Today’s Financial Services industry is a fast changing and challenging place. The key to success for many banks in the forthcoming years will be their ability to respond quickly to the changing needs of the market.
Payments will play a central role. With e- and m-commerce dramatically increasing the use of real-time low-value payments, consumers demanding free value-added services and agile new entrants cherry-picking the most lucrative pieces of the banking chain; large established Financial Intuitions are feeling the strain. Legacy systems hinder banks’ ability to respond and are increasingly the cause of significant business issues.
A few years ago, banks were tending to look at their strategic payments-hub vision, but now many have no choice but to respond to the immediate challenges of bringing their payments offerings into the modern age to meet their customers’ demands. Today’s consumers are IT and internet-savvy. They expect their bank to meet their increasingly 24/7, real-time, digital lifestyle. They increasingly expect to be able to make payments of any value, in any currency, to anyone, at anytime from anywhere in the world.
In addition to customer-driven change there are also many payments initiatives being introduced across the globe to mitigate risk or address growing regulatory requirements. Using CGI’s business case modeling tools, more and more institutions are seeing the size of benefits available from replacing their inflexible legacy payments technology with a fully functional Payment Services Hub (PSH) and in ordering that transformation process to address their most pressing business problems and opportunities first.
Our Answer: CGI All Payments
CGI All Payments is an intelligent and flexible payment hub that can help you meet today’s challenges and achieve your long-term payments vision.
It has tailored processes for single (‘high care*’) and mass payments and is capable of running separate services concurrently without performance degradation. Being able to process more than 50 million transactions an hour, CGI All Payments is uniquely positioned to meet the increasing demands for processing both traditional batch and bulk real-time payments. Its adaptable architecture supports initiatives to streamline payment processes and improve STP rates, whilst allowing you to offer multiple service offerings and service levels to your customers.
CGI All Payments creates revenue streams:
· It helps you make customers “sticky” through selling them value-added solutions (e.g. apps that leverage payment information flows)
· It allows you to offer finer granularity offerings (translations/workflow management (BPO)/payment lifecycle management) and so greater differentiation of services
· It is more than just a framework it arrives ready-equipped with the functionality you need to deliver a rapid ROI, supported by experienced people, who understand business needs, client ecosystems and the associated challenges
CGI All Payments controls costs:
· It supports multiple bank entities across multiple countries, time-zones and languages. This enables you to consolidate back-office processes by replacing multiple legacy payment systems with a single payment services hub
· It focuses on Straight Through Processing, reducing the need for manual data entry (e.g. repair). As a result, there’s less risk and lower costs.
CGI All Payments reduces deployment times:
· It plugs straight into your current infrastructure. You only need to add components (e.g. for checking currency rates and recipients’ account details) if the systems you have are out of date, or you want to take advantage of new technology. And you only need to do it on a case by case basis. If on the other hand you have systems that you wish to retain it can work cooperatively with these
· It makes it easy to add new services or make changes later
· Its consolidated, service-based view promotes centralized processing rather than silo-based resulting in improved discipline across lines of business and a stronger link between individual project and overall governance
By integrating CGI’s workflow engines for batch payments, high care payments and real-time retail payments, plus a tailor-made Business Activity Monitoring (BAM) solution, our PSH offers:
· harmonized workflow management,
· a single view of transactions and,
· customer services based upon business intelligence.
A modular solution:
In today’s climate, Financial Institutions seek to avoid ‘big bang’ approaches to large scale projects. It is difficult to justify the risk/reward balance and many large Financial Institutions have a prioritized renovation roadmap.
CGI All Payments and its associated family of CGI payment solutions offer a modular solution, so individual parts of the Financial Institution’s overall payments system can be renewed at a time and pace that suits the needs of the business. Its modules include:
· Payment services: The introduction of high-volume, high-care and real-time payment services enable you to meet market and customer demands on a prioritized basis whilst working towards your end payments vision
· HotScan: Our real-time payment-filtering software helps banks meet regulatory requirements around identifying suspicious transactions and preventing the transmission of ‘bad’ money. It includes solutions that dramatically increase efficiency when it comes to scanning false positives and has recently been enhanced to include intelligent self-learning (ISL)
· FASTWIRE Open: A financial messaging system compatible with a wide range of message formats and hosts. It covers everything from SWIFT to XML. All your messages come through one system, so it’s cheaper (and easier) to manage
· Liquidity Payments Manager (LPM): This has been built to specifically address the real-time management of intra-day liquidity across domestic and international payments. LPM ensures you know where your money is in real-time
· Business Activity Monitor (BAM): In large complex payment systems it is difficult to track and prioritize potential issues. BAM provides configurable dashboards to execute business rules and alert users (business and technical) if anything unusual happens (e.g. processing bottlenecks), identifying where the problem is and suggesting how to fix it.
WHY WORK WITH CGI?
· We’ve been supporting and shaping the Financial Services market for over 40 years. We were behind the original design for the SWIFT interbank network in the early 1970s, and since then we’ve worked with 70% of the world’s top financial institutions, including 8 of the top 10 global banks.
· Our systems currently process: 40% of the world’s foreign exchange, 19 trillion USD in funds transfers each day, as well as 15% of all SWIFT messages. We have built more than 20 of the world’s RTGS payment structures. Our clients are supported by over 10,000 Financial Services professionals based across 40 countries.
· We work as a partner, not just a provider. Through a consistent, disciplined and accountable delivery approach, CGI has achieved an industry-leading track record of on-time, on-budget projects. As a result, our average client satisfaction score for the past 10 years has measured consistently higher than 9 out of 10. We are helping financial institutions, including most major banks and top insurers, reduce cost, increase efficiency and improve customer service.
* The provision of CGI All Payments high care payment services utilizes some proprietary software belonging to Dovetail Systems.