The retail payments ecosystem has experienced considerable change in recent years. A plethora of payment instruments now competes for consumer and merchant acceptance, and as new technologies emerge, further disruption seems likely. 

The climate in which participants are competing is an exceptionally tough one: revenue per transaction is declining, while pressure from financial regulators, card schemes, consumer protection bodies and fraud prevention agencies is adding to complexity and putting up the cost of doing business. 

To flourish in this changeable and highly competitive market, firms must manage risk more effectively, increase operational efficiency, improve customer service and drive up profitability. 

Corona Retail Payments Control is a highly scalable solution, which addresses these issues by providing a real-time control layer for greater visibility into transaction processing. It also enables users to manage various aspects of retail payments processing, e.g., full transaction lifecycle monitoring, settlement of funds, charges incurred for services, plus inter and intrabank transactions. 

Using the solution’s sophisticated workflow, firms can identify problems –making it possible to reduce risk significantly, exercise greater control over operations, as well as create cost and time savings. The solution increases automation levels and drives up straight through processing rates, bringing down the overall cost of payment processing. In addition, a lower exception rate frees up staff to concentrate on more valuable tasks. Importantly, customer service levels are improved, thereby enhancing a firm’s reputation.