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Faster Payments: The importance of validation

Faster Payments: The importance of validation. Gary White Eiger Systems. Non Member Bank Faster Payment Options. Become a member Indirect Agency Direct Corporate Access (DCA) Reduce the cost of CHAPS transactions Do nothing. Validation.

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Faster Payments: The importance of validation

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  1. Faster Payments:The importance of validation Gary White Eiger Systems

  2. Non Member Bank Faster Payment Options • Become a member • Indirect Agency • Direct Corporate Access (DCA) • Reduce the cost of CHAPS transactions • Do nothing

  3. Validation • Why is validation so important with Faster Payments? • Emergency Payment method • Managing customer expectations • Payment is almost real time and irrevocable

  4. What can go wrong? • Mis-keying of details • Transposition required • Branch closed • Account does not accept Faster Payments • Roll or reference number missing • Roll or reference incorrect • Bill reference incorrect • Incorrect beneficiary account added • Payments not allocated to customer accounts • Charges incurred

  5. Implications • Cost of correction • Customer service • Confidence in the new service • Negative PR

  6. Position within the process Indirect Connection Channel Systems Core Systems Consumers FPS Member Back Office Applications Telephone Banking or FPS Central Infrastructure Internet Banking Corporates Direct Connection Standing Orders

  7. What is BANK WIZARD? • Embedded within existing payment capture systems • Direct Debits, Direct Credits, Faster Payments, CHAPS, SEPA • Re-formats and validates bank details • Highlights issues at point of customer contact • Reduces later rejections from BACS and ACHs • Improves “Straight Through Processing” STP (8% to 2%) • Benefits • Reduces cost of correction • Improves customer service • Improves customer acquisition and retention

  8. Demo screens x 2

  9. What is BILLER WIZARD? • Embedded within Internet and Telephone banking • Provides account details from Biller’s name • Provides “hint comments” to find biller reference number • Validates biller’s reference number • Benefits • Avoid funds held in billers’ “suspense” accounts • Reduced cost of complaint handling • Improved customer service

  10. Demo screens x 2

  11. Unique solutions • Data coverage and quality • Weekly updates • Rapid implementation • Local API component • Web Service (SOA) implementation • Platform independent

  12. EigerPAY Gateway • DCA (Direct Corporate Access) • BACSTEL-IP • Management Information

  13. Position within the process Channel Systems Core Systems Consumers Back Office Applications Telephone Banking Direct Corporate Access Internet Banking ManagementInformation Corporates Standing Orders

  14. Conclusion • Reduce costs • Improve customer service • Launch a successful service

  15. Contact Details gary.white@eiger.co.uk 01788 554810 07979 967833

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