Payments Delivery Oversight
Terms such as ‘digital’, ‘real-time’, ‘global provider’, ‘regulator’, ‘chargeback’, and a mass of industry-specific jargon create noise around the real issue: do you have enough oversight on the only part of your payment delivery that makes a real difference to the beneficiary? Are your payments services truly customer-centric?
Whether driven by reducing costs or by new business strategies, industry experts agree that rethinking your cash/payments distribution network has become more important than ever.
There are, however, a number of questions that either need to be resolved with intelligent business data applicable to your own institution:
Should you be sourcing your payments locally? Who will be taking the FX risk? What are the relationship, risk, operational and regulatory constraints associated with my existing network? What perceived service level and regulatory requirements are a must for major markets being served in order to be competitive? If the number of downstream intermediaries is changed then what is the anticipated impact on sales revenues and increased volumes for a given market? What are the network specific operating expenses, one-time expenses, liquidity management costs and capital investments required for the baseline scenario? How do these compare to alternative scenarios?
You could address these issues with data-led intelligence or you can blindly trust a downstream network of intermediaries process your payments far from your direct oversight.
To a great extent, modelling and managing your network in-house using home-grown spreadsheets and databases can get cumbersome – if not impossible. Depending on the complexity of the network, the availability of the data, and the experience of the project team, a typical network study can take up to six months.
At MYRIAD Group Technologies Limited we believe that data is the key. Allowing workflow and data management tools , such as MYRIAD, to collect, sort, verify and audit track key data points from your network, while making data available to the internal business units and periodically report on the specific impact and network performance can significantly position your payments delivery ahead of the game. It is essential to invest time in the implementation of such a platform, enabling the deployment of key data discovery, plug ins and customized KPI reports across the network.
Confident oversight of your network will ensure the full compliance, at all levels, of your global payment processing service providers. After all, you have already invested in Product Innovation, Operational Excellence and overall Global Sales Strategies, so why not wrap it up with the ‘perfect -for-you’ payment distribution Network?
Global Head of Sales