Delivering real-time control, greater visibility into payments processing, and facilitating rapid detection and investigation of exceptions
The digital payments ecosystem has experienced considerable change in recent years. A plethora of payment instruments now competes for consumer and merchant acceptance, ranging from traditional bank transfers, credit, debit and charge cards, to innovations such as e- and m-wallets, P2P payment, alternative payments, and digital currencies. The variety of consumer-held form factors has also multiplied, allowing payments to be made via plastic card, NFC-sticker, mobile phones, wearables and biometric methods.
As new technologies emerge, further disruption seems likely, all participants in the digital payments arena will be striving to differentiate their offerings and to retain clients while tackling cost pressures.
The climate in which participants including alternative payment providers 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 control digital payments more efficiently. This goal remains elusive for many organisations, as they are hampered by a lack of automation. Relying on a mixture of spreadsheets, databases and paper processes, and fed by a variety of silo-based transaction processing systems, firms struggle with the huge volume of events that must be managed.
TLM Aurora Digital Payments Control (DPC) has been developed to challenge the existing status quo in this area and, in particular, to tackle the complexity firms face. It offers all the functionality firms need to make complex processes quick and easy to execute and monitor, while, at the same time, being intuitive, user-friendly, and easy to learn.
Highly scalable, Digital Payments Control provides a real-time control layer, delivering greater visibility into transaction processing, and assisting firms to automate posting generation. It enables users to manage various aspects of digital payments processing, e.g., full transaction lifecycle monitoring, settlement voucher creation, ATM balancing, chargeback processing, plus many other tasks.
The essence of a successful transactions reconciliation system is that it allows exceptions to be found rapidly and investigated, meaning risk exposure can be understood correctly and managed effectively. At its core, Digital Payments Control has an industry-leading reconciliations engine which automates transaction processing, removing manual activities and replacing them with exceptions handling technology. Any unmatched items can be resolved using the solution’s sophisticated, pre-configured workflow: this enables firms to identify problems – such as unmatched settlements and amounts, and potential fraud – making it possible to reduce risk, 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 exceptions rate frees up staff to concentrate on more valuable tasks.
Digital Payments Control offers an intuitive analytics layer. Thanks to this feature, the solution is easy to learn, allowing users to be trained quickly, and be up and running as soon as possible. The solution automatically guides personnel towards any tasks that need to be carried out, ensuring that staff do not waste valuable time looking for work.
Importantly, Digital Payments Control improves customer service, for example, through the reduction of account errors, thereby protecting and enhancing a firm’s reputation. With enhanced exception and investigation processes they can further manage their risk exposure.