If a bank client receives all required financial services in the one bank, he does not look for alternative offers. All required financial services are included payments services like mobile communication, housing and public utilities, taxes, and penalties. As a result, the bank should offer its clients wild range payments services and opportunity to pay via any remote channels: Internet and mobile banking, teller desks, ATMs
To deliver high quality payments services the bank should have a dedicated solution. If the bank has not implemented that kind solution its clients can pay for less 500 providers via remote channels.
Payments Hub is a centralized solution payments acceptance. It helps bank to offer wild range payments services in all channels. Based on our experience the banks which implemented Payments Hub accept payments for 1 000 — 10 000 service provider and more.
Using standard built-in tools without huge labor costs, you can set the gateways to the largest payment billing aggregators and state services or accept payments via direct contracts. «Off-the-box» solution Payments Hub allow to divide services in different regions, calculate commissions online, input counter reading and other features.
High quality payments system with friendly interfaces is a challenge for any bank due-to large costs. If the bank has not a dedicated solution, the returns with payments acceptance are low then the costs to implement and support payments services.
Payments Hub helps effectively with low labor costs to set up payments acceptance to large network of service provider. The solution implements setting and management service providers at each channel, centralized unload statement to Core Banking System. It has tools for quick payment service via teller desk and simple adding new suppliers.
As a result, after Payment Hub implemented the costs for supporting payment services by bank employees reduce tenfold and the amount of services available for the clients grows.
The bank expends its geography due-to agents to offer its services quickly and without extra-costs. Cooperation bank and agents is particular and should be supported by a dedicated solution for more efficient. Payments Hub helps the bank to organize payments acceptance via agent network.
The bank usually has two reason to develop agent networks:
- Deposit bank product is relevant for a retail bank servicing a large amount of individuals. Agents like payment billing aggregators, communication shops network, and other banks — accept payments to the bank. Online control payments details and checking payments status reduce claims activities in the bank.
- Payments acceptance as a separate business segment. If the bank has many direct contracts with service providers it might increase amount of payments and commission incomes via agent networks. At that case the bank develops payments acceptance as a separate business segments.
With Payments Hub the bank implements any business-module in cooperation with agents. The solution support communication with agent networks and sub-agent operations, account maintenance and handling. Agents have an access to web-application to manage own agent networks and additional software for teller desk, self-service kiosks and smart-phones. All cooperation between the bank and the agents is fully automatic. Payments Hub helps to decrease labour costs drastically during cooperation with agents and to improve communication quality.
Payments acceptance is profitable due-to fees. Instead of interest income fee revenues do not depend on market conditions and have not risks. Commission income is positive financial factor and stabilizes income structure.
Fee revenues depends on amount of commission To set commission amount flexibly the bank should have a dedicated solution. In the absence of the technical capability, the bank usually can’t manage commission amount and loses profit.
Payments Hub helps to set up different types of parameters for fees. For example, a branch or banking service channel, service provider, payment amount, time. Commission may be simple (percentage or fixed sum) and complicated ones (calculated with the formula). All fees calculate online.
With such technical tool, the bank may double fee revenues and more saving current amount of payments and customer loyalty.
Bank clients make payments round-the-clock and except instant crediting the account for some services such as mobile communication So the main requirements to payments system in the bank is operating day-and-night, and minimum time for recovery after power failure.
Payments Hub responds for sustainable payments service available round-the-clock. Without centralized payments system it’s impossible to achieve such results in stability.
Payments Hub has developed mechanisms to deliver sustainability and to operate «active — active» in two across multiple locations. All solution tools family scale. Any tools failure must not result in paralysis. Moreover the solution contains mechanisms for routing for payments via alternative channel if the main one is not available.
Modern remote banking services often offer recurrent payments services. Bank may deliver such services via different ways. We recommend to implement it via single payments system. Because such approach reduces integration costs and simplify service management.
Payments Hub offers recurrent payments available in all banking channels from off-the-shelf solution. It includes scheduled payments, payments at event (for example, a payment for mobile service when reaching a minimum threshold balance), and payments at debt occurrence.
The bank can implement recurrent payments service as a stand-alone system. However, its features admirably encompass the architecture of Payments Hub which contains the main utilities in out-the-box solution.
Cyber security is an important item in the payments system. The bank operates hundreds payments via different channels per day. Many payments process online and it’s impossible to track down a bag manually. So the bank should explore the issue of cyber security in centralized payments system in advance.
Payments Hub contains a set of tools for successful secure transaction and saving from fraud. The solution helps to deliver transaction integrity, secure storage of keys, password policy, audit of employee’s activities, and other safety requirements. As a result Payments Hub complies with the requirements of information safety in the bank.
Also Payments Hub has in-built anti-fraud service which was developed to control the frauds during micro-payments. For example, handler with the white and black lists, analysis of payments details, identification of non-standard occasion, and others. Based on our experience such features are enough for bank during Payments Hub implementation. If the bank implemented a separate anti-fraud system, the solution contains a standard API for integration with it.
