Payments Modernization

The payments ecosystem is undergoing profound change. Is your organisation ready for the next generation of payments?

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Modernize your payments infrastructure with RedCompass Labs

New regulations, schemes, and rails – as well as interoperable payments infrastructure – are on the way, promising everything from Open Banking to instant cross-border payments. As a bank or payment services provider (PSP), it’s time to think about modernizing your payments systems, today.

Our expertise

The scale of the challenge

Given the scale and complexity of change, modernising your payments infrastructure will be no easy feat. With so many factors involved in the process, your organisation will need to work at speed and scale to ensure a smooth, timely and efficient transition. Among the many hurdles to overcome, you’ll need to think about:

Legacy Infrastructure

Many banks and PSPs remain dependent on outdated payment platforms and core banking systems, many of which are decades-old. These systems may struggle to adapt to the new message formats and regulations, perhaps requiring complete re-builds or custom integration layers. Updating your systems will be critical to your success, but will be time-consuming and incredibly costly if not done right.

Regulatory Compliance

A growing web of new global regulations adds ever-deepening complexity to the modernisation process. As your operations become truly global, you must be ready to navigate requirements such as PSD2, PSD3 AML, annual scheme updates for SEPA, SWIFT, RTP, FedNow and most schemes. This will involve not just investment in technology, but re-skilling your workforce too.

24/7/265 Operations

Gone are the days of the nine-to-five. As the world migrates to Instant Payments, banking systems will need to be operational around the clock. Your organisation will need to have the technology to provide customer support, fraud detection and system stability all day, every day.

Resource Allocation

Executing a payments modernisation programme will require dedicated resources over a long period of time. It may also require a degree of expertise not already incumbent in your organisation.

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