Fortune 50 Financial Services Institution
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.
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.
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.
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.