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Making a Profitable Transition from Paper to Electronic Payment Processing |
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The payments landscape is becoming increasingly blended, and paper checks are sharing it with an ever-expanding variety of electronic payment alternatives. As this occurs, banks face prodigious revenue risk at the hands of nimble, non-traditional payments processors1. The new imperative for banks, therefore, is to architect a profitable transition from paper to electronic payment processing. This discussion paper presents one strategy for doing so, along with an approach to the many implementation challenges that such a transition poses.
From both a banker and vendor perspective, an achievable three-part strategy for a profitable transition from paper to electronic payment processing will …
1. Reduce the number of check processing touch-points
2. Move the check payment stream from a serial to concurrent process flow
3. Integrate the front-end retail network with the back-end processing center
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