Similar to core transaction processing systems, technology advances have also changed the way transactions are captured and results delivered. Technology has raised system potential, while competition has raised customer expectations regarding service levels, service contents and service delivery modes. Today, customers want more services, at places and times of their convenience, including 24*7 from both the privacy and comfort of their homes, as well as anywhere in the world.

Rising manpower costs and continuously improving technology cost benefit ratios have redefined the manual v/s automated delivery mechanism mix proportions. Introducing, expanding and sharing of delivery channel networks, as also influencing and diverting customer preferences towards automated service outlets has become a survival and growth mantra for banks.

However, this leads to the all too familiar legacy system integration issues. Even though the payment system industry is fairly standards driven, the so called last mile integration still happens in non-standard ways, as implementing these standards in old technologies is close to impossible, and given the extremely short time-to-market, bending them is far easier.

The payment systems, especially the specific delivery channels, are undergoing continuous technology upgrades. New standards are emerging for their meaningful integration. With growing popularity, their usage is increasing, and risks such money laundering are becoming major threats. This has given rise to different compliance requirements, and it has become an industry in itself.

Banks have to take into account these angles when making technology choices, especially the architectural ones. They have to ensure that the common backbone to support the individual delivery channels is vertically scalable to handle growing transaction volumes, horizontally expandable to accommodate newer functionalities, operationally simple to keep costs and complexities low, and qualitatively robust to allow tight controls to prevent system misuse.

To be able to make the right choices, banks need to understand the technology jargon, know the potentials and limitations of available alternatives, understand and be capable of mitigating risks of various approaches, and still keep their business goals in clear view. This is a tall order, especially for organizations like banks that have deep rooted domain capabilities, and only an operational view of information systems.

Ambiguities in Payment System Implementation
Payment Systems are by nature quite complex, as they fuse different technologies together. More specifically, banks need clarity in the following areas

Why Switch (Justification)
Customer Convenience
Business Possibilities
Operational Control
Lower Transaction Cost
Quicker Deployment
Bank asset and not a branch asset

What Is A Switch (Concept)
Channel Integration
External World Gateway
Connectivity Options

What Cost Switch (Costing)
Initial Cost
Ongoing Costs / Savings
Return on Investment

When Switch (Timing)
Own Network Readiness
Core Banking Availability

Which Switch (Selection)
Business Requirements
Banking System Fitment
Budgetary Fitment

How Switching (Process)
Selection Process
Pre-Implementation Planning
Implementation Process
Post-Implementation Processes
Expansion Roadmap

Abhyarth’s Contribution

Abhyarth, with their Payment Systems specialization, can make a sea change to the scenario for the bank. With us in the picture, banks can concentrate on setting realistic technology milestones, and leave the rest to us. Our services in this sphere include

Pre-Migration Assistance

Restating business goals in terms of technology milestones
Translating technology milestones into project plans
Evaluating the technological, architectural and design choices proposed by the Solution Providers, in the light of bank’s business goals, bank’s existing technology framework, and the current and expected industry trends, and suggesting the most suitable among them

Migration Phase Assistance

Coordinating various solution providers’ efforts towards early and smooth commissioning

Post-Migration Assistance

Continuing support / enhancement guidance post commissioning

To discuss how these services can help you in your specific situations, please contact us