Payment Hub – Functional Overview
The Finteq Payment Hub is a comprehensive payment solution. It enables the connection of disparate system entities for the interchange of data between such systems in the format or protocol prescribed by each.
The Finteq Payment Hub (FPH):
- directs and
- dispatches transactions to defined destinations.
The system uses flexible, predefined workflows. Workflows determine the processes required to manage each different payment type from end to end.
The solution integrates and consolidates separate legacy systems and allows for the rapid participation of existing systems in new payment and clearing services. This is achieved through the conversion and possible enrichment of inputs and/or outputs to comply with alternative requirements. For example, the participation of SADC Banks in the impending Cross Border Payment and Settlement System. In this instance, the FPH enriches/augments payment transactions in accordance with rules and data loaded to the system. In addition, specific converter routines are defined for the transformation and validation of payment instructions to comply with the requirements of the new service.
When the various conversion/enhancement activities are completed, payments are passed to the output module. This module manages the onward distribution of files and transactions. This is done per the requirements of the predetermined recipient and the destination system.
The Finteq Payment Hub includes a range of services specifically to monitor and control the workflows and activities within the payment process. Activities include:
- the processing of routine operations,
- exception item handling,
- system administration,
- report management and
- archival services.
All activities executed by the system are logged and available for functional review and audit purposes. System operations can be managed locally and remotely to ensure optimal availability and performance.
Read our Blog: Why do banks need payment hubs?