Large-scale change doesn’t happen overnight. It’s a process that involves not just implementing the right technology, but shifting the culture and workflow expectations across your organization.
That’s why leveraging new tools, like a state-of-the-art instant payment system, can seem daunting. Combine that with tech teams that are already juggling a plethora of tasks, and innovations can stall.
When innovation is crucial to growth, though, it’s not optional. The digital payment market is expected to grow by about $23.5 billion by 2024, and real-time payment systems are a huge part.
So, what can organizations do?
Kirsten Lemke, Managing Director of Payments, Americas at Finastra answers that and some of the other most pressing payment questions that organizations are facing.
The Big Picture: What are organizations looking to accomplish with real-time payment (RTP) technology?
As I said in the intro, innovation is the name of the game. But why? It’s all about meeting and exceeding the demands of today’s customers.
Legacy systems at some organizations can take as long as 2 business days to process payments. RTP solutions like Finastra’s Fusion Payments To Go provide 24/7 access, meaning they’re always online to process transfers. Deploying a cloud-based RTP solution gives customers a superior experience and gives you greater flexibility. The solution connects the payment with payment data together in a single transaction.
These solutions enable people to have faster access to funds and offer a more integrated ecosystem for their payments. For example: customers can get confirmation notifications that provide peace of mind about every transaction.
The Specifics: Now that we have an idea of what these tools do, what are the specific business enhancements of a cloud-based RTP payments platform?
There are innumerable enhancements with these platforms, but let’s talk about three of the biggest.
First is automating manual processes. So often, organizations that use a legacy system or have a lot of manual steps tied up in the payment process aren’t able to manage as many transactions. RTP solutions like Fusion Payments To Go are scalable and cost-effective, allowing organizations to open up new revenue channels while freeing up staff to add value in other ways.
The next benefit of these platforms is increased flexibility. One of the benefits of Finastra’s platform is not only the immediacy of payment processing, but the flexibility. Organizations can facilitate instant payments with an embedded app, meaning they can be processed anytime, anywhere.
This is a gamechanger for industries like insurance. With an embedded app that’s part of an integrated, end-to-end solution, they can initiate payments with the press of a button where before it would take several business days.
Lastly, there are enhanced data insights.
Having access to higher quality data allows companies to instantly see and analyze information about the plethora of different transactions customers are making. When you have that kind of robust data, you’re better positioned to respond to customer needs while also allowing you to make much more informed decisions.
These three enhancements – automation, flexibility, and insights are absolutely essential to keeping pace with growth.
The Lasting Impact: Once they’re on an RTP platform, what other benefits can businesses experience?
With Fusion Payments To Go, banks can use Finastra’s FusionFabric.cloud open platform to access applications to enhance their RTP capabilities and exceed customer expectations.
These new features integrate seamlessly with a bank’s current infrastructure, allowing customers to take advantage of enhanced capabilities from within a familiar interface.
A huge benefit of Fusion Payments To Go is the control it provides. Organizations have complete control of their data and how it’s used at every step of the process.
No matter the type of organization, the ability to leverage a cloud platform like Fusion Payments To Go can open up exciting new revenue channels and expand an organization’s customer base.
In partnership with Microsoft, Finastra invites you to download our latest ebook and dive deeper into RTP and seven use cases of how businesses can transform their payment services with robust cloud capabilities to meet the various challenges of the digital age.
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