Page 1 - GS221101

November 14, 2022 • Issue 22:11:01

Leveraging high-speed payment rails

he added, because most legacy back office systems are not
equipped to handle the modern payments environment.

BHMI designs "low-code" solutions that are easy to
update and configure, an approach allowing companies
to control their system's business rules without making
source code changes, Baldwin stated. "The business rules
are configurable through the user interface," he said. "As
a result, many of the unique features or new functionality
required by companies can be added using the rules engine.
Changes to the rules can be made as business needs arise,
without requiring software changes."
Baldwin went on to say today's payments companies
need agile back office processing solutions that easily
support rapidly changing requirements without requiring
time-consuming, costly software development. A low-
By Dale S. Laszig code approach provides flexibility, he added, allowing
companies to work smarter, not harder.
n an industry that measures success in nanoseconds, Modular, portable frameworks
speed is always at the forefront, but the game has
changed in recent years. Experts are assessing agil- Greg Wilfahrt, chief mobility and marketing officer at AP
I ity with more rigor. Payments analysts who hailed Technology, agreed businesses need to update, enhance
Venmo as revolutionary when it launched in 2009 now and improve products as payment demands change. "An
consider it a legacy system. In this article, payments leaders agile approach to creating payment solutions means that
share a variety of perspectives on agility and advise how to we can create efficient payment products that work with
harness its capabilities in software, application and technol- any accounting or bank core system, for example," he said.
ogy design and deployment. "We've also positioned ourselves to be payment agnostic,
Agile software design meaning customers can choose whatever payment rail that
works best for their needs—checks, ACH, card payments."
Dr. Jack Baldwin, chairman at BHMI, has seen explosive
growth in digital and real-time payments (RTP), which
he suggested has created opportunities and challenges.
"The payments industry has experienced more change in
the past decade than in the previous 40 years," he said. Contributed articles inside by:
"Smartphones have become the primary means used by
people to access the internet and use different financial
services." Chris Arnette ..........................................................................................20
Natasa Cvijanovic .................................................................................28
Agility is a critical success factor for financial companies
that want to thrive during this time of rapid change, and Nick Cucci ................................................................................................30
solutions must adapt quickly to whatever comes next, Adam Atlas ..............................................................................................32
Baldwin noted. This is especially true for the back office,

Continued on page 26