VISMA Connect Payments Outsourcing for Banks
Why banks should consider Payments Outsourcing
The introduction of Instant Payments in Europe and the launch of Open Banking/PSD2 have undoubtedly disrupted payments. But these are just two examples of the many, significant changes that banks need to stomach. Others include the upcoming inter-FI ISO 20022 migration, Request to Pay, developing innovative services on top of Instant Payments, and dealing with declining Credit Transfer volumes due to Instant Payments. Customers expect more to be delivered faster and for less, but always with operational excellence! This is a true challenge for every bank, but even more so for small and medium-sized ones. Outsourcing can help.
Outsourcing pros and cons
Banks are seriously considering outsourcing their payments back-office. A substantial number have already decided to take this step. Outsourcing offers the bank major advantages. It frees up internal capacity, allowing banks to focus on staying competitive rather than tending to non-differentiating compliance tasks. Another benefit is better access to innovation.
What about potential disadvantages? Outsourcing often seems to come with an important trade-off. In exchange for an efficiently managed service, the service is shared and standardized across multiple clients, potentially limiting the ability of a bank to offer tailored services to customers. It can also be difficult to efficiently integrate the outsourced service into the bank’s existing application landscape. If done wrong, standardization to this degree does increase the bank’s integration effort and may hamper its ability to compete. This greatly diminishes the benefits of outsourcing.
With the right approach, it is possible to gain the benefits of scale, while retaining flexibility. This is the principle behind the VISMA Connect Payments Outsourcing Service.
Visma Connect’s Payments Outsourcing Service delivers increased flexibility and the benefits of scale:
- It’s based on the proven IBM Critical Payments Processing and Integration Platform, used by more than 50 global banks to gain flexibility with high-end and real-time 24/7, performance and stability;
- SEPA Instant Payments, Credit Transfer, and Direct Debit ready, with the ability to support international payments processing;
- Hosted in the Netherlands;
- Implementation based on a transformational view;
- Agile development process for client customisations.
Who is it for?
- Banks looking to increase flexibility and reduce the burden of compliance
What are the benefits?
- Less focus on “business as usual” and compliance
- Increased innovation capability
- Increased cost efficiency
- Increased agility
- Available 24/7
- More value under one roof, combine it with our Anti-Financial Crime SaaS services, and Market Infrastructure Gateway for added benefits
Why Visma Connect?
VISMA Connect has more than 14 years of experience in providing critical messaging SaaS services. VISMA group is a European leader in SaaS services that has demonstrated solid and continued growth over the last 24 years.
Based on our experience:
- There is no such thing as a standard payments process for banks
- Outsourcing driven by a focus on functionality is not enough, the underlying technology and architecture of the platform are crucial to be future-proof.
Use the contact button below or call and ask for Paul van der Valk.
Critical Payments Solutions
- Critical Payments Solutions
- Corporate Payments and Reporting
- PSD2 Connectivity and Processing
- SWIFTNet Connectivity
- Anti-financial Crime services