Financial institutions today face some significant challenges: a greater focus on 'fee-for-service revenue'; the need to get new products to market more quickly; and the pressure to increase efficiency while reducing cost, to mention but a few. These challenges, coupled with a more demanding and changing customer base, together with an increasingly restrictive regulatory environment, are forcing banks to find new and effective ways of delivering payments services, including more robust cross-border payments and improved global capabilities to enable them to service a broader target market.
D+H’s global payment hub solution, Global PAYplus, combines an extensive set of payment services including high value payments, mass payments and immediate payments, in a single consolidated payments hub. The solution is built on an ISO 20022- compliant service-oriented architecture (SOA). Its strict adherence to industry standards makes integration with a bank’s existing technology infrastructure fast, easy and predictable. The use of SOA technology will also lead to reductions in the complexity and cost of the firm’s hardware and software.
Using D+H’s global payment hub solution, financial institutions are able to consolidate silos of legacy payment operations in a common shared payments service that can be deployed globally, yet controlled locally, simplifying operations and reducing operating expenses. By connecting and orchestrating channels, legacy payments execution systems and their supporting back-office systems, payments services are coordinated and new products can be deployed quickly. A rules engine provides the flexibility needed to add new functionality in response to changing industry and customer requirements, without the need to change code.
Brings together payments details for many different payment types and from multiple systems to one centralized payment hub solution. Information is consolidated into a single view, saving staff time and ensuring that the number of interfaces and systems requiring management and maintenance can be reduced significantly. This means that in addition to payments processing being simplified, IT costs can also be dramatically reduced.
Reducing the number of interfaces, systems and stages in the process requiring manual intervention, operational risk will be reduced dramatically, throughout the payments process. The payment hub solution can additionally be easily extended to incorporate more advanced liquidity and risk management capabilities.
The solution brings a customer’s back-office payments functionality to their online experience through STP@Source, a proprietary D+H efficiency tool enabled by technology that allows banks to increase straight-through-processing rates by engaging their customers as early as possible in the process. This means that banks can immediately validate payment information at the source and thus require less downstream customer interaction, resulting in faster and more responsive service to their customers.
The payment hub solution’s dashboard provides mission-critical payments information in one consolidated view, allowing for easy monitoring and analysis of all aspects of the operation, including payments channels and flows. The dashboard accumulates data over time and uses a baseline for normal behavior, issuing real-time alerts when abnormal trends are detected. This bird’s eye view – both in real-time and over time - allows banks to quickly and easily identify trends, avoid trouble spots and make informed decisions.
Enhanced usability and improved customer focus mean that operations are simpler and tasks take less time. Likewise, it is also simpler and quicker to on-board new users. A rules engine means that new products can be introduced quickly without costly and disruptive coding changes and new features like ‘cut off’ dashboard paylet help to ensure costly fines are avoided, and finally, increased STP means more payments can be processed more quickly and consistently, increasing revenues and customer satisfaction.
Supporting all payment products for a given country allows the frequently costly and inefficient legacy silos to be replaced by a single, modern, cost-effective and business agile offering – allowing the financial institution to fund business initiatives out of run-rate savings.