Modernize Payments Technology with Process-Focused Vendor Selection
Fortune 50 Financial Institution
The Client needed a partner to assess a payments modernization program and recommend a comprehensive future state payments model, inclusive of people, process, and technology. Reference Point performed a current state assessment, developed high-level business requirements for the future state operating model, and led the RFI and vendor evaluation processes.
- The Client’s existing payments ecosystem was characterized by decentralized functions and redundant processes with many opportunities to streamline and automate the end-to-end payments process.
- The core payments processing engine upon which the Client relied heavily was antiquated, requiring costly customization and specialized resources to maintain.
- The company lacked consensus on any formal plan, driving the need for the right experience and expertise to recommend the right approach and strategy for the future.
- Reference Point deployed a team led by a member of the U.S. Federal Reserve’s Faster Payments Task Force and a team of specialized technology consultants, to develop a vision and strategy for an end-to-end payments platform.
- The team facilitated workshops with process stakeholders to identify pain points, generate ideas for improvement, and assess business capabilities and requirements.
- Reference Point issued the RFI for a new payments solution, assessed vendors, hosted product demonstrations, and ultimately, recommended future state process and technology changes.
- The Client received an incremental and actionable implementation strategy for the new payments solution.
- The Client achieved organizational executive-level consensus to move forward with the implementation of a modern payments solution based on Reference Point’s guidance and recommendations.
- The Client was able to transition from an assessment into a formal program for vendor selection and solution implementation by leveraging Reference Point’s expertise, experience, and advice.