expand beyond retail into sectors like healthcare, philanthropy, and payroll.

Where firms are focusing:

• Designing connected experiences that deepen trust and retention.
• Partnering for scale and co-creating with employers, financial institutions, and mission-driven orgs to reach underserved populations.
• Operational rigor to create clear controls for fraud, data sharing, and disclosures as embedded use cases expand.

Explore More: Build a Powerful Connected Products Strategy

Designing Payments for Fairness, Trust, and Compliance

Trust is becoming a design requirement, not a line item. Frameworks like “Fairness by Design” from Consumer Reports underscore principles including transparency, privacy, user-centricity, and financial well-being that are increasingly decisive for adoption and loyalty.

Building for inclusivity and clarity reduces drop-off and disputes while strengthening brand equity. This aligns with our February trend on navigating the regulatory landscape—where compliance and user experience converge.

Where firms are focusing:

• Designing experiences with authentication, reconciliation, and fraud prevention baked in from the first interaction.
• Leveraging advanced analytics and AI to strengthen compliance, minimize false positives, and accelerate dispute resolution.

Success In Action: Ensuring Interoperable, Compliant Real-Time Payments

How These Trends Are Shaping the Future of Payments

Payments are becoming faster, smarter, and more embedded—but also more complex. Based on our previous outlook and what we’re hearing now, here’s where firms are concentrating their investments:

• AI with accountability: Scaling intelligent automation while embedding fairness and explainability.
• Embedded finance with purpose: Turning the support of financial wellbeing and social impact into competitive differentiators.
• Real-time payments with resilience: Moving beyond speed to orchestration, fraud prevention, and liquidity optimization.

“When civic leaders, corporate visionaries, and mission-driven organizations work together, fintech becomes more than technology — it becomes a powerful force for equity, inclusion, and opportunity.”

As McKinsey notes, global payments are entering a “simpler interface, complex reality” era where user experience feels effortless, but the infrastructure behind it demands precision and trust.

You May Also Enjoy: Efi Pylarinou, Top Global Tech Thought Leader On FinTech

Design Responsibly and Innovate Inclusive Payment Experiences

We help payment and fintech firms innovate and boost market position with transformative digital experiences and efficient operations.

• Business Transformation: Create a roadmap to innovate products, enhance experiences, and reduce transactional risk.
• Modernization: Implement technology to improve payment processing, fraud management, and omnichannel experiences.
• Data + Analytics: Proactively leverage integrated data and AI to optimize transactions, manage fraud, and personalize experiences.
• Risk + Compliance: Enhance compliance and risk management to safeguard transactions and customer data.
• Consumer Experience: Deliver convenient, seamless experiences with user-friendly secure payment solutions.

Our approach to designing and implementing AI and machine learning (ML) solutions promotes secure and responsible adoption and ensures demonstrated and sustainable business value.

Discover why we have been trusted by 25+ leading payments and card processing companies. Explore our financial services expertise and contact us to learn more.

Customer experience (CX) continues to be a defining factor in business success. In a digital-first world, even a single poor interaction can drive customers to competitors, contributing to an estimated $1.6 trillion in annual losses in the U.S. alone. On the other hand, exceptional omnichannel experiences build trust, deepen loyalty, and turn customers into lifelong advocates.

Perficient included in IDC Market Glance: Customer Experience Services, 2025

We’re proud to share that Perficient has once again been included in the category of IT Services Providers in the IDC Market Glance: Customer Experience Services, 2Q25 report (doc #US52469525, June 2025).

According to IDC, “Agentic AI and GenAI are working their way into marketing and sales technologies and services, beginning with a pragmatic focus on automating, improving and scaling existing business processes and offerings. New AI-based business models have yet to emerge, but AI is already putting existing CX services under pressure to change.”

Embracing an AI-First Future

As part of our AI-first company mission, Perficient is committed to helping organizations harness the power of artificial intelligence to revolutionize customer experiences. From the use of generative AI in content creation and virtual agents, to intelligent automation and predictive analytics, we’re enabling businesses to unlock new levels of personalization, efficiency, and growth.

