Financial institutions still manage retail payments in silos separated by line of business. Information about payments made by credit, debit, ACH, and so forth are held within those lines of business, so financial institutions (FIs) have little information on overall spend patterns and behavior.
Goals and Objectives
Unifying payment systems across an institution to provide better service, offer additional services, and get a 360-degree view of the customer’s payment activities. This complete view allows the financial institution to offer targeted services to individual customers as well as learn more about their customers in aggregate.
- Service-oriented architecture
- Big data/analytics
Use Case Summary
Using a unified payment architecture, lines of business share common processes, and information about customer payments is tied to the customer, not the payment method.