Enhance competitiveness in financial operations with TIBCO payment infrastructure.
The digitization of the banking sector is undergoing rapid development, accompanied by the growth of mobile banking applications. Financial organizations and payment service providers are moving towards open banking solutions, digital omni-channel customer experiences, faster transactions, and enhanced security. Customer demands for their chosen interaction channels and the trend towards seamless payments pose challenges for businesses on the journey to attracting customers and providing personalized experiences.
The era of digital banking
Nowadays, all channels need to be agile, synchronized, and integrated to create a comprehensive customer experience with contextualized engagement in responsive designs. For instance, enabling automated credit access and approvals, offering new products, and facilitating payments should not be hindered by code duplication.
A business's payment infrastructure cannot be a single, unsynchronized, and unintegrated channel anymore. Customers expect to start transactions on one channel and end on another, anytime, anywhere. At this point, an intermediate software layer acts as the backbone to flexibly coordinate all payment activities.
Cloud-native microservices architecture has become essential for delivering unified and hyper-scalable payment solutions. Without this flexibility, traditional payment service providers will struggle to compete with new players boasting more modern infrastructures in the ever-changing financial banking landscape.
Global management consulting firm McKinsey states, "The valuation gap between top-performing banks and those lagging behind is widening. Decisions made in the next 18 to 24 months will determine which companies emerge on the right side of this divide."
Businesses need to ensure a platform with the lowest total cost of ownership (TCO) – one that can provide higher efficiency, flexibility, and lower costs – to create value for customers. To lead in this competition, businesses require a modern and efficient core ecosystem, minimizing errors in the customer experience journey.
Challenges for financial organizations
The two main challenges for most financial organizations are Effective Operations and Customer Loyalty, often going hand in hand. Customers always demand fast, convenient, and secure services, meaning banks must minimize errors in operations. The more errors, the higher the rate of customer service discontinuation.
Efficiency in operations is becoming increasingly challenging with the development of multi-channel experiences, including mobile banking, third-party marketplaces, banking apps, and self-service options. This is when automation, aided by machine learning and artificial intelligence, becomes effective but demands substantial investment and expertise related to security concerns like identity fraud and cloud security.
TIBCO's Payment Infrastructure Solution
TIBCO's integrated payment infrastructure platform is the solution to the challenges faced by banks and financial organizations. This platform provides an enterprise financial information system, minimizes fraud, and provides the necessary insights to help businesses reduce cost-to-service and accelerate time-to-market.
TIBCO's financial communication platform (on cloud or on-premises) enables businesses to connect and exchange data with minimal latency between any upstream core systems, then integrate and interpret that data for downstream transactions, including external payment endpoints. These capabilities eliminate the need for complex integration and encoding requirements. The TIBCO Cloud Integration platform offers hundreds of connectors for legacy systems, common business software, and even lesser-known applications, optimizing time-to-market for services.
The TIBCO Fraud & Insight platform aggregates data from any payment gateway, interface, or payment channel, supporting real-time decision-making with fraud analysis and enhanced customer experiences. Analyses are based on sophisticated rules engines and artificial intelligence, supported by TIBCO Spotfire, a leading market analytics tool, to minimize fraud and optimize real-time marketing campaigns.
TIBCO offers various deployment models that can enhance the value of an enterprise's payment ecosystem, including managed service usage, partner-based deployment, or leveraging TIBCO's internal resources.
In the future, with TIBCO's capabilities, businesses can accelerate product innovation, enhance business agility, improve customer interaction, and achieve flexible, modern communication architecture. Together with appropriate data systems, communication architecture, and analytical tools, businesses can easily gain a competitive advantage. TIBCO combines commercial software with Apache Kafka and Pulsar support. The flexible approach with pub/sub mechanisms also boosts developer productivity.
Visit here to learn more about how TIBCO can address integration challenges and empower users to quickly connect applications, data, and devices across digital platforms.
ENAO is TIBCO's preferred partner in Vietnam, with years of experience in software development and providing outsourcing, consulting, and solution deployment services using advanced technical solutions, helping businesses untangle complex issues that arise in their digital transformation journey.