Strategy Meets Innovation

Our strategists use Journey Science, a core component of our Envision Framework, to help clients identify opportunities, define a customer-centric vision, and build a prioritized roadmap for transformation. This approach ensures that every touchpoint is optimized to deliver seamless, personalized, and measurable experiences.

Operationalizing CX with Data and AI

The future of CX is rooted in customer obsession—and we help you execute that vision. By combining deep customer insights with AI-powered tools and data-driven strategies, we enable organizations to deliver extraordinary value at every stage of the customer journey.

Ready to elevate your customer experience strategy? Explore how Perficient’s AI-first approach and CX expertise can help you drive measurable results: Customer Experience + Digital Marketing Services | Perficient

Wealth management firms are under pressure to deliver more—faster, smarter, and with greater precision. The conversations we’re hearing aren’t about what might happen in the future, but rather about what needs to happen now.

Earlier this year, we published 5 Leading Digital Trends Shaping Wealth Management in 2025, outlining the macro shifts redefining the industry. After an energizing few days at BNY INSITE25, those trends came into sharper focus and we saw firsthand how firms are beginning to operationalize these shifts—translating insight into action.

Following the event, we sat down with Ken Fishman and John Galifi to reflect on the conversations, insights, and key themes that emerged. The dialogue offered a clear view into where the wealth and asset management industry is headed and how firms are beginning to act on the trends shaping 2025.

Key Challenges and Opportunities in Digital Wealth Management

While the trends are clear, the path to execution is complex. At BNY INSITE25, several strategic themes emerged that reflect how firms are navigating this complexity. From democratizing access to alternatives to building AI-enabled workflows, these themes reveal where the industry is placing its bets—and how firms are aligning people, processes, and platforms to deliver on the promise of digital transformation.

The focus is shifting toward scalable strategies that drive growth, enhance personalization, and strengthen operational resilience by turning vision into measurable outcomes.

1. Democratizing Access to Alternatives

Platforms like Wove and iCapital are transforming how advisors access and deliver alternative investments. These tools are helping to enable greater portfolio personalization and open new distribution channels for asset managers. But with this innovation comes complexity, particularly around data aggregation, governance, and reporting.

As Ken and John noted, the firms that succeed will be those that can scale personalization without sacrificing operational integrity.

Explore More: Future-Proof Your Tech Investment

2. AI Adoption with Purpose

The AI conversation has matured. It’s no longer about experimentation, it’s about enablement. From automating marketing tear sheets to navigating regulatory complexity, firms are embedding AI into workflows to drive productivity while keeping humans in the loop.

Zico Kolter’s keynote speech emphasized the importance of intentionality in AI adoption. The focus now is on scaling with purpose—ensuring AI enhances the advisor experience rather than complicating it.

You May Also Enjoy: Transform Your Business With Cutting-Edge AI and Automation Solutions

3. Strategic Tech Stack Decisions

WealthTech innovation is empowering advisors to focus on what matters most: client relationships. But selecting and implementing the right tech stack is more complex than ever. Firms must align technology with business strategy and execute with precision.

At BNY INSITE25, conversations with leaders underscored the importance of this alignment. Whether it’s data lineage, self-service entitlements, or advisor enablement, the message was clear: technology must serve the business, not the other way around.

Success In Action: At the Heart of Financial Services

Looking Ahead: Advisor Onboarding is a Strategic Imperative

While the mainstage themes dominated the spotlight, one of the most pressing challenges surfaced inside conversations: advisor onboarding.

Unlike client onboarding, which is largely internal and process-driven, advisor onboarding is a multifaceted challenge involving legal, regulatory, and operational complexity. From licensing and credentialing to technology enablement and book of business transitions, the process is often a bottleneck for growth, especially for RIAs and broker-dealers looking to scale.

Firms are actively searching for solutions to this pain point. And for good reason: a poorly executed onboarding process can lead to compliance risks, client attrition, and advisor disengagement.

Success In Action: Speeding Insights and Powering Investment Experiences

Advisor Onboarding Framework: 12 Essentials for Wealth Management Firms

A modern advisor onboarding strategy is critical for scaling growth, ensuring compliance, and delivering a seamless advisor and client experience. As highlighted in our 2025 Wealth Management Trends, Client Advisor Empowerment was our #2 trend, and this framework is a direct reflection of that insight.

