Banks, fintech firms, and merchant payment processors need to cover the compliance side of every transaction; new report introduces frictionless payment processing
Modern intelligent payments platforms provide banks and financial institutions (FIs) cost savings and enhanced client experience, while enabling new product offerings with quicker go-to-market time. In a new Impact Report, Intelligent Payments Processing: Research on a Modern and Optimized Payments Journey, research and advisory firm Aite-Novarica Group introduces the notion of an intelligent payments platform that encompasses the end-to-end life cycle of a payment—from inception to execution and settlement—helping banks and FIs operate in a seamless manner when exchanging payments information with their corporate and small-to-midsize enterprise (SME) clients.
“The average bank that runs multiple back-office systems and interfaces with five to six enterprise systems needs a payment backbone that connects the back offices to the various clearing networks,” said Enrico Camerinelli, Strategic Advisor at Aite-Novarica Group and lead author of the new report. “Aside from offering automation and overall efficiency, a payments hub gives the bank the visibility necessary to understand the status of a payment at any point in the transaction life cycle.”
About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.