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Education

Furthermore, the total time required to research and • Automating transaction reconciliation and aiming
return disputed funds from a real-time payment is very for immediate settlement processing
similar to that of traditional payment methods. This means • Providing real-time monitoring of transactions and
that even though funds transfers occur in near real time, financial positions
obtaining a reimbursement for an errored funds transfer
can take weeks (or even months) to complete. This out of • Leveraging automated workflows and tight network
sync quality between payment processing and dispute integrations for the management of disputes
processing is one area in need of significant quality • Creating data extracts for custom reporting in both
improvement. real-time and batch
Building a better back office
Faster payments systems, whether real-time, near-real-
It is critical for companies to implement strategies that time or same-day settlement, are now live and processing
will allow their back offices to be as nimble and flexible a growing volume of consumer and business payments.
as possible so it can meet both current and future Thus, it is imperative for payments companies to imple-
payment processing requirements. A few suggested areas ment the changes necessary to ensure better, more effi-
companies should focus on to help future-proof their cient internal back-office processing. This will not only
payment back-office environments include: create a compelling experience for both consumers and
• Creating an environment that supports any type corporate end-users in the current environment, but also
help ensure it in the future, no matter what comes next.
of payment, including traditional card-based pay-
ments as well as digital and real-time payments Casey Scheer is the director of marketing & sales at BHMI, a leading
provider of software solutions focused on the back-office processing
• Implementing an architecture that enables continu- of electronic payments. The company is best known as the creator
ous processing while maintaining batch support of the Concourt Financial Software Suite (R) — a unique integrat-
• Ensuring visibility across enterprise transactions ed collection of back-office products that allow companies to adapt
with the ability to dynamically adjust business rules to the rapidly changing world of payments. Casey can be reached
as needed at casey.scheer@bhmi.com or 402-333-3300.