BHMI, a leading provider of enterprise software applications and creator of the Concourse Financial Software Suite™, today announced the availability of a new white paper, developed in partnership with Mercator Advisory Group, that focuses on the impact and implications of faster payments on U.S. payments processors, networks and bank technology providers. It outlines specific challenges that each may face as the industry moves toward a real-time payments environment.
The research brief, “Is Your Back Office Keeping Up with the New World of Payments?” takes a critical look at the current state of the nation’s faster payments landscape. It examines the real-world implications for organizations attempting to adopt these new platforms while relying on outdated back-office legacy systems. With a balanced point of view, the paper examines in detail what adoption will entail, and provides best practices and suggested methods for achieving a successful end-to-end implementation.
“Modernizing payments to capitalize on next gen technology involves a lot more than creating a nice front-end mobile or web app. After someone clicks or touches ‘send’ there are multiple systemic and process touchpoints that need to smoothly integrate so that counterparties are happy with the end result,” said Steve Murphy, Director of Commercial and Enterprise Payments at Mercator Advisory Group.
“No matter how fast a payment moves through the network, it still has to be processed in the back office, and that is what will ultimately decide the speed of faster payments,” said Dr. Jack Baldwin, CEO of BHMI. “In working with Mercator Advisory Group, it is our intent to provide some actionable insights for today’s payments companies as they navigate a rapidly evolving industry landscape.”
To learn more and download the new white paper, visit PaymentsJournal today www.paymentsjournal.com/are-you-ready-for-faster-payments.
BHMI is a leading provider of product-based software solutions focused on the back‑office processing of electronic payment transactions. The company is best known as the creator of the Concourse Financial Software Suite™ – a unique integrated collection of back‑office products allowing companies to quickly and easily adapt to the rapidly changing world of payments. Concourse is a cohesive and integrated package, including settlement, reconciliation, fees processing, and disputes workflow management, that reduces the cost and complexity of back‑office processing. Concourse’s continuous processing, near real‑time architecture and powerful rules engine is ideally suited for new payment initiatives like P2P and enables companies to perform back‑office processing for any type of payment transaction. To learn how your company can benefit from the power and flexibility of Concourse, please visit www.bhmi.com.