Finteq Payment Hub
As financial institutions grow, mature, or even transform over time, systems and processes become more fragmented with business, technology, and operational silos.
A payments hub enables banks to consolidate different payment processes into a single central, standardised and coordinated platform, which lowers the Total Cost of Ownership, and reduces maintenance, support, and risk, allowing for processing of all payment types. Built on modern software, payment hubs provide agility as they do not require constant customisation and maintenance, they are less expensive to operate and can readily adapt to new payment types and add new payment connectivity.
The Finteq Payment Hub (FPH) 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):
- Receives
- Verifies
- Converts
- Enriches
- Sorts
- Directs
- 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 FPH is comprised of separate functions in modules that provide our customers with capabilities.
The FPH delivers value to these different customers by offering full capabilities or only specific functions based on their individual needs and requirements. Functions are specifically designed to map to customer’s business/system processes, integrate with a bank’s new or existing products, or serve as an enabler of other products and services.
Key Features and Functions
- Exception handling
- AML capabilities
- Reconciliation capabilities
- ISO 20022 compliance
- Item life-cycle management
- Ability to adopt local regulatory compliance requirements
- Regulatory compliance capabilities
- SWIFT capabilities
- SADC capabilities
- Multi-currency and multi-language
- Statistics availability
- Monitoring tools
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
- 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.
