The way many banks are structured, their various payments channels exist apart from one another. This is partly because most banks are tied to archaic systems that, though typically reliable, cannot easily support a wide range of payment types.

Historically, many small vendors had employees with experience in one payment field — checks, ACH, wire solutions. These companies were eventually bought out by larger firms that subsequently claimed to be "payments solution" providers. The initial problem remained, however: the "solutions" were still being implemented and operated on an individual basis.

A common archive that optimizes the management of information from multiple payments channels while meeting compliance requirements enables banks to realize greater efficiencies in payments processing.

Rather than deciphering which system to search through for a payment file, banks with an integrated payments processing archive save time and resources by operating through a common channel.

With so many banks still reliant on legacy systems, the industry should consider payments solutions that can accommodate existing legacy technology such as checks as well as emerging technology such as mobile and contactless payments. Though use is declining, checks will be around for decades to come. For this reason, backwards compatibility is essential for financial institutions evaluating vendors of payments processing systems.

Although online banking is becoming a preferred channel, banks still must offer consumers the option the receive their balance through a voice system.

Financial companies need to look at combining all payments solutions into one system that can support legacy and emerging payments alike.

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