September 12, 2016

The landmines that are waiting to happen in your next payments implementation

September 12, 2016

The landmines that are waiting to happen in your next payments implementation

Today, it’s all about faster payments! Customers are demanding near real-time payments and banks - especially in the United States - are struggling to keep up. Non-bank third-party processors find themselves in a situation where they do not have the onus of regulation or the risk that a bank needs to manage. Add a brand new payments infrastructure to this and banks are struggling to compete, and the odds are stacked against them. In the bid to compete in this faster payments world, banks are implementing new technologies at a rapid pace to uplift an ageing payments infrastructure while ensuring regulatory compliance and reduced risk to customers.

Another perspective to look at this from a bank executives mind is this:

“How do I deliver a great user experience to my customers through a near real-time payments product while meeting new regulatory requirements and ensuring that we increase fee income while doing all this?”

Sounds like a tall order, doesn’t it? Make no mistake it is - and we don’t have all the answers! We know,however,that every new payments implementation or payments system upgrade/ release is fraught with risk (just like most of these projects are) and there are landmines waiting to blow up in your next implementation/ release. Some of these that we have experience are:

Business-Related

Technology-Related

Some of the ways in which we have experienced banks avoiding these landmines are:

Would love to hear some of the other experiences all of you have had. On another note, we talked about this in detail in a round-table we recently hosted at the ACI User Group conference. Please feel free to visit our Resources page to download the slides from that talk.

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