Datos Report: Payment Hubs
Banks must centralize payments and move forward with urgency
Stack and standards can overcome existing hurdles in a new generation payments hub
Payments modernization is a continual headache for financial institutions. Leaders rank payments among their top three enterprise initiatives and are allocating significant resources to upgrade and streamline payments infrastructure. To achieve these goals, a new breed of payment hub capabilities are a critical component. This report analyzes the benefits of centralizing payment processing and how it can overcome existing hurdles in new business generation.
A Payment Hub…
- is a centralized platform for processing and managing multiple payment types that will be processed and routed to internal and external payments infrastructures.
- make it easier for banks to create a single view of the customer across all payment types, which is particularly valuable in servicing large commercial clients.
- is a single point of integration for multiple payment channels, types, and systems, enabling banks to streamline their payment operations, reduce complexity, and enhance efficiency.
- allows greater visibility, control and standardization across the entire payment transaction and account lifecycle.
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- Payment hubs support business goals across multiple dimensions
- Payment hubs are already prevalent, mainly for large banks but gaining ground for smaller banks
- Existing payment hub implementations provide benefits but there is more potential
- Payment hubs provide more consistent and efficient services across the entire payment portfolio
- Leading vendors’ adoption of proven cloud technologies create new potential