Payments

“By the time we launch the next generation of payments functionality, the customer has moved on to something else. And, honestly, it is not that the customer is moving too fast, it is just that we are stuck launching this damn thing too slow.”

This is what a retail banking head of a mid-sized U.S. bank told us exasperatedly. When it comes to payments, no bank is future-proof. The only way to survive in the current reality of disintermediation of payments is to offer customers cutting edge solutions. Once you have decided your payments technology strategy for this year (yes! It has to be yearly.), allow Go-Live Faster to assess your product launch readiness. Our Readiness solutions ensure that you go-live on time, every time, with low risk.

A recent Aite Group report says it all: “The complex payments market offers many opportunities for banks to build and strengthen client relationships, cut costs, and increase revenue. Maintaining the status quo with regard to products and services and the technology that supports them will not sustain the payments market going forward. Banks and their vendors need to step up their game by utilizing appropriate and effective technological advancements to enhance their business offerings and results.”

The question is, are you ready for these advancements, and will you go-live on time and with high quality?

Contact us to assess your Readiness and make those “Unknown Unknowns” into “Knowns” just before you move your payments product into production.

Across various payments product launches, Go-Live Faster has heard from payments business heads time and again that the most critical points of failure typically arise in the credit, debit, and settlement areas.

Credit

Debit

Settlement

This is the one area where the potential consequences of failure are as dire as driving a car blindfolded. A glaring example is the recent payment system failure of a leading British bank, which delayed 275,000 payments to business customers. This prevented thousands of people in the U.K. from receiving their paychecks before a bank holiday weekend. The glitch was caused by a flaw in the information included in a file submitted to Bacs, the system used by banks in the U.K. to process direct debits and direct credits.

Go-Live Faster’s Readiness platform has been designed to help banks evaluate and mitigate such risks up front. Our Readiness platform assesses the risk for every payment type—domestic and international—and for possible variations within these payments types.

That is why Go-Live Faster can help you quickly assess your readiness to go-live with your payments technology upgrade.

According to a recent survey by a top analyst firm of trends in U.S. wholesale payments, compliance requirements are receiving higher focus and fraud prevention continues to be a critical function.

Go-Live Faster’s Go-Live score considers compliance as one of the key factors in its algorithm, besides other areas such as functionality, stability, and integration. With a recent client, we helped lower the risk of fraud by showing how limits can be easily manipulated in its system. Yes, no normal user would do what we pointed out. But a user with fraudulent intent may very well end up doing just that.

New competition and new regulations have emerged as huge challenges for banks. No wonder everyone is talking about the possibility of disintermediation of banks! Our Go-Live platform has got you covered on both fronts.

When it comes to payments, Go-Live Faster predicts omni-channel interaction, hybrid tablet client applications, and date utilization to be big trends in the payments technology upgrades, be it in the wholesale or retail banking. Our Readiness platform is geared up to quickly assess these and other features.

Are you ready?