The payments landscape is rapidly evolving, presenting challenges and opportunities for financial institutions. New digital-only banks are driving innovation, and global changes have reshaped competition. UK financial institutions are also migrating to new technology platforms to support ISO20022-based real-time and high-value payments. In this dynamic environment, the quality of the payment experience is crucial, and real-time insight into the payment infrastructure is a necessity.
Rising Expectations: Customer expectations have evolved, demanding 100% reliable, immediate, and error-free transactions. The value of mobile payments and the limits for real-time payments are increasing, leaving no room for glitches in payment processes. Banks face strict regulatory scrutiny and financial penalties for payment delays.
Real-Time Insight: Real-time monitoring of the payment infrastructure is essential to minimize costly downtime. It helps identify the root causes of payment failures, such as network issues, internal problems, or glitches in mobile wallet updates. Real-time, multi-layered monitoring provides deep insight and enhances payment operations’ reliability.
Efficient Operations: Monitoring technology can quickly recoup the cost by avoiding just one outage and associated business losses. Transaction level insight enables banks to detect issues and take remedial action promptly. Monitoring allows proactive liquidity and risk management by controlling sanction, fraud, and liquidity checks associated with high-value payments.
Continuous Change: Monitoring provides insight into changing payment preferences and trends, helping financial institutions plan and prioritize investments. This insight is crucial for managing complex migrations to new payment platforms, such as ISO20022.
Conclusion: The evolving payment market presents operational risks. Avoiding outages is crucial, but banks must also enhance service quality and focus investments effectively. Implementing a single performance monitoring solution across the payment infrastructure is valuable, providing an omnichannel view and supporting agility to meet changing customer expectations.