Bank Payment Solution Launched by IBM
IBM has launched Wholesale Payment Solution, an initiative that combines software, hardware and consulting services to enable financial institutions to upgrade and customise their payments systems. The solution is intended to help financial institutions decouple existing payments systems and processes into individual business components, in order to consolidate duplicated functionality and processes. ‘Through a combination of business transformation outsourcing and in-situ re-engineering, [companies] can then reintegrate them, further reducing costs and improving operational efficiency,’ said IBM. The new tool will enable banks to consolidate redundant duplicate systems and enhance components in a step-by-step fashion, rather than in having to adopt a ‘rip and replace’ approach with its attendant high risks and costs, according to the company.