Empowered advisors need more than tools; they need a frictionless start.

A well-designed onboarding experience ensures they’re equipped from day one to deliver high-quality, personalized service efficiently and confidently.

Here are the 12 foundational components every firm should consider:

1. Talent Strategy Alignment: Tailor onboarding for advisor types—established, career changers, junior analysts, or internal successors.
2. Regulatory & Credentialing Compliance: Complete FINRA/SEC background checks, Form U4, and licensing (SIE, Series 7/66) to ensure legal readiness.
3. Data & Documentation Collection: Gather IDs, employment history, certifications, NDAs, and client lists to support CRM setup and audit compliance.
4. Technology & Platform Enablement: Provision CRM, trading tools, planning software, secure email, and cybersecurity protocols for day-one productivity.
5. Book of Business Transition: Manage ACATs, repapering, custodial setup, and client introductions to preserve trust and assets.
6. Branch Office Setup (If Applicable): Coordinate leasing, regulatory registration, IT/security installation, and local staffing for geographic expansion.
7. Support & Admin Staff Enablement: Train support teams on CRM, compliance workflows, and service protocols to enhance advisor efficiency.
8. Training & Cultural Integration: Introduce firm values, DEI principles, investment philosophy, and operational workflows to build long-term engagement.
9. Compensation & Incentive Alignment: Define compensation structures, bonuses, and performance metrics to drive advisor motivation and retention.
10. Client Communication Strategy: Send welcome kits, advisor bios, FAQs, and transition updates to build trust and reduce client attrition.
11. Cross-Functional Coordination: Engage compliance, operations, marketing, and IT teams early; assign onboarding liaisons to streamline execution.
12. Performance Milestones & Feedback: Set 30/60/90-day goals, gather feedback, and adjust support to ensure successful advisor integration.

Build Smarter, Scale Faster, and Elevate Your Wealth Strategy

BNY INSITE25 reinforced what we’ve long believed: the future of wealth and asset management is digital, data-driven, and deeply human. It’s about using technology to enhance the advisor-client relationship, and solve the real, often overlooked challenges that stand in the way of growth.

We empower wealth and asset managers with proactive insights, hyper-personalized experiences, and proactive risk management to drive sustainable growth.

• Business Transformation: Develop and optimize strategies and processes for efficient wealth management operations.
• Modernization: Upgrade technology and processes to ensure seamless integration and enhanced, streamlined client advisor experiences.
• Data + Analytics: Harness data-driven insights for personalized investment strategies, client collaboration, and operational efficiency.
• Risk + Compliance: Implement robust strategies to safeguard investor relationships and ensure regulatory adherence.
• Consumer Experience: Enhance engagement and satisfaction with tailored advisory services and digital tools.

Discover why we have been trusted by 16 of the 20 largest wealth management firms. Explore our financial services expertise and contact us to learn more.

At the absolute basic level, banks take money in and also send money out. Sort of like saying NASA launches spaceships and then bring them back. You know it’s more complicated than the elementary statement, but you know if you had to learn the more advanced functions of banks and NASA, it would likely be much easier to learn how to receive/send money than say landing astronauts on the surface of the moon.

Despite moving money from inside a bank to someplace else since at least 15th Century Italy, banks still make mistakes sending money outside the bank. When they make a mistake, there are penalties. In the United States, banks, regulators and quasi-regulators such as ACH have set out a series of monetary penalties, called compensation, for mistakes sending money outside the bank. The penalties depend on which party (sending or receiving financial institution) caused the error; the amount of the error; how long the error persisted; and interest rates.

In an effort to show how payment errors can be reduced, in this blog we’re going to list out the five biggest categories of errors including an example of each type and point out where/when Artificial Intelligence (“AI”) can be used to reduce payment errors and the corresponding compensation on those errors.

Estimated bank payment errors, also known as improper payments, are a significant concern, with the Government Accountability Office (“GAO”) of the federal government reporting an estimated $247 billion in errors in fiscal year 2022. The government also estimates that 50% of payment errors are attributable to human errors. This emphasizes the value of automated mitigation and both human and software monitoring systems.

