Financial Institutions (FIs) operating in a given territory, often rely on acquiring complex systems to facilitate payment services delivery. The system might be too expensive to maintain and become outdated after some time, resulting in the difficulty to adapt to the dynamic needs of the business. With fierce competition from digital only payment companies, a regional bank would need to digitally transform to provide instant payment services delivery or risk losing customers. Consistent payment system modernization is particularly important to standout in today’s ever changing competitive landscape.
As a regional FI your institution may have constraints that can hinder your strategies to unify payment processing systems. For instance during acquisitions or mergers, incompatible payment platforms may be acquired and need to be utilized together with the existing systems. Legacy functionalities may already exist on your individual payment systems (both for local and international transactions) which may have negative impact on speed and cost of services delivery. With a unified payment system, a territorial institution can drastically reduce operational costs, payment difficulties and easily deploy innovative products that will meet and surpass the expectation their customers.
A Unified payment system enables payments to be processed on one platform while collecting and processing data. It makes use of modern technologies, and offers immense functionalities such as cross-channel communication, multiple FIs and biller’s enrollment, real time transactions tracking, multi-level security, and much more.
Competitive advantages include:
Instant transaction processing & tracking: In today’s competitive landscape, delivering fast, affordable and reliable payment processing is necessary. With one payment platform, you can offer affordable and instant payment services. Real time transaction data which can be utilized to provide insights for informed decision making. Your customers can easily track transactions in real-time, resulting in transparency.
Affordable cost: Legacy payment systems are difficult to customize to changes in business needs. As a result, it costs more to maintain, unless the platform is replaced. On the other hand, one payment platform can make use of modern technologies that drastically reduce transaction and maintenance costs. Its innovative functionalities make it a future proofed system.
Risk and regulatory compliance: One payment platform enables information to be easily accessed and shared throughout the bank. It enables payments to be easily connected to fraud detection and anti-money laundering systems and watch lists, so that transactions are processed without compliance issues, but with effective security in place.
Modern infrastructure: One payment platform has multiple modernization points to enhance the infrastructure and reduce manual operations. The digitally enabled platform facilitates new product launches and supports good customer experience.
MonieWire is driving innovation in payments processing services, enabling risk reduction, meeting regulatory compliance, and customer & payment channels management. MonieWire is an effective one payment platform solution developed by JETHRO, for helping clients solve their payments challenges. The one payment platform enables banks to offer their customers high straight-through processing (STP) rates and real-time debit/credit transactions and account notifications, while significantly improving operational efficiency and reducing costs. Not only does the solution meet the exacting technical and operational hurdles banks must overcome, the JETHRO team also has proven experience implementing and migrating systems, and managing the demands of complex payment operations. The JETHRO team is well-versed with payment solutions and knows the scale, scope and criticality of banks’ payments operations. We can help advise banks on the best way to do something they have never done before. Our solutions help clients deliver instant payment services to enhance the way people live and work. Contact us today!