This report, "A New Approach For Modernizing Payments In Banking," is a collaboration between PYMNTS, Red Hat, and Temenos. It examines the digital trends transforming retail commerce and provides insights on how banks can leverage these shifts to bring new services and capabilities to market with speed and agility. The report includes a case study on Truist and another on Chase, highlighting the role of payments and banking in the connected economy. The report concludes with a look ahead and executive insight.