Misys, a provider of financial services software, has launched a new payment risk management solution to enable banks cut the risks and costs associated with bank payment infrastructure.
Dubbed FusionBanking Payment Insulator, the platform is a component of the Misys FusionBanking portfolio. It is an extension of the company’s enterprise payments and messaging solution, FusionBanking Payment Manager.
The company claims that its newly launched platform will enable financial firms to gain control and visibility of enterprise payments and deal with the impacts of market events, daily compliance demands, scheme changes and the cost of maintaining ageing payment systems more quickly.
Banks can also utilise the intrabank ‘on-us’ payments processing workflow to route payments between internal business entities, cutting out the cost of processing over external networks such as SWIFT.
Misys head of transaction banking Elliott Limb said: "Enhancing payment services and analytics is important for improving client service, but we see banks dealing with the everyday issues of moving money around old payment infrastructures. Being more agile with an enterprise approach that delivers pre-packaged workflows to quickly deal with these specific challenges is a way for banks to see quick ROI and embark on payments transformation, without the risk.
"With the payment insulator we are helping clients quickly deal with daily challenges and operational risks. With ready integration to advanced analytical tools banks can also better manage risk exposures and liquidity, while also delivering the value-added services and innovations that are seen as the end game."
The company added that business analysis based on typical payment volumes in a regional tier 2 bank, indicates that banks can reduce operational costs associated with intrabank payments and adapting to scheme changes by 60% or more.