The IT landscape today brings to mind that “keeping
your options open” is of paramount importance when it comes time for decision
making. When faced with responding to changing market conditions it’s never
wise to go “all in” on any one architecture or technology as there is always something
new about to happen just around the corner. For Financial Institutions (FIs)
around the world, navigating change is proving to be a big differentiator in
and of itself – set your FI up to accommodate what comes next is neither a
risk-mitigating step nor a cost-effective balancing act, but rather, a
necessity in order to remain competitive. The days of having just one check
account to anchor all financial transactions or having a single debit / ATM
card for managing cash (and cash flow), are long gone.
Today it has become a world dominated by the desire of FIs to be flexible, to coexist and yes, to innovate. Flexibility is all about avoiding lock-out and being open – open banking is not just a directive but a philosophy that more and more FIs are embracing. Coexistence is a reflection on the necessity to be able to interact with processes and data already in place – to build on what has weathered the business storms from decades past and where a wealth of important data can be easily mined by what comes next. Most importantly, coexistence speaks to working with the past and with what is implemented and deployed today. Innovation is what FI’s leaders are being told they simply have to do to survive in the ever-changing landscape that is banking today, whether they are a traditional bank or an up-and-coming fintech. Even more importantly than flexibility and coexistence, innovation speaks to the future and the future is happening all around them – FIs today are in full-react mode and must have the platforms in place to respond in a timely manner.
In the past it was the goal of hardware and software vendors to lock in their customers with proprietary solutions. They were never considered open nor did these vendors espouse standards – the potential to hand-over an account to a competitor was too risky to contemplate. And yet, after years of creating architecture, technology and indeed product lock-in, the greater need for interoperability drove FIs to demand the flexibility that we have today. Processes and data can be readily accessed by applications outside of the control of IT and we can owe this radical change of influence to the end users themselves. Nothing really prepared us for the tsunami of change that didn’t come from a country or region or a competitive FI but rather, from the global take up of smartphones and tablets. Game over!
For OmniPayments it has always been about flexibility, coexistence and the support of innovation. When it comes to flexibility, OmniPayments has a proven track record of being able to plug-and-play with the needs of external and internal processes. In other words, OmniPayments offered a true omni channel approach to handling all FI’s transaction sources, be that a traditional branch office, an ATM or POS device, an online terminal including PCs of all description and yes, mobile devices including smartphones and tablets. Of course, OmniPayments can coexist too with existing technology and given as how many FIs migrate to OmniPayments, its ability to work with what had been deployed is much sought after by FIs that are risk-averse. Coexistence just makes sense in today’s ever-changing world of payments solutions and OmniPayments have these bases well covered.
As for innovation whether it has been the support of poor mothers in Colombia via biometrics or being able to monitor everything happening on the system, whether it is the OmniPayment applications or the underlying middleware (such that FIs can have comprehensive monitoring capabilities of the business and it’s supporting infrastructure), OmniPayments has a history of providing their customers with more than they expect. Among those who have recently migrated to OmniPayments from the ACI BASE24 product for instance have been surprised and pleased with just how innovative OmniPayments products have proved to be on HPE NonStop systems.
For more information about just how JCPenney felt about their migration, read the article by Peter Schvarcz - NonStop Technology Consultant, OmniPayments, in the January – February, 2019 issue of the new, revised digital publication The Connection - https://pubthis.com/theconnection. Should you experience difficulties with this link then simply cut and paste the URL into your browser and look for the article in the sidebar.
Today it has become a world dominated by the desire of FIs to be flexible, to coexist and yes, to innovate. Flexibility is all about avoiding lock-out and being open – open banking is not just a directive but a philosophy that more and more FIs are embracing. Coexistence is a reflection on the necessity to be able to interact with processes and data already in place – to build on what has weathered the business storms from decades past and where a wealth of important data can be easily mined by what comes next. Most importantly, coexistence speaks to working with the past and with what is implemented and deployed today. Innovation is what FI’s leaders are being told they simply have to do to survive in the ever-changing landscape that is banking today, whether they are a traditional bank or an up-and-coming fintech. Even more importantly than flexibility and coexistence, innovation speaks to the future and the future is happening all around them – FIs today are in full-react mode and must have the platforms in place to respond in a timely manner.
In the past it was the goal of hardware and software vendors to lock in their customers with proprietary solutions. They were never considered open nor did these vendors espouse standards – the potential to hand-over an account to a competitor was too risky to contemplate. And yet, after years of creating architecture, technology and indeed product lock-in, the greater need for interoperability drove FIs to demand the flexibility that we have today. Processes and data can be readily accessed by applications outside of the control of IT and we can owe this radical change of influence to the end users themselves. Nothing really prepared us for the tsunami of change that didn’t come from a country or region or a competitive FI but rather, from the global take up of smartphones and tablets. Game over!
For OmniPayments it has always been about flexibility, coexistence and the support of innovation. When it comes to flexibility, OmniPayments has a proven track record of being able to plug-and-play with the needs of external and internal processes. In other words, OmniPayments offered a true omni channel approach to handling all FI’s transaction sources, be that a traditional branch office, an ATM or POS device, an online terminal including PCs of all description and yes, mobile devices including smartphones and tablets. Of course, OmniPayments can coexist too with existing technology and given as how many FIs migrate to OmniPayments, its ability to work with what had been deployed is much sought after by FIs that are risk-averse. Coexistence just makes sense in today’s ever-changing world of payments solutions and OmniPayments have these bases well covered.
As for innovation whether it has been the support of poor mothers in Colombia via biometrics or being able to monitor everything happening on the system, whether it is the OmniPayment applications or the underlying middleware (such that FIs can have comprehensive monitoring capabilities of the business and it’s supporting infrastructure), OmniPayments has a history of providing their customers with more than they expect. Among those who have recently migrated to OmniPayments from the ACI BASE24 product for instance have been surprised and pleased with just how innovative OmniPayments products have proved to be on HPE NonStop systems.
For more information about just how JCPenney felt about their migration, read the article by Peter Schvarcz - NonStop Technology Consultant, OmniPayments, in the January – February, 2019 issue of the new, revised digital publication The Connection - https://pubthis.com/theconnection. Should you experience difficulties with this link then simply cut and paste the URL into your browser and look for the article in the sidebar.
There are now numerous articles and posts about open banking featuring OmniPayments and with a solution that is today written in Java and based on modern SOA technology, it already has made up a step up into support of microservices with support in place for JSON – lead by its innovative approach to access from mobile devices. There will be a lot more said about steps being taken by OmniPayments to add more functionality to better support the growing demand of applications to offer finer granularity via microservices and associated APIs in 2019 so be sure to follow OmniPayments articles, posts and commentaries for more on this topic.
When it comes to keeping your options open then it shouldn’t be surprising to read of the ongoing work OmniPayments is doing in ensuring that its customers continue to have a rich choice of features from which to select. OmniPayments is proving to be flexible; OmniPayments has the ability to not only coexist with what is already in place but brings with it features that allow its customers to innovate and to provide new products that truly differentiate their offerings from those of their competitors. And for those compiling lists of potential vendors supplying their next generation of payments solutions that are averse to risk and looking for a quality solution – shouldn’t that list be topped with what is becoming the number one option for many FIs; OmniPayments!
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