Instantly trace any payment, proactively avoid payment delays and when technical outages occur, immediately identify all impacted payments and clients
Faster payments, calls to support seamless processing across multiple geographies, the pressure to offer innovative payment models, disruptive new providers and increased regulatory focus are driving a multitude of changes for banks operating payment platforms.
The pressure is on for these firms to improve client satisfaction, whilst continuing to maintain a stable, reliable infrastructure and meet cost reduction targets as expectations continue to evolve.
However, a fundamental challenge facing many firms is that their payment processing environments are highly complex, sometimes featuring 20-30 different systems that function in silos. Maintaining these environments can prove costly and very manual.
This complexity can mean that it is difficult to accurately forecast how a software or system upgrade could impact other parts of the infrastructure. Changes can generate technical glitches causing payment delays that negatively impact client experience. The degree of complexity can also cause engineers to be fearful of removing systems perceived unnecessary and it can stifle innovation.
Furthermore, in these complex environments missing payments can prove difficult to locate and delayed payments slow to identify, resulting in unnecessary SLA breaches and payment failures.
VMX Payments builds on core functionality offered by Velocimetrics’ technology and includes a series of additional features to help firms to overcome these difficulties. With VMX Payments:
- All activities taking place across the complete payments process can be observed in real-time, in a consolidated view. Should an issue occur, activities around specific systems can be instantly investigated, and how these activities may be impacting other parts of the process immediately understood
- All payments are accurately tracked in real-time from the moment they enter the payment process to their point-of-exit
- Any given payment can be found using an independently allocated unique ID
- Technical and operations teams can be alerted to individual payments, or groups of payments, at risk of failing to achieve their cut-off time
- Detailed, actionable insights provide the information necessary for quick decision making
- Should a technical glitch occur, client-servicing teams can rapidly identify exactly which payments have been impacted, the clients that submitted them and additional information related to the payment such as the payment’s value, payee details and the payment date
- Groups of payments can be instantly found by searching on a wide range of user defined attributes, such as:
- The location of all payments belonging to a particular client
- All transactions being processed by clients paying for premium services
- All payments due to complete by a specific time or on a particular date
With this insight:
- Issue resolution times can fall from hours and days to a matter of minutes
- The number of daily, manual monitoring activities conducted by technical and operational teams dramatically slashed
- Failed payments reduced by up to 40%
- Client queries more quickly addressed and client experience levels significantly improved
- Costs associated with incident management can be drastically reduced
VMX Payments achieves this by enabling users to overcome the following challenges:
Understand how payments actually flow in complex processing environments in real-time, in a single view
- System-by-system or process-by-process monitoring approaches only provide a snapshot of what is happening at any one time.
- VMX Payments enables the complete processing environment to be monitored in real-time in a single view, this is even possible when:
- Data is received in many different ways
- The payment processing paths are very complex
- The systems operate in silos
- There are multiple ways in which payments exit the process
- Employing network, application and middleware data capture techniques, VMX Payments illuminates previous blind spots, tailoring both the number of monitoring points and the approaches taken to meet your firm’s individual requirements.
- Users can observe the entire environment in a single view, even if this includes 20-30 different systems, each with multiple monitoring points. To avoid users getting bamboozled with this degree of complexity, all monitoring points around a particular system can be displayed as a summarised sub-flow. Users can zoom in to investigate the activities taking place in a particular sub-flow or zoom out to understand how the sub-flow’s activities are connected to others, and as such may impact downstream activities.
- With this insight, manual monitoring health checks can be automated with a single view and associated costs rapidly decreased.
- This approach allows payment flows and system interdependencies to be fully understood, revealing how system changes or software upgrades could impact other components. This enables potential technical glitches to be accurately forecast and proactively avoided.
- By understanding all flows, system retirement and replacement programs can be more confidently instigated as users have a better understanding of how the change will impact the process. By reducing the number of systems being used, the process’s overall complexity can then be reduced.
- Additionally, should an issue occur during a system change program, users will be instantly notified so the problem can be effectively controlled.
Instantly identify system risks and resolve issues in minutes, vs hours or days
- Providing a holistic view, displayed on a single dashboard, users can instantly identify the emergence of issues across their entire infrastructure that could lead to system degradation.
- Drill-through capabilities allow the seamless transition from high-level warnings to detailed views of specific parts of the payments infrastructure.
- VMX Payments offers hop-by-hop performance monitoring methods along with more customised solutions, such as monitoring the size of payment exception queues and comparing the number of queued items to historical norms. For the first time payment monitoring teams can see early warnings of both infrastructure and business flow issues in real-time.
