A modern, intelligent payments platform is worth pursuing any financial institution, regardless of size. Long term, this can provide significant cost savings, enhance the client experience, enable new product offerings with quicker go-to-market time, and provide an efficient foundation for all new payment workstreams going forward.

In a new Report: Intelligent Payments Processing, research and advisory firm Aite-Novarica Group introduces the notion of an intelligent payments platform that encompasses the end-to-end life cycle of payment—from the original inception to execution and settlement—helping banks and financial service institutions (FIs) to operate in a seamless manner when exchanging payments information with their corporate and small-to-midsize enterprises (SMEs) clients.

A modern intelligent payments platform is worth pursuing any FI, whether a large global bank or a smaller regional financial services firm. Long term, a payments platform can provide significant cost savings, enhance the client experience, enable new product offerings with quicker go-to-market time, and provide an efficient foundation for all new payment workstreams going forward.

“Banks should consider this new generation of intelligent payments platforms as customers are asking for frictionless and near real-time payment processing,” said Enrico Camerinelli, Strategic Advisor at Aite-Novarica Group. “Banks can fulfil such expectations by deploying core AI capabilities to offer new innovative products using insights, analytics, and recommendations and also look to increase operational efficiency. Improving IT infrastructure deployment costs, enhancing customer service, and reducing any manual intervention are also crucial as is following a structured approach to move from just collecting and pushing data to a payments decision-support system.”