December 1, 2020
TABLE OF CONTENTS
For large financial institutions (FIs), payment infrastructure can be complex. But timely investments in technology to promote these payments capabilities is critical to staying competitive. To stay ahead, a top five bank wanted an actionable roadmap to help with the architectural design of their payments hub. This would increase potential revenue streams by promoting customer use of digital payments, like P2P (Peer-to-Peer) payments and RTP (Real-Time Payments).
This FI wanted to be better positioned to take calculated risks when defining the future–and the path to getting there. They needed a crucial update to their core payment platform to make this happen, which involved complicated systems and a reliance on third-party vendors.
Levvel’s mission was to design an architectural plan and implementation roadmap for the new Enterprise Payments Platform (EPP). This would standardize their entire API catalog and promote consistency, repeatability, performance, and maintainability.
With this approach, the client would take the following steps:
Once the bank had a new payment infrastructure, they could create new revenue streams. After analyzing and better understanding revenue streams, the bank was able to attract new customers and create a better experience for current customers.
You’re going to use technology to change the world. We’re going to help you create it. Whether you are reinventing your company, creating an industry-changing product, or making existing products even better with new technologies—we exist to make your endeavor a success story. Our team is made up of leaders, thinkers, designers, and builders whose collective experience spans many industries and companies of all sizes. We’re avid fans of technology but even bigger fans of solving business problems. An understanding of the difference between an idea and a solution is just one of the things that set us apart.
On January 28, 2021 at 2 PM ET, join industry experts from Levvel and Bank of the West for a webinar on how financial institutions can be successful in the new world of digital payments and ‘Banking as a Service’ (BaaS).
While adoption of The Clearing House’s Real-Time Payments (RTP) is picking up among financial institutions, its spread among businesses is still early.
In our recent survey of businesses of all sizes, 49% of respondents said they were uninformed about RTP. This gap can be filled by financial institutions, business process automation software, and even businesses themselves.
Levvel Research's 2021 Real-Time Payments Report (RTP) provides a guide to the many use cases of RTP for businesses and outlines the ROI of adoption for financial management processes, product delivery, and customer satisfaction.