Enterprise payments strategy

Abstract

This paper seeks to engage those banks that have yet to define a payment strategy that considers an enterprise management approach; Whether or not the bank elects to adopt an enterprise approach at the business, infrastructure or operational level or at all, it is important that the enterprise payment management philosophy be seriously considered. Though the discussion of 'enterprise payments' has not seen the level of hype as found in areas such as mobile banking, it nonetheless is no secret to payments executives. Given the vast scope of what enterprise payments could mean to a bank, it is a daunting subject, and can be quickly dismissed as an 'idea' or a 'technology' that is 'looking for a problem to solve'. Absent the hype, and the sometimes overly enthusiastic industry pundits, there remains a strong case for the bank to consider an enterprise payment platform/management approach for its payments business. This paper looks at this case by first looking at market trends both domestically and internationally that serve as catalysts for looking at payments in a new way. These market trends, or catalysts, are then reviewed as themes or mega-themes that can serve to reassess and possibly redefine the bank's payments strategy. The paper closes with insights into overcoming common obstacles to assessing (or defining) the bank's payment strategy and executing a plan to fulfil a new payments vision. The mere thought of making any material change to the bank's payments franchise, much less considering wholesale renewal, is chilling. The reader is strongly encouraged to set aside those fears and contemplate the future — the future of the payments market ahead and the definition of a payment vision and strategies tuned to maximise shareholder value.