- What is embedded preprocessing?
- What are the benefits of embedded pre-processing for financial institutions?
- Why is pre-processing now so essential for the effective structure and format of financial messaging and routing?
- What impact does optionality around routing mean for financial institutions and their customers? How does this impact liquidity and their ability to provide better customer service and experience?
- Why do financial institutions need to consider the importance of de-risking their payments modernisation journey?
Banks are facing a host of challenges for payments processing with the introduction of new regulations, standards (such as ISO 20022), and new payment rails. They therefore need to both manage the cost and prioritise the efficiency of straight through processing, while they adapt to these new requirements.
Assuming that banks are either locked-in to a legacy system for a certain number of years, or the project of a full payments modernisation journey is too complex, it is essential that there is the option of selecting an approach that is not too risky so that financial institutions can continue with their modernisation journey. Banks must be given a path to start small and test the waters in the first instance.
Pre-validation and pre-processing with steps toward ISO 20022 integration can help banks de-risk their modernisation roadmaps. By enriching existing payment processing flows, firms can benefit from immediate improvements through automation and reduction in routing errors, while isolating legacy frameworks to position themselves for a full transformation when the timing and cost is suitable for the institution.
Sign up for this Finextra webinar, hosted in association with Volante, to join our panel of industry experts who will explore how embedded pre-processing sets the foundation for seamless and future-proofed payments modernisation.
Speakers:
- Gary Wright - Head of Research, Finextra [Moderator]
- Anoop Basavarajaiah - Global Head of Payments, Volante