Error Types

I. Duplicate Payments

Duplicate payments from banks will often be due to system glitches, such as shown below where a payment was processed twice, or at times the error is caused by bad human input such as a middle office processing a trade incorrectly, sending payment, and later processing the trade correctly but sending payment out a second time incorrectly.

Software, whether straight through processing or AI software to detect potential double payments is now being established by banks focusing detection on duplicate matching criteria with key payment attributes with transaction identifiers, often an alphanumeric code assigned to each transaction, acting as sort of a digital fingerprint. They enable banks, merchants, and customers to easily identify, track, and reference specific transactions for various purposes, including record-keeping, dispute resolution, and fraud detection. 

II. Incorrect Payment Amount

A landmark case of an incorrect payment amount occurred in April 2024 when a staff member at a bank in New York City copied the account number of one system into the field intended for the dollar figure of a second system.

The error was caught the next business day and had to be reported to regulators as a “Near-Miss”. The “copy and paste error” as it has become known was manual and unintentional, but still caused bank management embarrassment, and showed how despite billions spent on information technology at financial institutions at times controls haven’t improved much from the days of 8-column ledger cards.

Straight through processing, which would have avoided a staff member from copying and pasting bank accounts and dollar amounts from one system to another could have avoided the situation altogether. The old four-eyed check, the bank in question had that in place and it was still missed. If you’re a bank executive looking to reduce errors, would you look to instill software that processes payments automatically or would you look to start a six-eyed check?

III. Incorrect Currency

Ever see a structured note that you buy in one currency, pays interest in a second currency, and depending on what the stock market indexes return over the period between offering date and maturity date pays the final principal in either the original or depending on the calculation outlined in the Offering Circular, a third, or even a fourth currency?

If you’re a bank executive looking to improve the payment experience and reduce errors, are you more likely to trust the third worker to take over the account since inception who’s been with the bank since they graduated months ago, or software that can read the final Offering Circular, research and calculate the different payment (interest rate, stock market index returns, foreign currency exchange rates, etc.) and execute the payment? Yeah, me too.

IV. Incorrect Payee and/or Payor

Software, particularly AI software that has been coded to look for anomaly detection using individual payments, aggregate payments, frequency, payment trends and debtor-credit payment histories is helping reduce cases where the wrong payee is paid or the correct payee is paid, but with money from the wrong payor account.

V. Potential Fraud

AI software enhances fraud protection and detection by leveraging machine learning to analyze vast datasets, identify patterns, and adept itself to evolving fraud tactics. The software improves accuracy, reduces false positives, and enables real-time monitoring for immediate intervention. Compared to four-eyed checks and older payment processing systems, AI-powered fraud detection software platforms offer the advantages of: 

• monitoring transactions and activities in real-time, flagging suspicious events as they occur.
• allowing for immediate intervention, such as blocking a fraudulent transaction or freezing an account, preventing further losses, embarrassment (aka “Headline Risk”), and reporting to federal regulators of “near-misses”.
• Traditional systems often rely on batch processing, which can result in delays and allow fraudulent activities to continue for a longer period. 

Ready to explore your firm’s payments strategy? 

Our financial services experts continuously monitor the regulatory landscape and deliver pragmatic, scalable solutions that meet the mandate and more. Reach out to Perficient’s Financial Services Managing Director David Weisel to discover why we’ve been trusted by 18 of the top 20 banks, 16 of the 20 largest wealth and asset management firms, and are regularly recognized by leading analyst firms.

It’s that component, the Subject Matter Expert (“SME”) that is the most important component of the mathematical expression in the title. Software helps. AI software helps a lot. But it’s the SME installing and reconfiguring processes and controls along with the AI software that helps the most. 

SWIFT MT (Message Type) messages are standardized financial messages used by financial institutions worldwide for secure communication and transaction processing. They follow a structured format, categorized by a three-digit code (e.g., MT103, MT202) that indicates the message type and its purpose within the financial transaction lifecycle. A generation of young wire room staff started their careers learning that the three-digit codes in SWIFT MT messages have the following meaning:

However, SWIFT has announced that effective November 22, 2025 Financial Institution to Financial Institution (FI to FI) instructions must be sent to SWIFT in ISO (MX) format. MT cash instruction message types will be disabled in SWIFT input. SWIFT will NAK (Not Acknowledge) MT cash instructions. Therefore, financial institutions need to completely update their messaging tables for the following:

The following message types will be discontinued, and therefore do not have an MX equivalent:

• MT102
• MT102 STP
• MT103 REMIT
• MT201
• MT203

SWIFT has not yet announced an end date for:

• MT version of non-cash instructions (reporting, statements)
• MT SCORE service (SWIFT for corporates)
• Market Infrastructure Closed User Group (MI-CUG)
• Corporate to FI Member Administered Closed User Group (MA-CUG)

Ready to explore your firm’s payments strategy? 

