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Fintech & Banking

Payments Modernization

Payments Modernization involves transforming a financial institution’s existing systems to allow for fast, flexible, and secure transactions.

Payments Modernization not only enables innovation to allow for frictionless, seamless transactions, but also makes FI-Fintech collaboration easier and creates room for advanced data-driven analytics.

In Canada, this initiative is being overseen by Payments Canada since 2016, with the objective of:

  • Rebuilding the foundation for High-Value Transactions
  • Creating a real-time capability for urgent transactions
  • Establishing new infrastructure for batch payments and enhanced automated fund transfers
  • Aligning Canada with global best practice rules and standards
  • Rewriting the rules governing all types of payments
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While payments modernization includes various elements that are critical for any financial institution, such as fraud detection and enabling faster, improved payments, it can also help organizations enhance their competitive positioning through innovations like improved analytics and reporting and flexibility in customer payment options.

Data is the common denominator and differentiator for all the elements of your organization’s payment architecture. With a trusted data expert like Adastra, you can not only get the most out of your budget, but can also differentiate yourself from your competition by including advanced modernization solutions, such as multi-channel AI-based fraud detection, model-driven real-time treasury and liquidity decisioning, and intelligent process automation in your payments architecture.

Getting the Most from your Modernization Budget

In today’s digital economy, data is an organization’s most critical asset. Well-curated data rewards companies with actionable and valuable insights, and how your organization uses data can be the differentiating factor between meeting basic requirements, beating the competition and exceeding stakeholder expectations.

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Payments Modernization is not a one-stop solution, instead it encompasses multiple layers and options that financial institutions can adopt. In order to meet basic regulatory requirements, or hygiene requirements, banks would have to make provisions for fraud detection, improved payments accuracy, interoperability and ISO20022-based openness or compatibility. However, these provisions would be common amongst banks, and would not serve to attract customers, even if they do make improve service delivery.

The next layer in the hierarchy includes elements that can help your bank stand out amongst the competition, either by means of excellent service or improved back-end operations that enhance the organization’s decision-making and profitability. This would include flexibility for customers by means of payment options and a choice of payment channels, improved analytics and reporting, AI-based fraud detection, and retro-fitting of legacy payment systems.

Finally, Payments Modernization brings with it the opportunity to wow your customers and internal stakeholders through adoption of advanced solutions such as multi-channel AI-based fraud detection, intelligent process automation, visualizations and reporting for brand, product owners and customers, and model-driven real-time treasury and liquidity decisioning. It can also help your organization develop innovative new products through a deeper understanding of your customers, product profitability and other factors.

In all the rungs of the Payments Modernization hierarchy, data remains the common denominator and Adastra provides the three crucial components that will help you get the most out of your payments modernization budget: Data, Governance, and Analytics and AI.

Adastra can help you get the most out of your new data and enable data-driven functionality to complement and enhance your payment solutions. We specialize in enabling near real-time inquiry to all channels, including branch, contact center, web and mobile, so your customers have access to a seamless payment interface. We can also help mitigate risk through enhanced fraud analytics and preventing data-related issues.

Looking for solutions to address your payment modernization needs? Contact us to book a free consultation.

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