- By rapidly pinpointing the issue’s source and providing the necessary actionable insight required for informed decision-making, VMX Payments enables preventative action to be quickly instigated
- This automated approach has been proven to significantly reduce the manual effort required by technology and operational teams to monitor payment system health.
- It has also been shown that when an issue occurs the resource effort involved in identifying a problem’s root cause is dramatically reduced, cutting resolution times from hours and days to a matter of minutes. In turn, reducing the issue’s financial cost and its impact on other payments in flight.
- Uniquely, VMX Payments will then also monitor your payment systems back to health, as payment queues and processes are unblocked. In doing so, ensuring there are no downstream or upstream knock-on effects created by the repaired issue.
Minimise the manual effort involved in locating missing payments by independently allocating each payment a unique ID
- VMX Payments can allocate a unique and independent ID to each of the millions of payments traversing a process at their point-of-entry.
- VMX Payments then cross-references this payment at each monitoring point throughout the entire process.
- Users can search with this ID and immediately identify the exact location of any given payment and reconstruct all previous stages completed.
- This approach can prove very beneficial in environments where systems operate in silos, as the same payment may be allocated separate IDs by the different systems.
- This approach negates the need to change existing systems to amend their ID allocation schemes, reducing operational risk and long-term maintenance costs. Now users have control of the way that they can track their payments.
- This approach negates the need to trawl through log files, manually query databases, or conduct detailed investigations on a system-by-system basis to locate missing payments, presenting significant cost and resource savings.
- It also enables client payment queries to be more swiftly addressed, significantly improving the client facing experience.
Instantly reconstruct the path taken by payments that complete over days, weeks or even months to effectively address client queries
- VMX Payments is able to track and tie together data related to payments that take extended time periods to complete, not just those that complete in a matter of minutes or seconds. This information can then be made available to users for detailed analysis.
- As soon as a payment enters the processing environment, VMX Payments allocates it a unique ID, starts tracking the payment and matching all related information together in-memory. Should the transaction processing pause for any reason, because for example a future-dated payment has been submitted today for payment in a couple of weeks, VMX Payments will ensure that all information gathered about the transaction to date is persisted to the database for long-term storage.
- As soon as the payment processing resumes, VMX Payments then instantly retrieves the stored information and brings it back for in-memory matching.
- To facilitate this, VMX Payments offers “smart match” functionality, which allows the majority of payment events to be matched in-memory, whilst also enabling payments that run over an extended period to be retrieved on demand from long-term storage and brought back into memory for optimised matching once the transaction resumes processing.
- Smart matching avoids unnecessary and time-consuming database searches where possible, and allows VMX Payments to combine the performance benefits of in-memory matching whilst still being able to track processes that include dormant periods or run over long timeframes.
Reduce failed payments and SLA breaches by tracing every payment from entry-to-exit and be instantly alerted to individual payment issues
- With real-time payment tracking, each and every payment is traced from its point-of-entry through to final posting. By detecting payments entering into difficult states, VMX Payments can alert users to a wide range of developing situations to reduce SLA breaches and failed payments.
- These alerts are completely customisable and could be configured to notify users if:
- A payment instruction is at risk of missing its intended completion time.
- A payment is not received by the next downstream system within an acceptable time period, indicating it may have been delayed and requires locating so it can be fixed.
- The payment has entered into a range of known failure states that require manual repair. For instance, an international payment may have been halted due to a failed sanctions check, as it is destined for a country the bank is unable to do business with.
- Armed with this insight, users can then quickly search for the payment and start its repair. This reduces the risk of SLA breaches due to processing delays and missed cut-off times.
- By providing effective alerting and immediate access to detailed, actionable insight, VMX Payments has been shown to considerably reduce failed payment rates.
Track files and batched payments
- In addition to tracking all individual payments, VMX Payments enables users to see:
- Batches of payments entering the payments system and the files they belong to
- How the batch and file is processed
- How it is decomposed into individual payments
- And how those payments recombine into other batches and files.
- This provides users with a detailed understanding of how all payments within the batch or file were processed, providing valuable customer insight when a batched payment may have stalled or unfortunately failed.
Increase client satisfaction by instantly determining exactly which payments and clients have been impacted by an issue so their experience can be proactively managed
- As soon as an issue occurs, VMX Payments allows users to identify which payments were being processed by the impacted system at the time of the outage and as such are likely to be delayed.
- The payments can be examined at the aggregate, batch and individual transaction level and details of the client that submitted them quickly retrieved.
