Payments Processing Orchestration

Payments Processing – the case for change is compelling

Financial institutions and corporate treasuries around the world are under enormous pressures to cost effectively address the dynamic changes taking place in payments processing. Whether your business is threatened by a new disruptor in the market, or your traditional competition is rolling out new innovative services in shorter timeframes, or your customers are demanding support for an ever increasing array of payment types and channels, the existing payment processing systems within organizations are struggling to meet the needs of the business.

Consequently, the case for change is compelling, and is built upon a number of key objectives:

  • Remove legacy system restrictions
  • Enable standardization of processes
  • Reduce time to market for new services, new payment types
  • Ensure compliance with the latest standards and regulations
  • Manage increasing volumes and complexity

Payment Hub – the consensus strategy

While some organizations may seek to address their issues through enhancements and incremental change to existing systems, the consensus view across the industry, and the chosen strategy by the majority of key players within the payments world, is to implement a new, dedicated payment services hub.

The fundamental purpose of this new, specialized payment system within the organization is to facilitate:

  • The centralized management of all payment flows
  • The dynamic and flexible configuration of payment orchestrations
  • The ability to:
    • Process any and all payment types
    • Support any and all payment sources and channels
    • Support any payment destination or clearing mechanism

Key Challenge – managing the cost of implementation & change

Most organizations fear the cost of change and, more specifically, the possible costs of implementing a new strategic, centralized payment hub. The ever evolving and complex world of digital payments processing requires a very high level of dynamism and flexibility within the centralized payments hub. Therefore, the control and management of implementation costs as well as ongoing maintenance is determined by the speed and ease of implementing change within the Hub. These are by far the most important characteristics that the hub can possess, and they manifest themselves through:

  • Agility of Integration
  • Flexibility of configuration
  • Ease of change management