Payments have been a cornerstone business for banks, representing a significant part of their revenue and profits. In the past banks have developed in-house payment system, but recently owning to a seemingly challenge with their legacy system, they have turned to 3rd party Payment Service Providers.

Instead of complementing the efforts of the past, these providers have completely jettisoned bank’s legacy payment system and opted for a hosted third party application which does not implement common standards. Chief among these considerations is that third party application will enable the banks participate in the multi-bank scheme which is fast becoming a delight to merchants. 

With the ever-changing nature of the payments landscape, it has become pertinent for the banks to adopt a more flexible solution for processing payment for merchants if it were to successfully remain in compliance with evolving standards likely to be presented in the future.

Any solution of this kind must provide a flexibly architected approach, which will pave the way for the adoption of a universal, standards-based, future-proofed payments model in the future.