- VMX Payments captures and stores all business-level information about the payments being tracked, so users can quickly determine, for instance:
- The clients that submitted the payment
- When the payment should be paid by
- And who the payee will be.
- With this insight, client-servicing teams can provide impacted customers with detailed and accurate advice about their delayed payments and continue to do so as they move through the recovery process. This can substantially improve client satisfaction levels.
- Additionally, this actionable insight can enable banks to notify impacted clients of the issue and how they have been impacted before they have even become aware of it. In doing so, often demonstrating more effective management and control when an SLA breach occurs.
- This approach can generate significant resource cost savings, with the accuracy of initial impact assessments shown to be vastly more precise than when conducted manually.
For further information on how VMX Payments can help banks operating payment platforms to deliver enhanced client servicing levels click here
Quickly search all payments being processed to swiftly address client queries
- Any business attribute that is captured by VMX Payments may be configured to be searchable so that it can be used as part of a query at a later date; this could include any or all of the client’s name, account number, counter-party details, the date the payment was submitted or when it is due to be paid by.
- These attributes can then be combined to perform a specific search using any of the values of interest. For instance, a user may wish to instantly generate a list of all payments submitted by a client due for payment by the end of the day that have yet to complete.
- The ease with which this information can be retrieved can significantly increase the efficiency of client servicing teams in addressing client queries.
Prioritise important systems or high value payments for repair when a technical glitch happens
VMX Payments enables users to search the payments data being processed in many ways. So when a technical glitch occurs, this functionality enables users to instantly identify, for example:
- Where payments have been halted in the overall process, so systems containing a large volume of payments could be prioritised for repair.
- The exact location of all payments marked as high value and highlight these for repair.
- The payments that belong to clients paying for a premium service and target these for immediate focus by engineering teams.
Ensuring payments monitoring doesn’t crash when your systems do
- VMX Payments enables payment environments to be independently monitored. This means when systems crash VMX Payments will continue to monitor the environment and provide a detailed view of where all payments are in real-time.
- This approach can increase confidence when introducing new technology and the speed it is implemented.
Conduct more effective performance testing using real, completely anonymised, payment data and compare current performance to pre-recorded historical statistics
- VMX Payments is able to anonymise real payment data enabling system enhancements to be more effectively tested in pre-production environments than is possible using synthetic data.
- To ensure that new technologies or enhancements to existing systems meet, or indeed exceed, their predecessors, within both pre-production and production environments, users can also compare the performance of new technology to pre-recorded historical statistics.
Understand risk exposure with timely, intra-day access to the monetary value and number of all unsettled payments in flight and those that have settled
- Access timely, intra-day snapshot reports detailing the number and monetary value of the payments that have entered the system, how many are currently in-flight and those that have completed.
- Report the above measures by client with a client view of your payment processing.
Increase STP rates and operational reliability by accessing customisable and highly granular analytics for smart decision-making
- Users can completely customise the data selected for analysis, and slice and dice it to provide powerful real-time analytics of value to their business area vital for decision making
- This versatile approach enables for example, payment instructions to be examined on an individual client basis, by type, batch, settlement date or notional value. Alternatively, the performance of particular groups of client types could be examined.
- These analytics can enlighten users about common errors and crystallise opportunities to increase STP rates, operational reliability and overall efficiency levels.
Reduce maintenance costs by employing centralised automated monitoring and decommissioning individual system monitoring tools
- By using a single solution to monitor your entire operational environment, individual system monitoring tools can be decommissioned.
- This rationalisation considerably reduces the number of manual payment monitoring checks required and on-going maintenance costs. Tool simplification can lower the potential for manual errors and free up production support staff to focus on more profitable initiatives.
- These cost savings then present an opportunity for a greater proportion of IT budgets to be allocated to initiatives that deliver an enhanced customer experience and innovative projects to enable new payment models.
Achieving agile and scalable monitoring that will easily adapt time and time again
- As client and regulatory requirements evolve, and payment volumes increase, VMX Payments can be easily configured to monitor new components and can scale to support your firm’s growing requirements.
- Designed as a highly flexible and extensible solution, VMX Payments can also enrich monitored data with supplementary information to support individual business requirements, without negatively impacting performance.
Manage rising payment volumes by detecting bottlenecks and conducting effective capacity planning
- Generate reports to examine historical averages across all elements of your infrastructure to identify periods where certain systems or networks may be overloaded or, conversely under utilised.
- Use this insight to make adjustments and focus future investment more strategically to effectively manage capacity limitations longer-term to ensure rising payment volumes can be effectively managed.
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To learn more about the technology and architecture that underpins VMX Payments, download our whitepaper below.
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