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Wednesday July 07, 05:30
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Banks Need More Efficient Payments Operations
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Payment operations, or the largest cost base in banks’ payments value chain, are “becoming the first point of attack in banks’ efforts to address issues of falling margins, operational efficiency and automation/STP”, according to Datamonitor. Legacy payment systems impede communications, but wholesale payment solutions enable banks to centralize and manage routine processes while consolidating access to external networks. In this context, Datamonitor recommends a gradual, phased approach to payments re-engineering so as to achieve a flexible and scalable solution.
Enterprise application integration will be central to banks’ long-term payments re-engineering efforts, Datamonitor predicts, while indicating banks to be most interested in achieving point-to-point connectivity across the processing value chain. European banks faced with falling margins in payments are pressurized to increase their efficiency and STP with the commoditization of payment services offered to corporate clients. Those using open-standard middleware as the basis for multi-channel integration will be the eventual winners in a rapidly tightening market.
(Datamonitor)
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