PayCenter

Centralize the payments infrastructure to gain customer insight and offer differentiated products

Payment processing in financial institutions has largely remained in silos, spread across lines of business. The practice is inefficient, adding to the cost burden while preventing banks from understanding customer needs. In today’s post-recession economy, heads of payment operations in banks have begun to aggressively centralize their payments infrastructure. The centralized payments architecture helps scale operations quickly, offer integrated services to corporate customers, meet changing compliance norms and, more importantly, glean vital insight into customer behavior.

While a centralized payments strategy is a response to inefficiencies, its outcome goes beyond solving the chaos in payments across channels and standardizing them across lines of business. Increasingly, banks are leveraging the transaction and customer insight enabled by centralization to offer differentiated products and a customized service experience.

Wipro’s component-based PayCenter offers a simple, scalable, integrated payments hub solution. Its non-intrusive approach to payments transformation protects existing investments in the bank’s environment. In addition, it delivers the ability to drive down the cost of payment infrastructure along with opportunities to generate additional revenue by offering customers more value added services. PayCenter can provide customers the implementation flexibility in areas of cash management, e-invoicing, and remittances while providing a single processing window for common functions such as payment pre-processing, pricing/billing, exception management and dashboarding.