Payments and Cash Management
Comprehensive and centralised cash and payments management with real-time visibility and minimal implementation time via our cloud-based platform.
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.
“The cooperation between Paragon and Bottomline was excellent – what you would expect from a partnership”
Paul Pahil, Head of Finance Operations, Paragon
The Urgency of SaaS
Financial institutions are going through a major change, and you can be confident that the pace will not abate any time soon. Using a hosted, standard, secure, SaaS-based platform to connect, control, comply and compete, brings enormous long-term strategic possibilities. Firstly, it inspires confidence that your capabilities evolve according to market expectations and the demands of your internal strategy regarding appropriate investment, product development and the generation of new revenue streams.
SaaS is also urgent to address the innovation emerging from new payment rails, Instant Payment schemes, regulations and deadlines to new agency bank/ partnership models. Therefore, the responsibility for operations will need to grow to support interoperability, the shift towards real-time, and ensuring the safest processes. To succeed, it is vital that you embrace digital transformation, improve operational efficiency, and exceed customer expectations. Jerome Powell, Chair of Board of Governors, Federal Reserve System, stated: “One of the keys for cross-border moving forward will be both improving the existing system where we can, whilst also evaluating the potential of and the best uses for emerging technologies”
Key Features
Single Integrated User Interface
Interface and Gateway Agnostic
Business Level Payment Life Cycle Management
Validation and Verification
Real-Time Monitoring
Intelligent Routing, Traffic Control & Prioritisation
Workflows, Limits & Controls
Centralised Processing for Multiple Schemes & Geographies
ISO 20022 Native
Solution Description
- Verification and validation (incl duplicate check) based on schemes and gateways
- Real-time monitoring with reconciled status based on scheme, network or gateway
- Advanced payment processing (approval workflows, limits, controls, beneficiary validation)
- Automated exception management
- Intelligent routing, traffic control & prioritisation
- Integrated with any 3rd party services for real-time cash position, compliance & ledger
- Integrated with Bottomline services for real-time cash position, compliance & ledger (incl fee and interest calculation and booking)
- Segregation of data and function
- Payment repair
- Manual input
- Verification and exception workflow
- All configurable and administrated through the UI with full audit trail and compliance reports
Benefits
Access one centralised hosted SaaS platform that combines legacy systems, ACH and Instant Payments schemes.
Benefit from an Automated End-to-End Process from a Core Banking System, ERP, TMS or Multiple Back-Office System.
Receive multiple worldwide user access with full segregation of duties.
Leverage real-time monitoring of Rejects, Returns, Format & Duplicate Check & One Centralised Audit & Compliance Report.
The Bottomline
Reduce the complexity of maintaining multiple systems
Accelerate the provision of payments services to improve profitability
Transition to digitalisation whilst reducing cost of operations
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