A digital payments ecosystem that offers aggregated payment services for connectivity, processing, monitoring & screening.
A centralised payments platform for all your networks, clearing and counterparties. The Payments & Cash Aggregator provides connectivity, processing, real time monitoring, automated exception management, concurrent multiple workflows, limits and increased security and controls using MFA, and exception management. Simple automated audit and compliance reports that are easily integrated with multiple legacy systems and/or external providers.
- A full payment engine, based on generic ISO 20022 format, which processes any type of payment in all formats, with a single, simple User Interface, secure access to route, transform, approve, edit, manage, monitor and audit all your payments - including instant payments and the relevant actions for your multiple networks, clearing and counterparty partners.
- A centralised hosted SaaS platform to manage your multi networks and clearing and multi counterparty formats requirements for payments with one single audit trail and compliance report.
- A real-time payment monitoring and exception management console that allows you to immediately correct and proactively intervene to ensure efficient cash positioning and successful transfers.
Pain Points for COOs & Heads of Transaction Banking
The pace of change in payments globally has never been so dramatic and exciting. However, with change, comes new regulation & payments rails to add to your roadmap, as well as an increased need to improve operational efficiency whilst managing risk. Add in the drive for digitalisation, innovation, automation, & improved transparency and you have yourself a serious juggling act to pull off. Also, this must be achieved from almost a standing start where most banks & FIs have legacy infrastructure and other serious deficiencies in their existing infrastructure.
Payments & Cash Aggregator - A simple user interface with secure access to one consolidated end-to-end view that lists all your payments and their status in real-time.
What issues are you facing with your current payments infrastructure?
At a time where a multitude of ‘change requests’ are hitting desks, it is vital for decision-makers within operations to take a step back and ask critical questions before they build, partner or buy anything. In our global research report, The Future of Competitive Advantage in Payments & Banking, we gained insight into some key pain points for the industry and the operations function in particular.
These are serious issues that should make the operations department ‘snap to attention’. They all affect the ability for FIs to connect, control, comply and compete.
- 1st - ‘Connect’: 55% of banks and FIs said that adopting new payment rails was their top priority in the next 12 months*.
- 2nd - ‘Control’: Centralised automation tools that prevent friction and fraud; 38% said that mitigating fraud risk was one of their top priorities over the next 12 months*.
- 3rd - ‘Comply’: 64% of banks and FIs said that RegTech would be more important than ever over the next 12 months*.
- 4th - ‘Compete’: Data and Analytics: This is an area of concern. When asked which areas of the treasury process are currently automated to their satisfaction, only 30% said cash flow forecasting and 27% liquidity planning*.
- 5th – ‘Compete’: Innovation - 64% of banks and FIs said digital transformation was the biggest focus for them at the moment, yet 26% said they were sceptical or highly sceptical of their current strategy*.
What is the Solution for Heads of Operations & COOs?
With 34% of all corporations originating payments with six or more banks, and 56% using three+ currencies, it would seem complexity is unavoidably built into today’s domestic and international payments landscape. The solution lies in the flexibility, simplicity and SaaS-based architecture which has already achieved results at several of Bottomline’s banking customers. In addition to streamlined processes and controls in real time, it also delivered accurate and compliant audits without any effort or manual intervention.
The real added value from replacing a manually intensive, unstructured payments process with a single, automated solution is the combination of multiple payments rails and networks in a single platform. From Domestic ACH networks to direct Host to Host connections, from urgent instant payment to high volume direct debits that are all processed, monitored and executed in one place. Additionally, using a SaaS based solution opens up the potential for efficient and auto-application of payments compliance for any bank. Therefore, there isn’t software or hardware to drain internal IT resources, to exhaust security and compliance skills and stretch capital expenditure in budgets - just the delivery of consistent updates to ensure you stay apace with the market.
The biggest differentiator for SaaS-based platforms is the ability to reduce operational risk and fraud while managing cash balance positions in counterparty and clearing. Using automated workflows ensures that all payments go through the correct internal authorisation process. Payments can then be screened against watchlists, which supports the bank’s anti-money laundering (AML) and financial crime obligations. Once checked, you then have the ability to send each payment via the appropriate payment rail. The result: audit trail, reconciliation, management information and control.
