5 Payment Solution Mistakes Your Bank Should Avoid

Not all payment solutions and solution providers are flexible enough to offer parametrization mechanisms, allow extending functionalities to meet future needs, or offer customization capabilities. So, your financial institution should make sure that the solution offers enough parameters that can be altered over time and extended in terms of upgrades and updates. Your financial institution should also ensure that your solution provider can customize the solution to your distinctive processes and operational environments.

Payment solutions with limited endpoint integration interfaces result in numerous change requests required to integrate with new domestic and international payment partners and correspondents. Accordingly, your financial institution should opt for a payment solution with many endpoint integration interfaces that accommodate for locally hosted, nationally integrated and internationally connected systems exposed by local clearing houses and international payment networks and providers.

Sometimes, financial institutions purchase a low-cost solution while overlooking hidden infrastructure requirements such as compute power, storage, database management systems, etc. The result is incurring double the amount which would have been paid to another solution provider with no hidden costs. To avoid this, your financial institution should request all details of infrastructure requirements in advance in addition to a drill exercise on the total cost of the solution in comparison to other vendors.