• Michael O'Loughlin, Chief Strategy & Innovation Officer at CGI


• 02.02.2016 12:30 pm
undisclosed

CGI responds with All Payments

They say the only constant is change.  Banking is no different.  Just when banks have gotten their act together a new wave of market forces come their way….  Are you ready for real-time?  What do your customers want/demand?  What technologies are you using, should you be using?  Banks are being forced to embrace change and not behave like banks, but rather technology and marketing power houses.  This doesn’t necessarily sit well with banks.  All the while, banks must continue to make and keep their systems secure and compliant to regulatory requirements.  Efficiencies alone will not provide enough value to re-invest. 

The financial sector is undergoing profound change, and payments are playing a central role. Driving this transformation are disruptive new entrants and technologies, intense regulatory pressures, rising fraud and security breaches.

Consumer perceptions of value based on trust, convenience and certainty are no longer tied to traditional banks. They just want to make one-click, one-second payments of any value, in any currency, to anyone, at any time and from anywhere in the world. This demand is reflected in the growing number of countries with real-time gross settlements, which is predicted to grow from 50 today to 140 by 2017.

Banks do not want to invest and build tomorrow’s legacy platforms.

CGI’s All Payments offers a unique approach to help banks truly future proof their payments ecosystems.

Meet current and future challenges with confidence

Consumers expect one-click, one-second payments. To remain vital, not just viable, banks must offer exceptional customer convenience and differentiated services. They also must respond to sharply rising payments fraud and sophisticated compliance requirements for anti-money laundering (AML) and terrorism financing.

The challenge is that obsolete legacy payment systems, disparate interfaces and multiple integration points hinder banks’ ability to adapt, and even to provide transaction consistency across so many interfaces, channels and instruments, let alone provide the payment information transparency client’s are demanding. 

All Payments empowers banks to address market and customer needs on a prioritized basis, while working toward a future payments vision at their chosen pace.

Proven performance, practical innovation

All Payments acts as single source of truth for every payment transaction, providing a common platform for managing any type of transaction, instrument, customer, channel or standard, anywhere in the world. Its robust yet flexible design is proven to support large transaction volumes while speeding time-to-market and improving visibility of payment flows.

CGI has been and continues to innovate to deliver solutions with your future challenges in mind.  We have been significant partners in key payments initiatives such as SWIFT, SEPA, UK CHAPS, CLS and more recently faster payments in the UK and remain actively engaged in the payments and cash management industry through our involvement with industry bodies, central banks, regulators and Payments Councils in several countries.

Our strength lies in keeping and getting involved in key industry trends such as the move to real-time payments, ISO20022 and block chain technologies and bringing this innovation to life in practical terms.

Used by numerous leading banks operating in 25 countries, CGI takes a forward-looking development approach for All Payments to keep clients ahead of the curve. We identify future functionality trends and requirements based on continuous client feedback and 40 years of experience in payments solutions. This includes enabling banks to benefit from innovations such as distributed financial technology, block chain, real-time payment capabilities, and more - turning market disruption into market advantage. By investigating emerging technologies and embedding innovation into the solution, we also help clients further unlock the value of their existing investments.

Evolution at your pace

Maintaining legacy systems is burdensome, but the business case for a single integrated payment system is not always possible to secure. As a highly modular solution, All Payments lets banks modernize the components of their overall payment system on a pace that suits their business needs. Rather than a “big bang” approach, they can migrate in stages, integrate existing silos if need be, building toward their long-term vision in a low risk way.  This means getting to market faster by using functionality needed now, and then using All Payments’ embedded tool sets and highly configurable workflows to add functionality as they are ready. We focus on getting them to their future state while preserving up-time.

The market has spoken.  CGI has listened, and made some big changes.  All Payments has evolved to meet banks’ requirements today and in the future.  We look forward to sharing these new improvements with you very soon.