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Education

blocks for project initiation as the seemingly enormous on profit-building tasks. Scalability means that financial
task of upgrading leaves companies unsure of where to institutions can keep adding new payment methods no
begin. matter how much volume grows. Finally, they can also use
data to improve customer satisfaction and ensure there
While some are confused about new types of payments, are no unnecessary inefficiencies in payment operations.
many are also waiting for FedNow to go live before they
decide on a strategy. Meanwhile, continually updating These systems typically include a centralized transaction
these systems is costly, time-consuming and an impractical repository and a continuous processing architecture,
way to evolve in today’s rapidly changing ecosystem. enabling the financial institution to accommodate
traditional and RTP payments with the same system. These
However, financial institutions that drag their feet and systems also feature a comprehensive, integrated solution
only view their back office as a cost center are missing to modernize all payment processing with a configurable
out on potential opportunities. While a modern payment rules engine, security infrastructure, and a multi-tenant,
system is essential to keep pace and reduce bottlenecks browser-based user interface.
in RTP, it can improve efficiencies, reduce costs and help
drive additional revenues by adopting new payment While a modern back-office payments system brings
methods. financial services companies up to speed, it also future-
proofs them to prepare for whatever payment methods
For example, a modern payment system can reduce costs come to market in the coming years.
by managing all payment methods in a single place. It
can also help financial institutions stay ahead of the Casey Scheer is the director of marketing at BHMI, a leading provider of
competition by easily supporting new and changing
requirements as soon as they are available, without the software solutions focused on the back-office processing of electronic
high cost of code changes and new configurations. payments. The company is best known as the creator of the Concourse
Financial Software Suite® — a unique integrated collection of back-
A modern payment system eliminates many manual office products that allow companies to adapt to the rapidly changing
processes, saving labor and allowing leaders to focus more world of payments. Casey can be reached at casey.scheer@bhmi.com
or 402-333-3300..