6 Key system capabilities required for a successful Payment Transformation

Consumers want fast, if not real-time, seamless services that can be readily accessible anytime and anyplace. However, legacy payments architecture is often constrained for its inability to be scalable and responsive to changing client demands. The need to remain competitive, operate efficiently, deliver more value, retain existing ones and acquire new customers, and meeting regulatory requirements; are some of the reasons to transform legacy payment systems. 

FIs would need to modernize payment systems in a way that gratifies all parties of the payment ecosystem. A transformed payment system should have the following capabilities:

Resiliency: The system should provide continuous service with the capacity to be resilient to failures in processes, especially during unpredictable volume demands. It should have improved failover functionalities, to ensure 24/7 availability of the ecosystem should a single service go down. MonieWire has this capability.

Multiple Platform Accessibility: There has been an increasing demand to create a consistent customer experience, with services across multiple access channels, such as, web, mobile and others (i.e. Omnichannel), resulting in customer convenience and satisfaction. MonieWire can provide this.

Secure and Agile Platform: Malicious persons will always aim to exploit transactions via multiple devices. Therefore, the platform should have many security mechanisms that can protect against cyber-attack and better respond to threats and opportunities. MonieWire can provide this.

Operational Efficiency: As mentioned earlier, the priority of customers is to experience efficient service delivery while making transactions. The transformed platform should be able to deliver payment services in the shortest time possible, with enhanced performance and qualitative services delivery. MonieWire can do this.

Innovation: The transformed platform should be an open system that improves the time to market of new payment products and alternative payments channels, to address shifting business and market needs. It should be a platform that enables your FIs to tap into new opportunities. For instance, it should support API enablement (Internal APIs, Public APIs, API consumption). MonieWire can provide this.

Accelerate change: It should be a medium for collaboration and new partnerships with other vendors and FinTechs, thereby accommodating the changes in technologies, such as cloud architecture, enabling your firm to scale up/down according to customer preferences and market opportunities. MonieWire can provide this.

About MonieWire

MonieWire is owned by Jethro Limited, a software solution provider company. MonieWire enables financial institutions to accelerate their payments transformation plan by being the platform for innovation, providing opportunities to drive new revenue streams and compete with market disruptors. For more information – Get in touch

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