Our financial services experts continuously monitor the regulatory landscape and deliver pragmatic, scalable solutions that meet the mandate and more. Reach out to Perficient’s Financial Services Managing Director David Weisel to discover why we’ve been trusted by 18 of the top 20 banks, 16 of the 20 largest wealth and asset management firms, and are regularly recognized by leading analyst firms.

This blog is offered to readers who may be interested in seeing how Apple Pay fits into their payment priorities. Whether executives of merchants or financial intuitions, Apple Pay is an ultra-secure global payment platform too large to ignore. I noted recently while paying for my morning coffee and donut (shh, don’t tell the wife) from a sidewalk cart in Manhattan that the cart accepted Apple Pay, Zelle, Venmo, and Google Pay. Upon inquiring, the cart owner explained that none of the students from the nearby college ever had cash but always had their phones. In addition to helping my barista, this blog will be of value to executives focused on modernizing the payment experience and provides advantages of both Apple Pay and similar digital wallet platforms versus traditional credit card usage.

Apple Pay is a digital wallet, similar to Google Pay, Samsung Pay, et. al. that allows users to store (tokenize) and use payment methods. With an estimated 638 million Apple Pay users worldwide as of yearend 2024, the volume of payments is huge. In 2022, Apple Pay processed $6 Trillion in digital payments.

Tokenization

Tokenization, similar to how for decades New York City’s transit system allowed and even required users to substitute their money for tokens that could be used on the city’s subways and buses, is the process of replacing a card’s 16-digit number on their plastic card with a unique alternate card number. That unique alternate card number, which is an algorithmically generated number, is the token and is unique to each card, user, and device and can be used for purchases.

Unlike the physical tokens used by NYC subways, a digital token holds no value. If it falls into the hands of a hacker, it’s useless since they cannot reverse it back to the 16-digit number Primary Account Number (“PAN”) on the physical plastic card.

The graphic below shows the 7 steps required for the first time a particular credit card is entered into an Apple Wallet in a particular device:

GRAPHIC 1:

Why Apple Pay is So Secure

Users can pay via Near Field Communications (“NFC”) in-person, or Online. NFC is a short-range wireless technology that allows two electronic devices to communicate when placed within 3 inches of each other. Apple has provided NFC in iPhones since the iPhone 6, and the Apple Watch since inception.

Advantages of Apple Pay (or Tokenized payment platform) vs a regular credit card

• Apple Pay utilizes a dynamic security code instead of the standard four-digit security code on credit or debit cards.
• Apple Pay generates a security code for each transaction, preventing anyone from stealing your card details to make unauthorized purchases.
• If you lose your Apple device when Apple Pay is activated, you can stop all transactions using the Find My iPhone service. Additionally, users can activate lost mode on your iPhone. Even if their iPhone is stolen, the thief still requires your passcode, Touch ID, or Face ID to authorize purchases.
• The merchant never sees your data. Additionally, Apple doesn’t store your credit or debit card numbers on the device or its servers.

GRAPHIC 2:

Usage of Apple Pay by Country

The following table shows that despite my teenage daughter’s best efforts, the United States’ share of Apple Pay penetration is not yet the largest in the world in either physical or online purchases, suggesting that Apple Pay’s explosive growth is likely to continue.

The above table uses statistics publicly available from Capital One Shopping

Ready to explore your firm’s payments strategy? 

Our financial services experts continuously monitor the regulatory landscape and deliver pragmatic, scalable solutions that meet the mandate and more. Reach out to Perficient’s Financial Services Managing Director David Weisel to discover why we’ve been trusted by 18 of the top 20 banks, 16 of the 20 largest wealth and asset management firms, and are regularly recognized by leading analyst firms.

