One World of Payments
Every day, banks deal with a microcosm of this complexity as they juggle millions of payment transactions of different types, and a different processing system for each. The systems work in silos, which means that they're devoid of a bank-wide view; are harder and more expensive to maintain; and obviously provide disparate experiences to corporate users. That's simply not good enough in the present banking environment where agility, quality of experience and efficiency are imperative for survival.
For some time now, there's been a call for an Enterprise Payments System, a one-stop solution for all payment related activities of a bank. An enterprise payments system integrates all the legacy payment applications within the bank to give it a consolidated view at every stage of the payment lifecycle, facilitate reporting, and ensure that users enjoy a consistent experience regardless of the type of payment in use.
This is arguably one of the most awaited developments in banking. With banks turning their attention to leveraging their payments infrastructure better, it is estimated that around 60 payment hubs will be deployed by 2012, which will rise to about 150 by 2014. While different technology vendors are employing different approaches, they all agree that in order to be effective, the solution must be able to handle every mode of payment and every type of payment network.
Amen to that.
For some time now, there's been a call for an Enterprise Payments System, a one-stop solution for all payment related activities of a bank. An enterprise payments system integrates all the legacy payment applications within the bank to give it a consolidated view at every stage of the payment lifecycle, facilitate reporting, and ensure that users enjoy a consistent experience regardless of the type of payment in use.
This is arguably one of the most awaited developments in banking. With banks turning their attention to leveraging their payments infrastructure better, it is estimated that around 60 payment hubs will be deployed by 2012, which will rise to about 150 by 2014. While different technology vendors are employing different approaches, they all agree that in order to be effective, the solution must be able to handle every mode of payment and every type of payment network.
Amen to that.
