Payments
Modernization Services

Secure, Seamless, Superior: Modernizing Your Payment
Processes for Best-in-Class Experiences

Today’s Payment Systems market is undergoing rapid evolution. With increased competition from Fintechs, the introduction of numerous new payment trails, and the demand for real-time processing, financial institutions face a multitude of challenges. This rapid change can be overwhelming, and the impact of new technology can be disruptive.

Techzert’s Payment Modernization services are industry-proven and tailored to deliver immediate value to our customers. With years of experience and deep domain knowledge, we address real-world needs and the dynamic requirements of modern Payment Systems.

Leveraging our technical expertise, insights, and a team of experts, Techzert delivers tangible value to our customers. Our solutions not only meet current requirements but also empower our customers to remain future-proof in the evolving payment landscape.

Key Challenges Faced by Financials Institutions and Service Providers with Payment Modernization

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Poor user experience for retail customers due to: Complex workflows, Higher friction during payment steps, Higher processing fees

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There is a need for a dashboard view for corporate customers that can provide real-time traceability into payments and expenses.

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Potential business risk posed by the rapid growth of FinTechs that are offering omnichannel experiences and innovative products, such as embedded payments, BNPL, and digital currencies.

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Traditional banking models, poor API repositories, and system integration issues make it difficult to adopt modern technologies.

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ISO adoption's complexities arise from an evolving rule book and varied timelines, leading to higher costs in training and integration

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Fragmented payment systems, with various file formats, hinder scalability and pose challenges in upgrading processes.

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Interdependent architecture in multiple services leads to system-wide impacts from changes, resulting in higher downtime and increased maintenance costs

Our Payment Modernization Services Include

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We help identify and integrate the right partners for Banking as a Service (BaaS) and Platform as a Service (PaaS), as well as embedded payments, to support various business needs.

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Recommend strategies to modernize payment hubs and build cloud-native architectures for better availability and performance.

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Integrate financial products and services using API-led integration, enabling seamless business outcomes across different platforms.

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Designing and building the API management platforms, orchestration layers, and connectivity protocols to streamline payment processes.

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Align with industry standards like BIAN and Open Banking to enable innovative payment experiences and adoption of new technologies.

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Strategize ISO adoption and migration from MT-MX formats, offering customized solutions based on client needs.

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Modernize retail payment channels for a smoother user experience, offering multiple payment options and on-the-go solutions.

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We enable Financial Institutions to offer advanced solutions to their corporate clients, including centralized dashboards, integrated accounts, automated invoicing, and third-party service integration.

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Techzert offers expert consulting for modernizing the payment experience for users

We deliver a comprehensive payment modernization system using APIs, ensuring flexibility and scalability for long-term solutions.

Simplifies the integration of core banking services with third-party financial products, making it easier to access a wide range of financial offerings.

Support the development and integration of innovative products like Buy Now, Pay Later (BNPL), digital wallets, and digital currencies, enhancing payment options for users.

Our modern payment platform improves the customer experience by offering more payment options, enhanced security, faster processing, and greater control over transactions.



FAQ

What are the benefits of the modern payment system?
Implementing a modern payment system allows banks and service providers to offer innovative payment methods like BNPL, cardless payments, click-to-pay, and digital wallets, enhancing customer experience and service differentiation.
What is a traditional and modern payment system?
Traditional payment systems are based on older frameworks and databases, lacking configurability and extendibility. Modern payment systems, on the other hand, leverage microservices, APIs, and cloud hosting for agility, scalability, and adaptability to digital market demands.
What is payment modernization?
Payment modernization for banks and financial institutions involves upgrading the payment platform to meet evolving market needs. This includes evaluating existing systems, choosing between buying or building upgrades, migrating to the cloud, and integrating with third-party APIs to offer new services and improve efficiency.
Why is payment process modernization important?
Payment process modernization involves upgrading and enhancing the systems, technologies, and procedures used for processing financial transactions, such as payments, transfers, and settlements.
What are the key benefits of modern payment infrastructures?
Modern payment infrastructures offer benefits such as faster transaction processing, reduced operational costs, enhanced security features, improved regulatory compliance, and the ability to innovate with new payment methods.
What technologies are involved in modern payment infrastructures?
Modern payment infrastructures leverage technologies such as cloud computing, API integrations, real-time data analytics, artificial intelligence (AI) for fraud detection, blockchain for secure transactions, and mobile applications for enhanced user experiences.
What are the challenges associated with modernizing payment infrastructures?
Challenges may include legacy system integration, data migration complexities, ensuring interoperability with existing systems, managing cybersecurity risks, and adapting to new technologies while maintaining uninterrupted services for customers.
How does payment process modernization impact businesses?
Businesses benefit from streamlined operations, cost savings, improved risk management, increased payment options, enhanced customer satisfaction, and the ability to adapt to changing market demands.


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