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Whitepaper outlines best practice approach to enterprise-wide payments factory

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Volante Technologies has released a whitepaper focusing on a recommended approach to bringing about the benefits of a payments factory methodology to payments processing.

Chief executives, chief financial officers and treasurers are seeking ways to better streamline and harmonise their payments collection, processing and cash concentration practices while managing increasing numbers of bank relationships. 
 
Volante Technologies says one size does not fit all, and what each treasurer seeks to implement are the components of a central payments hub suited to their size, region, department and preference.
 
Looking at the benefits of introducing a payments factory, Volante’s whitepaper explores the origins of payments factories and the benefits of using an enterprise-wide payments factory approach. The whitepaper also details some of the challenges with implementation and the consequences of not deploying a payment factory. 
 
Volante advocates being prepared for constant change by having a strongly defined and implemented data integration strategy.  For example, applying a common data model to each line of business overcomes the need to change and re-test whenever standards change.  Sharing technologies such as Services-Orientated Architecture (SOA) ensures that common functions, such as data validation and compliance checks, can be implemented only once. This, combined with the use of advanced, out-of-the-box tools to support external data models, dramatically speeds up implementation timescales. 
 
Vijay Oddiraju, chief executive of Volante Technologies, says: “Every CEO and CFO is today challenged by how best to integrate legacy and existing systems efficiently and quickly in order to take advantage of new technologies and payments processing approaches. Helping our customers extract insight and value and ultimately gain a competitive edge is at the core of our corporate strategy.”
 
Dan Connell, managing director, Greenwich Associates, says: “The implementation of a robust payments factory integration layer across the processing stack not only reduces the on-going maintenance requirements associated with disparate and ever-changing data standards, but also delivers liquidity, efficiency and cost savings benefits. However, the critical challenge faced today is how to build a payment factory model that meets the unique requirements of any individual organisation. Applying a best practice approach to payments factory implementation enables any financial institution to proactively demonstrate that they are responding to ever-increasing compliance requirements and illustrate that they are driving operational efficiencies, controlling risk and delivering greater visibility across their entire organisation.”

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