Powering payments in the US
A revolution is happening in payments, unlock its full potential with Finastra’s payments solutions
New technologies, non-bank competitors, and evolving customer expectations are transforming the payments landscape at a rapid pace. To stay relevant, financial institutions must reassess their role in the payments ecosystem, and rise to meet customer demand for seamless payment experiences across all channels and market segments.
What are the drivers for this change?
Payments on the customer’ terms
We are now all living in a connected 24/7/365 world. Our expectations in so many areas of our lives are that we can get our services on our terms. And customers are expecting this from their financial institutions. Whether it is through a choice of channel e.g. desktop, mobile or even a choice of speed through real-time payments. To stay relevant banks must rise to meet the demand for seamless payment experiences.
Closed vs. Open platforms
The Closed infrastructures of banks are no longer suited to the open nature of the digital world. When the system is closed innovation is inhibited. Decoupling banking services away from the core and opening it up to both consumers and fintechs allows for new partnerships, and new ideas. In addition to helping retain those customers, open ecosystems can provide traditional banks with a revenue boost. According to Accenture, banks that exploit open APIs will profit from a potential revenue uplift of 20%, whereas those failing to do so risk losing 30% by 2020.
New entrants to the market
New fintech entrants are bringing fresh dynamism to payments, both with their own offerings and by collaborating with existing players. At the same time, established tech giants are increasingly entering the payments market, having recognized the attractions of integrating payment capabilities into their ecosystems. Financial institutions must be able to adapt to this new pace of change in order to maintain market share.
Data
The financial services sector remains one of the most data intensive sectors in the global economy. With customers interacting with banks across multiple channels, almost exclusively digitally and with a 24/7 expectation from their banks, the sheer volume of customer and payment data a bank may hold can be unmanageable for their current back office system. With the additional move to real time payments, the ability to create meaningful use of the data they hold can be frustrated by legacy system, and inadequate software.
The solution
Finastra’s global payment hub solution, Fusion Global PAYplus, is designed to serve as the ideal catalyst for this transformation. Helping financial institutions of every size improve customer service, simplify payment operations, and reduce operating expenses by consolidating all U.S and international payment processing (ACH, Wire, SWIFT/ cross-border, Real-time) and payment data in a single centralized payment solution.
To leverage new technologies and innovations, Fusion Global PAYplus comes API enabled and real-time ready, allowing financial institutions to leverage 3rd party applications and connect to U.S. real-time payment schemes. Financial institutions gain competitive advantage by providing quick time to market of new products and services, with the flip of a switch.
Learn how Finastra can help you achieve your business goals.
With Finastra’s payments solution, you can address these challenges by consolidating multiple payments processing systems into a single highly configurable payment solution. This way, you can release new products faster than the competition and improve customer service by capturing all payment data, across all customer segments, in a single payment solution. Utilizing the latest technologies and APIs, enhance the customer experience by providing a unified processing model across multiple channels, legacy payment systems, and core banking environments.
Learn why Silvergate won Celent’s Model Bank 2020 Award for Payments Replatforming
Solution videos
Meet Kate, owner of KateActive, a global chain of gyms. Kate banks with AstraBank who utilizes Finastra’s FusionFabric.cloud platform. Watch Kate’s story as she evolves from small business owner to large global enterprise, and find out what is possible with FusionFabric.cloud.
Watch Finastra CMO, Martin Haering, explain how the model for banking innovation is changing, and how FusionFabric.cloud can help build the future of financial services through open collaboration.
Learn how firms can deliver innovative applications quickly and at low cost, transforming their own operations and development centers. FusionFabric.cloud will help transform the financial services industry in the same way that mobile app stores have transformed our everyday lives.
