Banking

White paper: Payments outsourcing: Pros, cons and considerations that should be on your radar

Payments has seen much change and innovation in the last years and will continue to evolve at the same pace. Just two examples are the introduction of Instant Payments in Europe and the launch of Open Banking/PSD2. On the infrastructure side, SWIFT has introduced gpi, setting the new standard for cross-border payments. The other major event was the introduction of Request to Pay.

 

Banks are struggling to absorb all these changes, let alone innovate. Accenture found that “many banks and payment service providers are contemplating or have already begun overhauling their payments infrastructure.” While defining the appropriate sourcing strategy, outsourcing of the payments process is becoming a more attractive scenario.

Outsourcing allows banks to focus on their key differentiators and providing outstanding service to customers, at a time when they are facing increased regulation and competition from tech companies. If done right, outsourcing can boost help grow agility. In this white paper, payments experts at Visma Connect explore the pros and cons of payments outsourcing and provide guidelines for banking institutions to consider when choosing a vendor.

What else is included in this white paper?

  • The promise of instant payments
  • The upsides of outsourcing payments
  • The downsides
  • What to consider when outsourcing to a payments partner
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