cosmos for real-time payments - alacriti
TRANSCRIPT
Cosmos for Real-Time PaymentsP O W E R E D B Y T H E O R B I PAY P L AT F O R M
B RO C H U R E
Driving Digital Transformation 3
Paying Off the Technology Debt 4
Evolving User Expectations 4
What the Market Needs 5
Orbipay Cosmos 6– Key Features 7– Benefits 8
Table of Contents
A N E W ER A O F F I N A N C I A L I N N OVAT I O N
TA B L E O F CO N T EN T S
Driving Digital Transformation
Paying Off the Technology Debt
Evolving User Expectations
What the Market Needs
Orbipay Cosmos
– Key Features – Benefits
3
With the introduction of the real-time payments network in 2017, The Clearing House (TCH) helped to usher in a new era of banking and financial innovation. This created substantial opportunity for financial institutions (FIs) and fintechs alike to drive new consumer experiences and revenue. It also exposed the technical debt within traditional banking infrastructures that makes fulfilling the promise of faster payments a challenge. At the same time, current events e.g., COVID-19 have accelerated the evolution of user expectations around payments flexibility and speed. These heightened expectations make it imperative for FIs to have a true digital transformation strategy.
Driving Digital TransformationThe traditional banking systems in ubiquitous use today are unable to meet the data and processing demands of modern real-time payments. Further, they are largely unequipped to support modern digital products and services. The shift from the batch process-oriented ecosystem to a real-time always-on and always-connected ecosystem, means banks have to not just re-engineer internal processes, but holistically re-imagine the banking products and services that are brought to market.
TA B L E O F CO N T EN T S
4
Current events such as COVID-19 have hastened the evolution of user expectations. FIs need to leverage a scalable, cloud-based solution that is deployable as end-to-end or on a microservice-based model to accelerate delivery of the experiences consumers demand.
Paying Off the Technology DebtCurrent banking infrastructures are comprised of multiple siloed applications that have been bolted on to core banking systems in order to deliver new services over the years. This has made it difficult to impossible for different applications within a bank to communicate with each other. The result is a lack of transparency across the end-to-end payment workflow and inefficient access to customer and payment-related data. As consumers demand new experiences at the speed of the cloud, FIs must develop a strategy for efficient data aggregation, management, and movement across departments and experiences.
Evolving User ExpectationsCurrent events such as COVID-19 have hastened the evolution of user expectations. Digital banking has become the preferred engagement channel for virtually every consumer segment. Digital acceptance and demand extends across both age and wealth segments. Digital penetration is still lower for the older and wealthier—but the growth potential is greatest for digital habits, like mobile payments, learned in the current environment continue to increase penetration. FIs need to rapidly deliver new digital experiences or face the potential loss of account holders to competitors.
Driving Digital Transformation
Paying Off the Technology Debt
Evolving User Expectations
What the Market Needs
Orbipay Cosmos
– Key Features – Benefits
TA B L E O F CO N T EN T S
5
What the Market NeedsTo pave the way for faster payments transformation and avoid the disruption from a rip and replace of existing legacy systems, FIs need to leverage a scalable, cloud-based solution that:
• Is deployable as end-to-end or on a microservice-based model to accelerate delivery of the experiences consumers demand
• Is scalable to help your business scale as the market for emerging payments grows
• Offers Low Total Cost of Ownership (TCO) that shifts CAPEX to OPEX
• Delivers fast, reliable, and secure low-cost payment processing services
• Has a transparent End to End (E2E) payment orchestration from initiation through clearing and settlement
• Has the ability to quickly adapt to volatile markets and changes in consumer expectations
• Affords fast adoption of emerging payment types and channels to create new experiences and build new revenue streams
• Has fast integration options with a flexible off-the-shelf integration framework to FI internal systems
• Is a trusted FinTech partner to support the evolution from legacy to digital
Driving Digital Transformation
Paying Off the Technology Debt
Evolving User Expectations
What the Market Needs
Orbipay Cosmos
– Key Features – Benefits
TA B L E O F CO N T EN T S
6
Orbipay CosmosCosmos for RTP enables banks and credit unions to quickly and seamlessly connect to The Clearing House’s RTP network and deliver innovative real-time payment services to their customers. Alacriti’s solution allows financial institutions to rapidly leverage the power and convenience of RTP to drive new revenue without the burden of significant infrastructure overhauls or capital investments.
Translation: Orbipay Cosmos can seamlessly meet current and future needs. This solution was specifically constructed to help you deliver the payments innovation and transformation today’s users demand, one step at a time.
Our Partners
Driving Digital Transformation
Paying Off the Technology Debt
Evolving User Expectations
What the Market Needs
Orbipay Cosmos
– Key Features – Benefits
Business Partner
PROUD MEMBER OF
TA B L E O F CO N T EN T S
7
Orbipay Cosmos for RTPKey Features
ISO 20022 Native ServicesEmploys data and message models based on ISO 20022 standards helping you drive payments modernization and innovation, greater levels of automation and global messaging consistency.
Cloud-Native, Built for ScaleBuilt on leading cloud services including Amazon Web Services, Cosmos provides you with security and scalability that’s always available. Our cloud- native architecture is built for speed, responsiveness, and reliability and provides you with a strong foundation for innovation.
Open APIs and Microservices Based ArchitectureCosmos’ Open APIs and microservices based architecture allow you to fine tune your payment services to meet ever changing customer needs and regulatory requirements.
Real-time PaymentsSupports the entire RTP Message set and connectivity to The Clearing House (TCH)’s RTP Network enabling you to deliver advanced real-time payment services to your customers.
Intelligent Payment RoutingProvides you with flexible options tailored to your needs and payment scenarios.
Ease of IntegrationCosmos’ flexible framework delivers simple and fast integration with core banking, digital banking, fraud and risk management and other internal systems.
Integrated Fraud and Risk ManagementReal-time fraud monitoring and detection including transaction screening against OFAC lists, negative / bad accounts, transaction limits, velocity rules, etc., enables you to manage risk and maintain regulatory compliance.
Reporting and AnalyticsComprehensive, in-depth reporting and analytics for unparalleled insight into payment operations.
Built-In SecurityBuilt-in advanced security features to ensure data and privacy protection.
Driving Digital Transformation
Paying Off the Technology Debt
Evolving User Expectations
What the Market Needs
Orbipay Cosmos
– Key Features – Benefits
TA B L E O F CO N T EN T S
8
Orbipay CosmosBenefits
Fast time to MarketQuickly deliver new faster payment services without significant upfront capital investments.
Agile Technology PlatformBuilt from the ground up, and optimized for cloud scale and performance. Open APIs and microservices-based architecture provides limitless possibilities to create differentiated faster payments products and experiences.
Driving Digital Transformation
Paying Off the Technology Debt
Evolving User Expectations
What the Market Needs
Orbipay Cosmos
– Key Features– Benefits
Future-Proof Your Payments InfrastructureDrive payments modernization and data-driven innovation powered by ISO 20022-based messaging standards.
Cloud-Forward Business Model Deliver on customer expectations for convenient real-time payment experiences. Gain access to the RTP network with pricing models that scale with you, eliminating the need for large upfront investments.
Alacriti is a leading financial technology company with a comprehensive payments services platform, dedicated to helping our clients accelerate their digital transformation. Built on a flexible, cloud-based framework, our array of solutions integrate seamlessly with internal infrastructures, allowing clients to deliver the payments innovation and experiences that today’s users demand.
To talk with an Alacriti Real-Time Payments expert about Orbipay Cosmos for RTP, please click here. You can also reach one of our experts at (908) 791-2916 or [email protected].