The Misys Transaction Banking Survey revealed that 65% of those canvassed stated they needed a simplified process for making changes to payment standards and rules across their multiple payment systems. The consensus amongst the banks surveyed was that they must improve their payment processing systems and that centralising these payment processes through a payment hub was an efficient and cost-effective way to achieve this.
The second highest priority for banks, selected by 55% of respondents, was the ability to track payments as they pass through processing systems. 15% of respondents believed their customers would rate their payment processing service as ‘average’ or ‘below-average’. Banks also prioritized gaining better metrics for monitoring service levels and charges (50% of respondents) and improving the quality of their outgoing messages (45% of respondents).
Barry Kislingbury, solutions manager of payments and messaging at Misys, said: “Misys has developed a packaged payment hub to satisfy these demands. This addresses the difficulties faced by banks with multiple core-processing systems and enables them to centralize and streamline their payment processes. Misys Payment Manager works with existing back-office systems to deliver more efficient and visible payment workflows.”
Olivier Berthier, solutions director of transaction banking at Misys, said: “This research supports what we are seeing in the market. Banks are still looking at traditional trade finance instruments, such as Letters of Credit, as a very important part of their corporate offering, while also investing in new models and setting up new financial supply chain services. This underlines the importance of choosing a solution provider that can support the bank’s customers whatever their trade finance requirements.”
Misys provides integrated solutions to organizations in the financial services and healthcare industries.
