The global financial crisis has yet again focused minds on the need for banks to provide their corporate customers with liquidity and risk management solutions. Additionally, while regulatory measures such as the Single Euro Payments Area (SEPA) and anti-money laundering (AML) legislation require the continuing transformation and investment in wholesale payments, the financial crisis means that heightened cost management is now a critical necessity. The industry has begun to question whether managing these conflicting requirements implies the need for a new approach to wholesale payments technology.
Datamonitor sponsored by ACI Worldwide and IBM, has just published a report that looks at business and technology responses in wholesale payments to the post-financial crisis landscape, and assesses whether a service-oriented architecture (SOA) approach could help to meet these challenges.
Their main findings are;
- Despite the global financial crisis, increasing compliance and customer requirements will continue to drive the need to change wholesale payments.
- Delivering both efficiency and innovation will require the convergence of so-called “siloed” payments operations and processes.
- The underlying IT platforms will need to support process standardization and simplification while achieving efficiency at the same time.
- The SOA approach can enable this change by facilitating extensibility and providing operational leverage while controlling costs.
To download the full Datamonitor report go to:
http://www.aciworldwide.com/downloads/PreparingWholesalePaymentsforthePost-FinancialCrisis.pdf