Modernize Payments Technology with Process-Focused Vendor Selection


Client

Fortune 50 Financial Services Institution

Project Overview

The Client needed a partner to assess a payments modernization program and recommend a comprehensive future state payments model, inclusive of people, process, and technology. Reference Point performed a current state assessment, developed high-level business requirements for the future state operating model, and led the RFI and vendor evaluation processes.

Challenge

  • The Client’s existing payments ecosystem was characterized by decentralized functions and redundant processes with many opportunities to streamline and automate the end-to-end payments process.
  • The core payments processing engine upon which the Client relied heavily was antiquated, requiring costly customization and specialized resources to maintain.
  • The company lacked consensus on any formal plan, driving the need for the right experience and expertise to recommend the right approach and strategy for the future.

Solution

  • Reference Point deployed a team led by a member of the U.S. Federal Reserve’s Faster Payments Task Force and a team of specialized technology consultants, to develop a vision and strategy for an end-to-end payments platform.
  • The team facilitated workshops with process stakeholders to identify pain points, generate ideas for improvement, and assess business capabilities and requirements.
  • Reference Point issued the RFI for a new payments solution, assessed vendors, hosted product demonstrations, and ultimately, recommended future state process and technology changes.

Impact

  • The Client received an incremental and actionable implementation strategy for the new payments solution.
  • The Client achieved organizational executive-level consensus to move forward with the implementation of a modern payments solution based on Reference Point’s guidance and recommendations.
  • The Client was able to transition from an assessment into a formal program for vendor selection and solution implementation by leveraging Reference Point’s expertise, experience, and advice.

End-to-End Services, Working Together.

Strategy. Risk. Data. Technology. Reference Point evaluates critical elements all together to build cohesive, lasting value for financial services clients.

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