Payment software stands as a critical cornerstone for banks seeking to meet the demands of modern transactions. Despite these difficulties, it has become clearer that the industry needs more streamlined and cutting-edge payment technology. As the CEO of a fintech company with 15 years of experience in the industry, I understand this necessity all too well and stand ready to showcase the ideal solution.
While banks diligently choose their core banking software, they often overlook the importance of adopting additional payment-orchestration-related functionalities. In this article, we will explore how banks can cut costs and increase efficiency with proper software.
Join me as we explore the compelling reasons why banks must embrace Merchant Management Software without delay and prepare for the inevitable transformation of the industry.
Banks can centralise their operations and get a complete picture of all payment activity by integrating payment processing under a single platform. This consolidation eliminates the complexities of dealing with multiple participants in the payment process, such as merchants, PSPs, ISO/MSPs, reducing operational overheads and administrative tasks. Moreover, a unified platform facilitates comprehensive reporting and analytics, providing valuable insights into transaction trends and performance metrics.
With Merchant Management System, banks gain access to a fully-customisable payment page that can be adapted to fit their specific requirements. The platform allows banks to add or remove fields, payment methods, and recurring options, providing a seamless payment experience for their customers. This flexibility, which includes both design and functionality, empowers banks to design a payment page that aligns with their branding and customer preferences, enhancing the overall user experience and boosting customer satisfaction. Whether it's a one-time payment or a recurring subscription, the customisable payment page ensures a frictionless and convenient checkout process, ultimately driving higher conversion rates and revenue growth.
Recognising the rising threat of fraudulent activities, the Merchant Management System implements cutting-edge fraud protection measures to safeguard banks and their customers. The technology can quickly identify suspicious transactions and potential threats using complex algorithms and real-time monitoring, reducing the risk of financial losses. This in-house anti-fraud model helps to preserve the bank's reputation and enhance customer trust in the payment ecosystem.
In order to increase protection from fraudulent transactions, banks can also use third-party fraud prevention providers. This empowers banks to tailor risk management strategies based on individual merchant profiles. By applying custom risk scoring models, banks can categorise merchants according to their risk levels, enabling more focused and precise risk management. Thus, low-risk merchants experience a frictionless payment journey, while high-risk ones undergo stringent verification procedures. This combination of anti-fraud rules optimises the passage of scam transactions on one hand and ensures maximum conversion on the other.
This is one of the essential orchestration technologies that assist banks in greatly enhancing their payment flow. To ensure compliance with legal requirements and meet regional payment preferences, the technology can automatically route transactions to internal bank systems, international card networks like Visa and Mastercard, or regional card brands like Verve in Africa, Elo in Brazil, Cartes Bancaires in the SEPA region, or Mada/NAPS in the MENA region. By utilising the right payment channels and navigating regulatory requirements with ease thanks to this flexibility, banks may decrease transaction failures, delays, and errors while also saving time and money.
Embracing alternative payment methods is a strategic move for banks. By adding options like Alipay, WeChat Pay, cryptocurrencies, and Klarna, banks cater to the evolving demands of customers. Offering diverse and convenient choices positions banks as industry leaders, ensuring they stay relevant in an ever-changing market. As an expert in payment technologies, we recognise the significance of these methods and encourage their adoption to maximise merchant satisfaction and meet customer preferences.
As the CEO of Akurateco, a leader in the payments software industry, I can’t stay without attention to our recent product, which addresses the abovementioned pain points effectively – Akurateco Payment Orchestration for banks, or Akurateco Merchant Management System.
Get in touch with us if you are interested in getting Akurateco’s software.
Being an expert in payment technologies, I understand the significance of a future-ready ecosystem for banks. With a unified platform for payment processing and seamless integration with existing banking systems, Akurateco is ready to propose a revolutionary frictionless transition. By optimising revenue streams and simplifying workflows, banks can focus on delivering exceptional services and driving customer satisfaction.
About Vladimir Kuiantsev
Vladimir is the CEO of Akurateco Payments Orchestration Company, founded in 2019. Since 2020, Vladimir has been leading the overall management of Akurateco, which delivers easily customisable PCI DSS-certified white-label payment software to payment service providers and international merchants.
About Akurateco
Akurateco Payments Orchestration Platform offers an advanced end-to-end payment solution from merchant onboarding to accepting payments from your customers. We act as a connectivity box with 300+ worldwide payment integrations and help businesses build, manage, and optimise connections to payment gateways and payment methods, achieving up to 30% revenue gain.
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