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Banking

US Regional Bank Transforms Its Payment Technology and Operations


The Challenge

A leading regional U.S. bank managed its commercial payments using disparate platforms, multiple applications and a variety of internal teams. These processes were inefficient, disjointed and often relied on error-prone, manual interventions. As part of an enterprise-wide transformation initiative, the bank wanted to replace these antiquated, legacy payment systems with a single platform to transform its payment organization across operations and technology.


Our Approach

After selecting Global PAYplus (GPP) as its payment platform, the bank chose Cognizant's digital banking team as its systems integration partner. Implementing GPP in phases, we realigned the bank’s systems and operational teams to ensure efficient payment initiation, processing, settling, reconciling and reporting. Built-in features enhance security, ensure regulatory compliance and enable checks and balances based on configurable rules.

Realigning and consolidating the bank’s multiple operations teams also helped it adapt a consolidated payments engine and execution approach from a waterfall method to an agile development environment. This optimized the teams’ ability to function and scale in an agile environment. 

New Global PAYplus Platform Pays Big Dividends

With the initial phases of the implementation completed for domestic wire payments, the bank is now preparing to leverage GPP for international payment processing, as well as to adopt future payment processing capabilities such as real-time payments.

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Reduced

operational costs

Improved

payment routing and settlement

Enhanced

security and compliance

Increased

interoperability via ISO 20022 message standards


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