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Enterprise payments

Over the last couple of years, payments has witnessed major regulatory changes and innovation. In Europe, SEPA is driving the establishment of a unified, single domestic payments area. SEPA is aiming to improve efficiency and consumer convenience, and create new challenges for financial institutions. Innovation in the form of mobile payments has the potential to change the way the world transfers money, providing infinite opportunities for those who are willing to adapt. The current issue of FINsights is focused on enterprise payments. It contains articles and case studies that provide a comprehensive view of the trends, innovations and regulations in the Payment industry.

Innovation In Retail Payments
By Sabitha Vuppala, Sujata Banerjee

Our experts chart out the retail payments landscape, and focus on innovation and related market trends. The article provides a detailed examination of some of the emerging payment models, opportunities and imperatives for banks in the segments of Consumer-to-Consumer (C2C) money transfers and Consumer-to-Business (C2B) online payments.

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Mobile Payments: Sustainability of Business Models
By Anchal Jain, Sai Prasad Seri and Vikram Srinivasan

The rapid growth in the usage of cell phones has paved the way for better reach of services provided by financial institutions. Subscribers can now pay bills, transfer money, receive credits, open accounts, process salaries and check balances through the SIM of a cell phone. New mobile technology bypasses the brick-and-mortar banks and ATMs and provides a 'virtual ATM' to every mobile phone holder.

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Payment Cards: Trends, Challenges and Innovations
By Amit Lohani, Shashi Bhushan and Balwant C. Surti

The US payments industry continues to move from paper payments to electronic payments (cards). Cards are usually classified into two categories: credit cards and debit cards. In the near future, rapid growth is expected in debit cards. The card industry has always been innovative in its offerings, such as the Contactless Card, the Decoupled Debit Card, etc..Technology and product innovation lead to changes in the business model. What are the key trends, the challenges faced by the industry and innovations in cards?

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Mobile Banking and Payments Security and Usability: What's In Your Mobile Wallet?
By George Tubin

Central to mobile banking and payment adoption and usage is finding the right balance of security, cost and customer convenience. As mobile banking evolves into mobile payments, the issue over control of these payments and their associated fees between mobile operators and Financial Services Institutions (FSIs) will intensify. It is unlikely that a single sign-on used to access a mobile wallet providing access to multiple financial institutions will offer the degree of risk mitigation required by each institution or expected by consumers.

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Wholesale Payments: Trends and Transformation
By Sweta Bais and Ashwin Roongta

The evolution of market forces has affected the wholesale payment industry. In this scenario, banks need to provide better value to their clients. They also need to respond to the clients' additional needs of enterprise risk consolidation and sync with the new and changing payment methods globally. However, new payment methods highlight the need for compliance with regulations and checks against fraud. Our experts recommend a consolidated payment infrastructure platform that can enable banks to support vertical application stacks such as retail payments, wholesale payments, P2P, etc. It will allow banks to respond to client needs promptly, without having to make large and continuing investments.

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Electronic Invoicing: How to Increase e-invoicing B2B Transactions
By Patric Brennan, Vipin Kumar and Nitin Jain

People have a varied interpretation of e-invoicing. For some, it is sending and receiving scanned copies of paper invoices over the Internet. For others, it is downloading invoice data from scanned copies or images directly into their ERP or financial systems. E-invoicing, a component of B2B procurement and a part of the financial supply chain, is a system where organizations can send and receive buyer, supplier and pricing data directly from their purchasing or ERP system. It is done electronically with minimal manual intervention. Our article focuses on the lack of business acceptance of e-invoicing, despite the fact that it can offer significant cost reduction opportunities and the ability to enhance B2B transactions.

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Centralizing Wholesale Payment Services: The Key to Improved Growth, Efficiency And Risk Management
By David Hunkele and Elizabeth A. Cronenweth

As banks evaluate the strategic importance of wholesale payments to their business, the pace of change within the industry is forcing them to address business imperatives - Improved growth, efficiency and risk management with a new sense of urgency. Simultaneously, the industry is moving from payment conversion to convergence, accelerating global payments, breaking down operating silos and exploring ways to improve customer service. What are the forces that impact the initiatives of banks to address these imperatives?

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money movement automation: A Case Study
By Aditya Simhadri

The financial industry faces a constant challenge to continuously improve and enhance operations. One of the key areas of improvement is money movement. Most of the Financial Institutions (FIs) are embarking on money movement automation as one of their top priority projects. While some of them have made progress, most are still at the drawing board. Our case study describes the journey of a large financial institution towards centralization and enhancing its money movement infrastructure.

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Financial Institution Opportunities in Healthcare Revenue Cycle Management
By Robert S. Eichler, Sujata Banerjee and Krishnan Rajagopalan

Ask any doctor, nurse, hospital manager, or even patient what they think of the healthcare industry's current payment system, and the response is not positive. It is obvious that changes need to be effected. New approaches that bridge the gaps in payment among healthcare systems, payers and consumers need to be examined. Administrative expenses and bad debt continue to rise, and changes in benefits have imposed a greater burden onto individual consumers. The current structure of the revenue cycle has many gaps, incomplete and untimely information, and is facing increasing complexities. Financial institutions occupy a central position within the revenue cycle, with the potential to introduce new approaches to help bridge the gaps.

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Enterprise payments: Breaking Barriers
By Aaron McPherson

Our article examines the problem of implementing integrated payment systems, or enterprise payments. As banks have grappled with this challenge, the main concern has been to avoid 'boiling the ocean', finding ways to incrementally reform the myriad payment systems without the costs exceeding the benefits. In short, Return on Investment (ROI) assumes critical importance. Our expert provides a road map for banks to follow, beginning with a central payments database or payments hub.

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Top Transformational Trends in Check Processing
By Ruchi Pincha, Patrick Brennan and Marc S. Giges

The check processing industry is experiencing one of the most dynamic phases in future payments. Development is fully geared to meet the needs of an increasingly demanding customer base. These shifting strategies are impacting gaps such as disconnects between various processing techniques. As business dynamics change, banks face the herculean task of bridging these gaps through innovation and addressing the changing needs of a varied customer base.

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SEPA: Outsourcing - The Key to Changing Times
By Kunal Kuber, Divyesh Padhiyar and Amit Bhagwatkar

On January 28, 2008, The European Commission launched the first step of the Single Euro Payments Area (SEPA), SEPA Credit Transfer (SCT). SEPA is aimed at creating a more competitive and transparent European economy, which will be accomplished by standardizing the rights and obligations of European Union (EU) payments service providers and users, and by establishing a set of open and common industry payments standards across the region. With increased costs and potential losses in revenue, banks need to consider a revised and adaptive business model. While larger banks may start in-sourcing to gain economies of scale, if the scale of in-house investment is too high or the business case is not compelling enough, smaller banks may be forced to consider outsourcing their payments.

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Payments Fraud
By Debashis Pradhan and Naveen Balawat

The financial services industry has undergone major changes. These changes have been facilitated by the ease with which firms can transfer money using different payment methods and channels. It has resulted in the rise of fraud and potential ways in which it can be perpetrated. Though firms have been relatively successful in fending off some forms of attack, they continue to lose billions of dollars to fraud. This battle has been hampered by disjointed efforts to tackle fraud and an increasing sophistication in which fraudsters now operate. We believe firms should take a holistic view to tackle fraud comprehensively.

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