PaymentSource hosted a webinar featuring Erika Baumann, Senior Research Analyst for Aite Group, and Mark Ranta, Payments Practice Lead for Alacriti, discussing payments modernization strategy that works with existing structure. Here, we summarize that conversation and provide more on payments modernization.
Faster Payments Landscape
The disjointed nature of services, products, and channels within a financial institution, is a huge pain point. Adding new functionality and innovation is necessary. However, with legacy infrastructure, that has traditionally involved working with various vendors. Having a patchwork of vendors creates a disjointed experience in terms of what accounts are accessible, what fees are being assessed, what products are available across channels, and the look and feel of the experience. As a result, financial institutions have been challenged with how to meet their clients where they want to be met with how they want to pay. How to drive flexibility within the FI’s core systems to change those services as new clearing and settlement channels arise is a key concern.
This White Paper is brought to you by: Alacriti