Compass Plus, the global payments software provider, today announced the availability of a new white paper on âOptimising Payment Platforms For Profitability and Commercial Successâ which analyses the role payments play in differentiating a financial institution (FI) and compares the four main payment platform options for FIs. According to the paper, to remain competitive in a marketplace which is increasingly dynamic, regulated and unpredictable, FIs need to embrace Open Payment Development Platforms (OPDPs) to boost performance, profitability and commercial success.
Payments is the most basic and pervasive financial service. Establishing trust and maintaining convenience is central to building customer loyalty. Consumers will stay loyal to those FIs which offer easy access to innovative, secure and reliable payment services through a variety of channels.
The solution for FIs is no longer a choice between in-house or proprietary systems, the typical approach adopted by FIs. There is now a way to harness the best of both worlds. OPDPs provide application programme interfaces that enable the functionality of an underlying payment platform to be customised by FIs. Put simply, OPDPs empower in-house teams to develop, customise and further innovate existing, pre-tested software using toolkits from proven payment experts.
The white paper outlines how OPDPs can help overcome the major challenges faced by financial institutions including:
Consumer Demands: Todayâs mobile, socially oriented, security conscious and loyalty reluctant customers need banking products that cater for new consumer behaviour
Evolving Security Requirements: Greater legislation and regulation from local and international bodies - SEPA, PCI, and card issuer mandates â has created an environment of constant change
Increased Competition and Disruptive Forces: Peer-to-peer payment providers, mobile operators, retail institutions and global digital media companies are all competing with FIs to âownâ the customer
Outmoded Systems: Legacy systems and âislandsâ of in-house development reduces an FIs agility to deliver new services and respond quickly to changing regulatory demands
âBuilding richer, deeper relationships with customers while speeding time to market, reducing costs and enabling faster revenue generation will be the key attributes of a successful 21st Century financial institution. The white paper shows that FIs shouldnât waste in-house resources trying to âreinvent the wheelâ when they could build on the existing knowhow of well established industry experts such as Compass Plus.
Instead they can concentrate their efforts on introducing new banking services quickly and efficiently for greater profitability and commercial success,â said Filipe Dos Santos, Regional Sales Director for Europe, Compass Plus.