In existence since just July of 2019, the Pan African Payment and Settlement System (PAPSS) has in many ways surpassed the payment and settlement process of the western banking world. PAPSS enables the efficient flow of money securely across African borders to minimize risk and thereby contributing to financial integration of the African continent. PAPSS core service is provided by the PAPSS Instant Payment system (“PIP”). PIP offers:

• real time/near real time and irrevocable credits to customer accounts
• 24/7/365 immediate confirmation to both originator and the beneficiary
• ISO 20022 global message standard enabling interoperability
• Cyber security and payment fraud prevention powered by Artificial Intelligence.

PAPSS fits into the payment strategies of several Perficient clients who either currently are making or receiving payments to/from Africa or are exploring ways to execute and settle financial transactions in Africa. This blog also speaks to Perficient’s clients who are focused on modernizing the payment experience.

How It Works

A. Pre-funding by participating banks

1. Direct Participants issue credit instructions to settlement account at Central Bank.
2. Central Bank credits pre-funded account of Direct Participant and notifies PAPSS.
3. PAPSS credits Direct Participant’s clearing account.
4. Indirect Participants leverage Sponsorship Agreements to issue funding instructions via Direct Participants.

diagram from the PAPSS corporate website

B. Instant Payment

1. The originator issues a payment instruction in their local currency to its bank or payment service provider.
2. The payment instruction is sent to PAPSS.
3. PAPSS carries out all validation checks on the payment instruction.
4. The payment instruction is forwarded to the beneficiary’s bank or payment service provider.
5. The beneficiary’s bank clears the payment in their local currency.

diagram from the PAPSS corporate website

End of Day

1. PAPSS determines multilateral net position in local currency for participating Central banks for their agreed settlement currencies.
2. PAPSS issues aggregated net settlement instructions to the African Export-Import Bank (“Afreximbank”) to debit/credit the respective bank accounts.

Advantages of PAPSS for banks and other financial intermediaries

• PAPSS enables cross-border payments in local currencies without the need for transactions to pass through USD denominated correspondent banks. Traditional cross-currency clearing involves converting funds to US dollars or other foreign currencies.
• a simplified process that reduces the costs and complexities of foreign exchange for cross-border transactions between African markets
• are provided an instant and secure cross-border payment capability to their customers across Africa
• now have a platform that enables innovation in cross-border trade and access to new African markets

Corporates, SMEs and individuals can benefit from:

• instant/near instant payments of cross-border transactions without the hassle of currency conversion
• improved working capital through payment certainty and faster transactions
• access to various payment facilitating options through a growing network of financial intermediaries

The logo of PAPSS, which was on the homepage of this blog, comes from the cowrie shell, which is one of the oldest known currencies. The shell takes center stage, surrounded by radial lines that signify the connectivity of the technology of the PAPSS digital platform and the key partnerships that enable the payment system.

Ready to explore your firm’s payments strategy? 

Our financial services experts continuously monitor the regulatory landscape and deliver pragmatic, scalable solutions that meet the mandate and more. Reach out to Perficient’s Financial Services Managing Director David Weisel to discover why we’ve been trusted by 18 of the top 20 banks, 16 of the 20 largest wealth and asset management firms, and are regularly recognized by leading analyst firms.

As we move through 2025, artificial intelligence — especially generative AI — continues to redefine how enterprises operate and compete. What began as experimentation has rapidly evolved into large-scale adoption, with organizations embedding AI into core strategies, operations, and customer experiences. From intelligent automation and predictive insights to dynamic content generation, AI is now a driving force behind innovation, agility, and growth. Today, staying ahead means not just keeping up with AI but leading with it.

AI Technical Services Landscape

Forrester’s AI Technical Services Landscape, Q2 2025 report provides an overview of 36 notable providers in the rapidly evolving AI services market. It aims to help technology leaders understand the value various vendors bring, and how those offerings align with organizational needs across industries and use cases.

Forrester defines AI Technical Services as: “The delivery capability of repeatable and scalable AI solutions, encompassing AI and data infrastructure, governance, training, and innovation.” When executed with expert partners, AI initiatives can drive significant operational and competitive advantages. We’re proud to be recognized in the Forrester AI Technical Services Landscape as a consultancy with an industry focus in the sectors of financial services, manufacturing, and pharmaceuticals and medical equipment, and a geographic focus in North America, Asia Pacific, and Latin America.

