Streamlining Business Banking Processes for Improved Customer Service
Transaction banking is converging with retail, as new trends such as real-time payments and open banking present equal opportunity for businesses and consumers.
With a view towards enterprise-wide efficiencies and future scalability, the commercial side of the bank must consider how to remain competitive with customer-centric innovations which take advantage of new payment types and banking models.Info Sheet GET STARTED
- UP Immediate Payments solution enables banks to meet the full requirements of one or more real-time payment schemes with differentiated products to address consumer, business and merchant demands. The solution provides gateway connectivity to any live, real-time payments scheme around the world and is extensible to a modern, real-time hub. Lower risk with pre-packaged cloud services tested and proven for U.K. Faster Payments, The Clearing House Real-Time Payments System, Zelle Network and EBA RT1.
- UP Real-Time Payments solution is the only global solution that allows banks to address their RTGS (Real-Time Gross Settlement), SWIFT messaging, ACH and real-time payments needs with a single offering. The solution delivers accelerated time to market with improved management of cash flow. It offers enterprise-wide payments security and fraud detection capabilities, simplified connectivity to new payment types, and enhanced transparency and business intelligence.
Single Euro Payments Area Transactions (SEPA)
The European requirements of the Single Euro Payments Area (SEPA) have introduced across the Eurozone new payment instruments - SEPA credit transfers and SEPA direct debits.
The focus is now on realizing the full potential of these changes. Those financial institutions that lead the way in realizing the value to be offered alongside SEPA formats and PSD2 will win the cash management customers and take regulation beyond just basic compliance.
- The formats offer the capability to offer more remittance information and realize improved reporting and reconciliation.
- With SEPA credit transfers (SCT) and SEPA direct debits (SDD) already in production, and end dates for the migration from legacy instruments looming, banks are working hard to meet the new regulations and offer value-added services, while minimizing the investment required.
- SEPA Cards Framework (SCF) provides high level principles and rules for schemes, banks, and processors to enable European customers to use general purpose cards to make payments and cash withdrawals in Euro throughout the SEPA area with the same ease, convenience and method as domestically.
- SCF mandated the use of EMV to cut cross-border card fraud and the rollout is still in process a number of countries.
- PSD2 drives more convenience and access to the user. Real-time information and notifications, additional security requirements and overall greater consistency aims to drive ecommerce and promises more transparency around payments services.
- Immediate Payments: Designing the Future of European Payments (White Paper)
- Instant Payments – The Journey So Far (Executive Guide)
- The Promise of ISO 20022 in Payments: from Standard to Value (White Paper)
- SCT-INST | What Seems the Same is Very Different (AKA: SEPA Credit Transfer Inst)
- Basel III: an Opportunity to Execute a Big Payment Data Strategy (White Paper)
Financial Messaging | The Cornerstone of Financial Services
Financial institutions must be able to send and receive multiple messages in many different formats. Yet, they are under ever-increasing pressure to reduce operational and infrastructure costs while improving service levels.
The transition to MX / ISO20022 is a key global event for financial messaging in the evolution to leverage new technologies and increase cost efficiencies. And use of the SWIFT network is increasingly being adopted by the corporate market.
By coupling SWIFTNet with a streamlined internal operation, financial institutions can improve efficiency and focus on new business initiatives to increase revenues.
A financial institution must consider the impact of MX on their entire ecosystem. A foundation that supports the InterAct and FileAct protocols as well as MX solutions sets such as SWIFTNet Funds, Cash Management, etc. is critical to establishing a financial institution for the dynamic changes in the global messaging arena.
Low Value Payments
Low Value and Bulk Payments Processing
As low value payment products become more complex, with new demands from regulators and customers alike, it is imperative that financial institutions have processing models that support the new requirements. Whether it be a move to same day ACH, extended remittance information, cross-border or newer formats to be supported, batch processing is becoming more complex globally.
Electronic volumes are growing, based on greater access to funds, and the confidence consumers have in the protection offered for these types of transactions. At the same time, the underlying structures of these transactions are changing.
ISO 20022 structures are more prevalent and extended remittance information is critical to providing information associated with the transactions. It is critical that a payment engine can support both the growth and evolution to meet these demands.
Customers of financial institutions are increasingly demanding real-time processing that offers improved visibility to real-time liquidity information.
Traditionally, this has been focused on high-value payments, but now the expectation for real-time, immediate payments is moving to lower value transactions. While there is still the need for batch processing such as SEPA, more and more real-time initiatives are underway such as U.K. Faster Payments, Singapore's FAST/G3 and the Australia New Payments Platform to meet the demands of consumers and businesses.
Sophisticated, consistent processing is needed regardless of whether these transactions are processed as domestic ACH, non-urgent cross-border transactions or in real-time according to a specific country scheme.
RTGS and Wire Transfer
Real Time Gross Settlement (RTGS) and Wire Transfer
Payments processing for single, immediate, time-sensitive or high value transactions represents one of the key products that a financial institution offers. RTGS and wire payments must be processed and settled in real time, with the ability to provide customers with real time information and status updates.
ACI provides global payment processing solutions that streamline high value payments processing and provide continuous processing to maximize straight-through processing (STP) rates. The Universal Payments technology enables country-specific clearing connections to be added quickly with low risk to the financial institution.
- Three Challenges for Transaction Banking in the New Payments Ecosystem (Blog)
- Real-Time Payments Will be Europe’s Most Dominant Payments System (Blog)
- Managing Risk in Wholesale Payments: Operational Liquidity & Fraud (Executive Guide)
- SCT Inst - What Seems the Same is Very Different (Executive Guide)