Case Studies / New Bank Payments Integration Solution

Challenge

Our client, a relatively young financial institution, approached us to assist with connecting them to Bankserv. On approaching us, they were performing all payments, debits, credits and EFTs through a bureau third part vendor and wanted to connect directly to Bankserv. This required the establishment of a infrastructure, connectivity, and processing software to process payments in and out.

Solution

Synthesis delivered a payments hub, with centralised routing and status that can handle EFT, NAEDO and real time clearing (RTC) payments. This has resulted in reduced cost for the client, as they no longer have to bear the cost of the vendor. It also allows them to be in control of their payments infrastructure should they want to make changes, and ensures constant uptime.

Results

Our solution presented a new payment standard. As the back end payment exchanges are still on legacy messaging, we have provided an infrastructure that will allow the old exchanges to plug into the new exchanges directly. Our solution has been implemented across all payment streams, to create a single payments hub.

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