AI Capabilities and Focus Areas

We believe this recognition highlights our commitment to helping clients harness the power of AI to solve complex business challenges, creating meaningful transformation.

One of the ways we accelerate AI adoption is through our AI AMP Jumpstart, a focused, five-week engagement designed to quickly uncover and activate AI opportunities. Using our proven modeling process, we help clients explore real-world applications of machine learning, natural language processing, and cognitive technologies.

Our services go beyond development. Through our PACE framework, which emphasizes governance, AI literacy, data readiness, and responsible innovation, we help organizations lay the foundation for scalable, ethical AI solutions that last.

We’re continually expanding our expertise across key domains, including generative AI, predictive analytics, and natural language understanding, empowering our clients to innovate faster, operate smarter, and deliver better outcomes.

Ready to Take the Next Step?

Whether you’re just beginning your AI journey or looking to scale existing AI initiatives, choosing the right partner is key to getting real results. At Perficient, our team of over 300 AI experts, spanning data scientists, engineers, architects, and developers, brings the hands-on experience needed to turn potential into performance.

Contact us to explore how our expertise can accelerate your transformation.

Download the Forrester report, The AI Technical Services Landscape, Q2 2025 to learn more (link to report available to Forrester subscribers and for purchase).

Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Information is based on the best available resources. Opinions reflect judgment at the time and are subject to change. For more information, read about Forrester’s objectivity here .

 “The strength of a nation derives from the integrity of the home.” – Confucius.

 A room full of smart people, eyes glinting with the thrill of the future. Words like predictive models, AI-driven insights, and automated decisioning fly across the table like a Wimbledon final. Budgets, approved. Deadlines, drawn. Headlines, dreamed about.

But no one talks to or notices the quiet, slightly awkward one in the room, “it’s Data Governance”. The one who isn’t flashy … The one who shows up early with spreadsheets. The one who asks annoying questions, such as, “Where did this data come from?” and “Can we really trust this source?”

And yet, in almost every great technology story and every technology failure, Data Governance is the silent architect, whether you call it that or not. It was present, building the foundation… or sometimes silently watching as the castle falls.

The Illusion of Data-Driven Greatness

Some time back, I was working on a project where a major trading platform launched a new engine to automate trade surveillance and compliance monitoring.

Dollars were invested. The system promised to detect insider trading, front-running, and wash trade patterns too subtle for human eyes to catch. At first, everyone celebrated… until the false positives began to roll in. Legitimate trades were flagged as suspicious!!! Compliance officers were drowning in noise!!! Clients grew agitated, and regulatory auditors began asking uncomfortable questions.

When traced back, the root cause wasn’t the model itself. It was the data feeding it!

• Trade timestamps were off by milliseconds across systems.
• Reference data on instrument types was incomplete.
• Entity mappings between clients and brokers were outdated by over 9%.
• Historical compliance notes were inconsistently formatted and misclassified.

The model learned from incorrect data… and produced inaccuracy at an exponential scale. The organization had to suspend the AI engine and return to manual reviews in parallel, a massive operational setback.

The real problem wasn’t a technology failure. It was a data governance failure.

Why Data Governance is the New Competitive Edge

In the coming decade, success won’t be determined by who has the flashiest algorithms. Algorithms are cheap, open-source, and are increasingly commoditized. Success will hinge on who has better data, the companies that:

• Know where their data comes from.
• Know how it has been transformed.
• Know its limitations, its biases, and its gaps.
• Know how to course-correct in real time when something goes wrong.

Data governance used to be framed as a compliance tax… a necessary evil. But in the AI economy? It has become the operating system. Companies that treat governance like a strategic weapon, like a competitive differentiator, will build systems that are faster, smarter, safer, and more trusted. Everyone else will just be building very expensive sandcastles at low tide and praying tides don’t change.

The Risks Few Are Talking About

People love to talk about risks in the AI-driven world in sci-fi terms: rogue robots, existential threats, AI Models running for president

The real risk, one that is already unfolding in boardrooms and regulatory filings today, is much simpler: bad data feeding powerful systems.

