Current Situation
The separation of payment products by line of business also means that payments that could be handled through less expensive or more efficient means will often be routed across pricier options (credit, wire, etc.).
Goals and Objectives
A unified payment system offers customers the option to determine settlement based on lower costs, faster settlement times or some other criteria regardless of initiating payment channel.
Technology Deployed
- Service-oriented architecture
- Big data/analytics
- Cognitive
Use Case Summary
Using a combination of a services-oriented architecture, data, and machine learning, payments can be automatically routed based on criteria set by the institution or negotiated with the individual customers, and new settlement networks can be added more quickly.