A payments hub enables financial institutions to move away from the silo approach to a centralized infrastructure, providing a flexible solution to manage transactions from any source to any destination.
The convergence of payment types and the need to adapt to the ever-changing requirements of the payments landscape lead many banks to consolidate their systems by deploying a hub, which can have many guises.
ACI solutions can operate as a front-office hub, to consolidate the access channels; as a middle-office or orchestration hub, to consolidate customer data; or as a back-office hub, to consolidate the back-office operations and/or the settlement gateways.
There is no single best option. The approach adopted will depend on the benefits sought and the current system topology.
Money Transfer System
By providing a set of independent business application services to meet specific processing requirements, Money Transfer System can operate as a payment processor for multiple payment types, an enterprise solution for internal and external message switching, or a payments hub. Its architecture follows principles of service-oriented architecture.
Money Transfer System provides high-volume, mission-critical payments handling and message switching, with sophisticated processing, risk control and liquidity management. A major feature is its continuous, straight-through processing capabilities combined with state-of-the-art error elimination and recovery.
Electronic File Delivery
A bulk file transfer product designed for the corporate banking customers’ secure transmission of high volume payment information via the web, FTP, SWIFT, or any other channel.
It includes data translation and routing, allowing the customers’ preferred formats to be translated into acceptable bank processing formats for one or many back office systems. Multiple formats are supported, including ISO 20022.