How to Protect Your Bank During Payments Technology Replacement
In a rapidly changing market, the financial and skills challenges connected with maintaining outdated legacy payments technology are escalating.
The painful truth for many financial institutions is that replacement may be the only viable long-term option to future-proof their businesses, comply with regulation and remain competitive.
Viewing the replacement of a legacy system with trepidation is only natural – ripping out technology that’s been relied on for many years is no small change, but the risks of maintaining an outdated, cumbersome platform far outweigh those presented by replacement. Getting the right technical solution and implementation partner however, are critical to streamlining the process and ensuring business continuity.
A checklist to future proof your payments technology
If you’re ready to replace – where do you start? The truth is that next generation payment platforms are very different to legacy technology, and you need to ensure that this investment will work for you for the long term.
The questions you should ask:
- Is there a credible migration path? What are the options for implementation? How can they guarantee services won’t be disrupted during the switchover?
- Is the platform agile? Can new services and innovations be easily introduced over time? Can the platform flex to new market regulations and customer demands quickly and without extensive customisation?
- Will your vendor guarantee support for the future? Will the skills be available to maintain and upgrade the platform on demand? Will you need to rely on third party suppliers, who may not be fully conversant with the technology? Do they have the skills to train your internal IT functions in maintaining the system on the ground?
- Can your provider demonstrate success? Can they offer case studies or recommendations on the suitability of the technology and their implementation process?
Learning lessons from the past is critical: many organisations who initially invested in ACI’s Base 24 Classic and Base 24-eps are now struggling to find the skills to maintain the technology, with the result that they’re now running wholly disparate, patched and clunky systems. Systems which create even more challenges through their inflexibility.
Get informed about your options
Interrogate your plans to upgrade your digital payments technology with the latest guide from BPC; ‘Evolution or Revolution? Choosing the right path for your legacy payments solution’.
With checklists, a detailed cost/ benefits analysis of enhancement vs replacement and suggested roadmaps for implementation, it’s a comprehensive handbook for anyone who has made the decision to migrate from their legacy technology.
The guide is free to Download here.