Payments

Transformation of the global payments business has brought payment systems from the back-office to the boardroom. A well functioning payment system plays a critical role in creating real value for the bank, and the automation of banking operations and services has a positive impact on a bank’s income and profits.

New paradigms in payments being the movement of systems from being a channel for transferring funds to a much wider integrated network for transferring additional forms of value. Regulatory changes in Europe and the US require faster and more real-time payment processing. These trends are forcing specialization by means of global transaction banks and consolidation of execution by using out-sourcing, in-sourcing, and white labeling. Banks need to look across, within and beyond their enterprise to position themselves for new and growing opportunities with higher efficiencies, enhanced risk mitigation process, and superior product offerings.

HCL’s Payments Practice can help you with:

Growth Opportunities - Assess your current payments business model and help you develop a transformation strategy.

Risk Management and Compliance - Our solutions are designed to help you with managed security information and protection, fraud management, identity management, vulnerability management, access controls and transaction monitoring.

Regulatory Compliance - Design an enterprise wide compliance framework for meeting regulatory requirements, whether of an infrastructural or of a risk control nature.

Leverage payments efficiencies - With our business aligned IT framework we can help you develop agile operational models, robust technology platforms and an efficient payments business model.

Our Solutions

The framework is designed to reduce the complexity of a multitude of payment systems into a seamless hub and simplifying the problem of disparate information sources.

The framework helps renovate existing systems and deploy reusable components, which can be leveraged by other banking applications. The design is a component based loosely coupled architecture which integrates with legacy systems, and seamlessly connects the origination systems with the back end systems.

The unique benefits of unifying payments:

• Improve STP rates
• Transaction visibility and automated investigations capabilities
• Visibility and full information of the status and performance of payments
• Reduce risk and costs
• Infuses innovation
• Low-risk transition
• Enhances client performance management

Enterprise Security for Electronic Payments

An enterprise wide, managed security information and protection framework, encompassing resource protection, prevention of loss, visibility and control of confidential information, and builds trust. In partnership with RSA our solution framework is:

A homogenous solution that reduces risks across vulnerable areas of the bank. Central to the solution is customized security based on vulnerability of business processes and optimized risk mitigation technique. A futuristic approach ensures fraud reduction and adoption to single solution stacks which holistically protects the entire business lifecycle.

The solution provides a better understanding of risk based on the analysis of live transaction data. The solution is based on the automation of early warning and detection of frauds and risks. Further, it supports a wider choice of delivery channels to clients and business partners.

Unique benefits of enterprise security in the payment process:

• Enable high value online banking and financial transaction
• Secure payments & timely information
• Strike the right balance in identifying the customer and provide the level of privileges based on their eligibility
• Diversification in types of devices that provides competitive advantages
• Reduction of risks enables institutions to save in the tune of 5-7% in the first year
• Create trust among customers and prospects

Custom Solution Development

HCL has provided custom developed solutions across the life cycle of the payments and cards for a large number of banks. With our payment and messaging services, partner products and solutions we will help you with:

• Business consultancy for operational model optimization, systems optimization and service modelling so you can build the best business case for transforming your payments processes, services and applications
• Regulatory compliance and solutions, including SEPA - PSD, Faster Payments implementation, FATF and embargo, etc drawn from global experience of regulatory environments
• Both high value and low value payments systems and liquidity management
• Wholesale Payments - Bulk Payments, Direct Debits, Direct Credits, Clearing House, Check Processing
• Corporate Payments - Fund Transfers, Commercial Payments, Cash Management
• Retail Payments - Customer Payments, Credit card, Debit Card, networks
• e-Payments - Electronic Fund Transfers, Electronic Bill Presentment and Bill Payment, Payment Gateway

The solutioning process spans across the entire software development life cycle such as:

• Scoping and Requirements definition
• Design
• Development
• Testing
• Implementation
• Maintenance and support