Payments Modernization

 

Client

Fortune 50 Financial Services Institution

Project Overview

The company needed a partner to assess a payments modernization program and recommend a comprehensive future state payments model, inclusive of people, process and technology.

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.