Modernizing the Payments Platform for Delivering Innovative Products
Opus has collaborated with global banks, financial institutions, and service providers to design and build modern payments platforms that are scalable, cloud-native, ISO scheme-agnostic, and follow a multi-tenancy framework. Opus enables its customers to deliver a better user experience and explore new revenue channels.
Key Challenges Faced by FIs and Service Providers with Payment Modernization
Poor user experience for retail customers due to complex workflows, higher friction during payment steps, and higher processing fees
There is a need for a dashboard view for corporate customers that can provide real-time traceability into payments and expenses
Potential business risk posed by the rapid growth of FinTechs that are offering omnichannel experiences and innovative products, such as embedded payments, BNPL, and digital currencies
Traditional banking models, poor API repositories, and system integration issues make it difficult to adopt modern technologies
Complexities and costs associated with ISO adoption due to an ever-evolving rule book and multiple schemes with different timelines
Fragmented payment systems and processes that work on multiple file formats make it difficult to upgrade and scale
Multiple vertical services with interdependent architecture such that changes in one service impact the entire system, cause higher downtime, and increase maintenance costs
Transforming the Payments Hub to Support APIs and BIAN
The global penetration of mobile devices has revolutionized the payments industry. This trend has redefined consumers’ preferences in relation to multiple options, convenience, and speed in digital payment. With deep industry experience, Opus has helped financial institutions and service providers modernize their payments hubs to simplify payment process flows, build an API experience, enable smooth integration, and integrate value-added services. Through modernizing the technology stack, Opus facilitates a plug-and-play model that can be easily integrated with the client’s core banking services.
Our payment modernization services include
Consulting on identifying and integrating the right partner for BaaS/PaaS and embedded payments to facilitate differentiated use cases
Recommending the right strategy to modernize the payment hub and assisting in building a cloud-native architecture for higher availability
API-led integration of financial products and services offered by various financial platforms that can deliver business results
Designing and building the API management platform, API orchestration layer, and API-led connectivity protocols
Enabling new payment experiences through alignment with BIAN and Open Banking Standards
Strategizing ISO adoption and migration of MT-MX with a "build" or "buy" approach
Modernizing retail payment channels for omnichannel strategies, simplified user journeys, multiple payment options, and on-the-go solutions
Enabling FIs to offer advanced solutions to their corporate clients, such as Centralized dashboards for cashflow visibility, integrated account payables and receivables, automated invoicing, and seamless integration with third-party services
Opus offers expert consulting for modernizing the payment experience for users.
Delivers a full-scale, scheme-agnostic, API-driven payment modernization system with the aim of delivering a configurable and scalable long-term solution
Simplifies the integration of core banking services with third-party financial products available on the market
Fosters the development and integration of innovative products, such as Buy Now, Pay Later (BNPL), digital wallets, and digital currencies
Improves the customer experience through a modern payment platform that offers more payment options, higher availability, better security, faster processing, and greater control
Recommended Resources To Explore
Understanding the Complete Cost of Payment Failures
You need to prioritize payment acceptance rate optimization to stay ahead of the competition. Here’s how to minimize payment failure rates.
READ BLOGVIEW ALL
Threat Modeling
Threat modeling is a proactive approach to cybersecurity that helps organizations identify, assess, and mitigate potential...
READ WHITE PAPERVIEW ALL
Hottest Trends That Will Shape Payments in 2024
It’s no secret that in the technology-driven era, customer-centrism underpins all innovation across industries.
READ NEWSLETTERVIEW ALL
Understanding the Complete Cost of Payment Failures
You need to prioritize payment acceptance rate optimization to stay ahead of the competition. Here’s how to minimize payment failure rates.
READ BLOGVIEW ALL
Threat Modeling
Threat modeling is a proactive approach to cybersecurity that helps organizations identify, assess, and mitigate potential...
READ WHITE PAPERVIEW ALL
Hottest Trends That Will Shape Payments in 2024
It’s no secret that in the technology-driven era, customer-centrism underpins all innovation across industries.
READ NEWSLETTERVIEW ALL
Frequently asked questions
Implementing a modern payment system allows banks, financial institutions, and service providers to deliver differentiated offerings to their customers. By employing a modern payment system, service providers can enable innovative payment methods, such as BNPL, cardless payments, click-to-pay and digital wallets.
Traditional payment systems are based on monolithic applications that work on legacy frameworks and large databases. These systems are not configurable or extendible. In contrast, modern payment systems are created keeping in mind the market demand of the digital era. These systems are built using microservices and APIs and are hosted on the cloud for agility and scalability.
For banks and financial service providers, payment modernization is a process to upgrade the payment platform so that it can address changing market demands. The process involves a careful evaluation of the existing system, choosing between a “buy” or “build” strategy for implementing upgrades, moving applications to the cloud, and integrating with third-party APIs to offer value-added services.
