White paper: Optimizing payment platforms for profitability and commercial success
Enabling customisation to boost performance, accommodate change, and retain competitive advantage
Obvious fiscal and operational pressures aside, the underlying challenge facing financial institutions (FIs) is serving today’s mobile, socially oriented, security conscious and loyalty reluctant customers in a marketplace which is increasingly dynamic, regulated and unpredictable.
In addition, players from outside the traditional financial services space are disrupting existing business models and offering customers new and compelling ways to manage their money.
This paper examines the integral role that payments will play in this new landscape; discussing its pivotal function in building trust and loyalty to differentiate and gain a competitive advantage. It also explores how payment systems are uniquely placed to drive new revenue based services: and how their reengineering and customisation can unlock new profitability through improved efficiency, increased performance and optimisation of resources.
However, many financial institutions are currently trapped by legacy systems and ‘islands’ of in-house development. How can organisations, restricted by inherently siloed systems and proprietary software, take payments to this new level? How can FIs customise their platforms quickly, easily and cost-effectively to unlock the potential opportunities that new market dynamics offer?
In this paper, Compass Plus considers these challenges and looks at the delivery models available to forward thinking financial institutions - including in-house, proprietary and Open Payment Development Platforms - examining their merits as a means of successfully customising existing payment platforms.
The paper proposes that it is not simply a question of ‘build or buy’ but how best to harness both internal and external resources; making them agile and more flexible to ensure they can deliver the creative yet solid commercial environment that goes beyond customisation.
Compass Plus’ latest innovation in the retail banking software space is built utilising Service Oriented Architecture principles. To find out more about our new offering please email the marketing team at or contact our representative in your region. Stay tuned for future news and information on Compass Plus’ open development payment platform.
To read the full version of the white paper, please download here.