Banks are under pressure to improve the contribution of payment-related services but face reduced margins, intensified competition, constantly evolving regulations and increasingly complex requirements from clients
Las Vegas, NV (PRWEB) May 19, 2008
At the PAYMENTS 2008 conference, Sterling Commerce, a subsidiary of AT&T Inc. (NYSE: T), today announced the banking industry's first payment processing solution that integrates all payment channels into a single view. The new solution, Sterling Total Payments, breaks down operational silos in payments processing to enable banks to simplify operations for improved efficiency; increase revenue streams with faster client on-boarding; and limit risk by having a single view across all payment channels.
"Banks are under pressure to improve the contribution of payment-related services but face reduced margins, intensified competition, constantly evolving regulations and increasingly complex requirements from clients," said Susan Feinberg, research director for Wholesale Banking at Tower Group. "It is imperative that banks identify the right technology partners that can help them overcome these obstacles without having to rip and replace existing systems in order to achieve the benefits of payments convergence."
A common obstacle across the industry is using yesterday's payments technologies to meet the demands of today's payments business. By centralizing existing operating environments, Sterling Total Payments streamlines the payments process and automates channels and processing systems using a bank's existing payments lifecycle investments.
"In a highly regulated, siloed and standardized environment, as technology advances and customer demands increase, banks are struggling to manage the disruptive forces that continue to reshape their payments environment," said Jim Gahagan, global industry executive for Financial Services for Sterling Commerce. "The banks that are thriving share one common trait -- a shift from thinking in operational and corporate silos to a converged view of managing lines of business, customers and partners. Sterling Total Payments provides this competitive advantage."
Sterling Total Payments offers powerful payment processing capabilities for domestic and international payments. Benefits of this innovative approach include:
- Improved business intelligence and analysis of important payment and operational trends for differentiated services to clients
- Enhanced visibility for banks and their clients into all payment streams for improved customer self-service
- Increased compliance by automating the enforcement of bank policies and industry regulations across all payment channels
With 90 percent of the Fortune 500 banks as customers, Sterling Commerce continues to strategically bolster the financial community worldwide with innovative solutions that help banks increase their revenue streams from corporate clients while reducing risk and cost. Sterling Commerce offers industry-leading integration, multi-enterprise integration, managed file transfer, EDI, network and application solutions to banks and their corporate clients for the movement of financial data and transactions across the entire community of correspondents and business partners. In addition, they support a comprehensive range of industry standards, enabling consolidated control, validation and visibility of business process exchanges with external organizations and networks, including, for example, NACHA, SWIFTNet, card processors and outsourced service providers. More information can be found here.
About Sterling Commerce
Sterling Commerce, a subsidiary of AT&T Inc. (NYSE:T), helps customers thrive in a global economy by connecting their business communities, processes, people and technology. More than 30,000 customers worldwide -- including 80 percent of the Fortune 500 -- use Sterling Commerce solutions for business process integration, multi-channel selling, and supply chain fulfillment to improve profitability inside and outside their company walls. Headquartered in Columbus, Ohio, Sterling Commerce has offices in 19 countries and most major cities around the world. More information on the company can be found at http://www.sterlingcommerce.com.
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