• False alerts triggering unnecessary audits.
• Missed detection of real financial crimes.
• Market surveillance breakdowns causing regulatory breaches.
• Systemic compliance failures due to unseen data quality gaps.

All because governance was an afterthought.

The New Playbook for the AI Economy

If you’re a business leader, here’s the shift you need to make:

Smart organizations are now embedding governance into the very DNA of how they build, deploy, and manage AI systems. They’re asking:

• Who owns this dataset?
• How do we know it’s complete?
• What biases are hiding here?
• How do we certify and monitor trustworthiness over time?

And they’re investing accordingly — not reactively, but proactively.

Respect the Architect

Here’s the thing about architects. If they do their jobs right, no one notices them. The building just stands tall, sturdy, unshakable against storms. But what about when the foundation is weak? When the beams are poorly set? When the wiring is rushed? Well, then everyone notices. Usually, it’s too late. Data Governance is the silent architect of the AI structures. It’s time we gave it the respect and the investment it deserves. Because in the end, it’s not the flashiest ideas that win.
It’s the ones built on unshakable foundations.

Remember: “It is not the beauty of a building you should look at; it is the construction of the foundation that will stand the test of time.” – David Allan Coe.

Keeping up with today’s fast-paced technological environment, with businesses undergoing a significant transformation in operations, customer interactions, and innovation, can be challenging. Partnering with the right digital transformation service provider is essential for success. A proven track record in guiding businesses through digital complexities is crucial for unlocking their full potential, driving efficiency, and ensuring exceptional customer experiences, leading to long-term success.

The Digital Transformation Services Landscape, Q2 2025 Report

The recent Forrester report defines digital transformation services as – “Service providers that offer multidisciplinary capabilities to support enterprises in articulating, orchestrating, and governing strategy-aligned business transformation journeys, driving change across technology, ways of working, operating models, data, and corporate culture to continuously improve business outcomes.” This report provides an in-depth overview of 35 digital transformation service providers, offering valuable insights into the current market landscape.

Understanding the Providers

Forrester meticulously researched each service provider through a comprehensive set of questions. According to Forrester, “organizations leverage digital transformation services to:

• Articulate and orchestrate strategy-aligned transformation journeys.
• Align tech modernization with people, organization, and culture changes.
• Navigate transformation risks.”

Leaders can compare digital transformation service providers listed in the report based on size, offerings, geography, and business scenario differentiation to make informed decisions.

Core Business Scenarios

The report identifies the core business scenarios that are “most frequently sought after by buyers and addressed by digital transformation services solutions.” These scenarios include enterprise transformation, customer experience (CX) transformation, data and analytics transformation, and infrastructure and operational transformation.

Our Inclusion

We are proud to be listed in the Forrester Digital Transformation Services Landscape report as a digital transformation consultancy with an industry focus in the sectors of financial services, healthcare, and industrial products, and a geographic focus in four regions: North America (NA), Asia Pacific (APAC), and Latin America (LATAM).

As a dynamic global organization, we believe that with our cohesive, integrated strategy, we can deliver from any of our geographic locations and bring together the best team and the best value for the customer.

Access the Forrester report, The Digital Transformation Services Landscape, Q2 2025 to find out more.

Your Digital Transformation Journey

Seeing the world through your customers’ eyes is the best way to meet their needs. Our Digital Business Transformation practice enables leaders to meet the demands of today’s fast-changing, customer-centric world. We help you articulate a vision, formulate strategy, and align your team around the capabilities you need to stay ahead of disruption. Together, we resolve uncertainty, embrace change, and establish a North Star to guide your transformation journeys.

We implement the Envision Strategy Framework, a continuous and adaptive process that feeds real-world insights back into strategic decisions. This framework is informed by customer empathy and grounded in executional know-how. We put customers at the center of our digital strategy formulation process.

Supporting this is Envision Online, a comprehensive digital transformation platform that amplifies strategic decision-making based on the Envision Framework. With proprietary tools and a wealth of industry data, we deliver swift, actionable insights to help understand your organization’s competitive positioning.

Learn more about the report.

Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Information is based on the best available resources. Opinions reflect judgment at the time and are subject to change. For more information, read about Forrester’s objectivity here .