Secure, timely, reliable, low-cost payment processing no longer provides a differentiating advantage for a financial institution; it is a baseline expectation and is the commodity element of payments. However, payment product development and client care offer banks the ability to differentiate their payments services in this highly competitive market.
Banks and other financial services firms must provide value-added services and superior customer service to complement the commoditized function of reliable payment processing.
Learn more about our payments solutions for Financial Services.
Many financial institutions are faced with a legacy processing environment that is brittle and extremely expensive to update. And due to increase regulatory pressure, they need to be able to provide operations with material business information about the state of payment operations regardless of client, payment type, delivery channel or settlement method. The Payments Services Factory is designed to address these issues by rationalizing integration technology and implementing a consistent financial messaging framework, helping financial institutions to gain processing efficiencies and enhance risk management controls.
Banking seeking efficient service offerings and corporations trying to manage complex treasury systems need access to savvy treasury and cash management systems. Microsoft treasury and cash management payment solutions address the automation, settlement, and reconciliation of financial transactions, enabling end -to-end straight-through processing of payments between banks and their corporate customers.
Financial messaging integration is an essential part of any payments or capital markets technology renewal initiative. Whether a financial institution embarks on a program of wholesale application replacement, or just seeks to gain greater straight through processing (STP) efficiencies, a consistent approach to financial messaging and application integration is vital. The Financial Messaging Service Bus is designed to simplify the integration of capital markets and payments workflows among processing applications and clearing and settlement mechanisms, including SWIFT.
SWIFT (the Society for Worldwide Interbank Financial Telecommunication), is a member-owned cooperative through which the financial world exchanges millions of standardized financial messages daily. SWIFT enables customers to automate and standardize financial transactions to reduce costs, reduce operational risk, and eliminate inefficiencies from their operations. Microsoft's strategic partnership with SWIFT enables financial service providers and midsize to large corporations using Microsoft technology to quickly and easily connect to SWIFT. Microsoft is working closely with SWIFT to deliver deep industry value and simplify SWIFTNet implementation for customers worldwide.
