Best practice approach designed to deliver processes with built-in speed and flexibility for any financial institution issuing payments and managing liquidity and cash consolidation
NEW YORK, LONDON, DUBAI, MEXICO CITY, 3 November 2014 – Volante Technologies, a global leader in the provision of innovative financial data integration, today released a whitepaper titled, ‘Best Practices in Implementing Payments Factories’, focusing on a recommended approach to bringing about the benefits of a payments factory methodology to payments processing.
CEOs, CFOs and treasurers are seeking ways to better streamline and harmonize their payments collection, processing and cash concentration practices while managing increasing numbers of bank relationships. Volante Technologies understands that one size does not fit all, and what each treasurer seeks to implement are the components of a central payments hub suited to their size, region, department and preference.
Looking at the benefits of introducing a payments factory, Volante’s whitepaper explores the origins of payments factories and the benefits of using an enterprise-wide payments factory approach. The whitepaper also details some of the challenges with implementation and the consequences of not deploying a payment factory. The whitepaper can be accessed here: www.volantetech.com/resources/white-papers/
For more than a decade, Volante Technologies has worked with some of the world’s leading corporate treasury departments, correspondent banks, buy and sell-side organizations, exchanges, clearing houses and financial industry utilities. Volante, well-known for its data integration capabilities and its ability to insulate firms against ever-changing standards and protocols, advocates being prepared for constant change by having a strongly defined and implemented data integration strategy. For example, applying a common data model to each line of business overcomes the need to change and re-test whenever standards change. Sharing technologies such as Services-Orientated Architecture (SOA) ensures that common functions, such as data validation and compliance checks, can be implemented only once. This, combined with the use of advanced, out-of-the-box tools to support external data models, dramatically speeds up implementation timescales.
Every CEO and CFO is today challenged by how best to integrate legacy and existing systems efficiently and quickly in order to take advantage of new technologies and payments processing approaches. Helping our customers extract insight and value and ultimately gain a competitive edge is at the core of our corporate strategy.
The implementation of a robust payments factory integration layer across the processing stack not only reduces the on-going maintenance requirements associated with disparate and ever-changing data standards, but also delivers liquidity, efficiency and cost savings benefits. However, the critical challenge faced today is how to build a payment factory model that meets the unique requirements of any individual organization. Applying a best practice approach to payments factory implementation enables any financial institution to proactively demonstrate that they are responding to ever-increasing compliance requirements and illustrate that they are driving operational efficiencies, controlling risk and delivering greater visibility across their entire organization.
Our recommended adoption of a payments factory is founded upon a best practice data integration methodology that enables federation of a firms’ financial supply chain. Providing global firms with the ability to automate their current processes for bulking and de-bulking of payments, supporting multi-bank relationships, optimizing cash flow and standardizing payments handling, leads to reduced costs and increased efficiencies. Lowering the cost of banking in multiple markets and managing liquidity are challenges facing every financial organization; adopting an electronic payments factory process enables any institution to react quickly, reduce implementation costs and delivers the flexibility to respond to change.