Banks face the challenge of handling multiple and diverse payment methods. Their need to consolidate payment processes into a single platform is pressuring.
As a result, aggregating front-end channel access, integrating with the bank stack, billing, and performing analytics across these systems can be difficult. It is time and resource-consuming when changes are needed to comply with new regulatory requirements or to add new features to enhance customer experience. Supporting new payment rails or use cases often entails significant investment and business disruption. The need to operate multiple systems also comes with cost considerations, including licensing and operations support.
With a single payment orchestration system, banks can gain operational and cost efficiency, have less exposure to cybersecurity and regulatory compliance risk, and can offer a frictionless customer experience.