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What can banks do to manage their enterprise payments strategy better?
Journal of Payments Strategy & Systems,
1
(3),
200-205
(2007)
Abstract
In recent years the payments industry has been abuzz with interest in enterprise payments strategy. Payments czars have been crowned and payments councils assembled. With payments accounting for 30–50 per cent of bank revenues, a viable strategic plan is essential. But how have banks responded? What practices are working? What has the experience taught us? This paper examines recent developments in enterprise payments strategy using feedback from strategy practitioners and observations from a strategist and former Payments Council participant. Key components of the strategy process are examined, challenges identified and helpful techniques described. The paper concludes with suggestions on ways in which banks can manage their enterprise payments strategy better.
Keywords: payments; enterprise strategy; payments council; strategy; payments czar; payments systems; infrastructure; scenario planning
The full article is available to subscribers to the journal.
Author's Biography
Ray Mulhern president of The M Consulting Group, LLC, specialises in the global payments space with particular focus on: (i) assisting banks and corporations with enterprise level payments strategy and payments systems infrastructure; and (ii) helping corporations improve the efficiency of their connectivity channels to banks and other corporates as well as strengthen STP in the back office. In his 30 years of experience in the operational, sales, marketing, strategic planning and product management aspects of the global payments industry, he has held a variety of positions at the Irving Trust Company, The Bank of New York, First Union, and Wachovia Bank. He is a published author of numerous articles on payments-related topics and a frequent speaker on industry issues at major global conferences such as SIBOS, International Payments, NACHA, BAI TransPay, IFSA and AFP. As a former member of Wachovia Bank’s Payment Strategies Group, he has hands-on experience with the development and execution of enterprise payments strategy. He is active in forward-looking industry forums: an officer and Board Member of the International Financial Services Association (IFSA), former Chairman of IFSA’s Payments Steering Committee, former member of US SWIFT community’s Cash & Treasury Committee, and former member of the Federal Reserve Bank’s Payment Risk Committee. He is skilled in the fundamentals of key non-credit services for banks and corporations, including Vendor Selection/Negotiation, Financial Analysis, Payments Regulatory Environment, Global Liquidity Management, Project Management, Product Management, Strategic Planning, Global Payments and Clearing Infrastructures (ACH, Fedwire, CHIPS, EBA, SWIFT, TARGET, etc.).
