September 30, 2020
TABLE OF CONTENTS
A global transportation company, headquartered in Atlanta, Georgia, wanted to centralize and simplify their payments infrastructure. Their current infrastructure could not support the high number of payments channels, which resulted in an inconsistent user experience and costly legacy system updates. It was important to find a payments engine that would help consolidate existing systems and meet their business strategy moving forward. Levvel’s proprietary RFP best practices and deep industry knowledge would help provide the client with a targeted list of vendors that would meet its technical and business needs.
The high level of fragmentation with the client’s current payments ecosystem was a primary challenge. Support for different payment methods was inconsistent across existing channels, which resulted in inefficiencies across the system. Because of these inconsistencies, system-wide updates required particular modifications for each channel. This issue was further complicated by the changing security and regulation standards within the payments space.
Levvel’s mission was to identify the best payments processing partner for both the client’s current and future payment needs. The client’s motivations for pursuing a more adaptable payments infrastructure arose from the realization that such changes could drive revenues by simultaneously cutting overall development costs, increasing efficiency, and expanding revenue streams. Levvel’s payments team worked in tandem with the client to determine the best vendors for this implementation.
In addition to providing RFP-driven recommendations for vendors, Levvel’s expertise in the digital payments space allowed for additional suggestions based on the client’s future roadmap.
Based on the industry-level analysis, the client was able to determine the best digital payments processor for their future roadmap. This allowed the client to confidently move forward that their chosen payments engine solution was feasible, comprehensive, and aligned with current business needs.
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.