Convergent Payments Optimization: Service-Oriented Technology Creates a Single Hallway for Payments Processing
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Overview: Streamlining payments processing is an effective way to improve financial institution profitability, especially now when payments account for a greater percentage of financial institution revenue. Through a convergent payments solution, dramatic reductions in cost can be realized. In addition, the new services that a convergent payments solution enables are highly valued by corporate treasurers. Financial institutions can use these services to defend and increase market share while enhancing revenues. Fiserv research points to the fact that corporations will be willing to change processors and even pay higher fees to get the speed, safety, transparency and control that a convergent payments solution provides. Fiserv has developed the Convergent Payments Optimization approach and Convergent Payments Solutions based upon input gleaned from financial institutions and its experience as a payments processor. This has resulted in three points of differentiation found only in Convergent Payments Solutions from Fiserv: 1. ACH is the normative transaction. 2. A single hallway approach is leveraged to facilitate cost containment, reduce errors and prevent fraud. 3. SOA architecture facilitates a variety of deployment and data access options. Fiserv is confident that its Convergent Payments Optimization approach provides the right combination of benefits, including cost reduction, customer value and operational risk management. In addition, Fiserv believes that it can bring all the advantages of converged payments processing to a wide range of financial institutions.