A Request from Dr. Jack Baldwin, Chairman of BHMI

Hello friends. I have a quick favor to ask. We are hearing a lot of predictions about the soon-to-be rapid adoption of real-time payments. However, research is showing that many financial services companies have yet to connect to a real-time payments rail. This is primarily due to the cost and complexity of modernizing their payment operations. Real-time payment rails operate 24x7x365, but most payment processing operations and legacy systems do not.

Industry analysts say payment operations modernization is necessary for survival and now is the time to adapt. However, financial services companies have varying opinions on the matter. To gauge the appetite of financial services companies to adopt real-time payments and modernize payment processing operations, we have created a brief survey with 10 multiple choice questions.  It takes about 60 seconds to complete and it's anonymous because we don't ask for anyone's name or company.  We truly value your feedback and hope you can take this quick survey.  

Industry Insight Paper:  Transform the Payments Back-Office from a Cost Center to a Profit Center?

Efficient and scalable back-office payments operations are critical to bottom line success. Unfortunately, many payments processing companies do not have flexible and scalable solutions. This has resulted in payments operations becoming a cost center, as opposed to a profit center.  Fortunately, recent technology and software advances in payment solutions are providing more options for payments back-office modernization. In fact, companies are finding ways to transform their back-office from a cost center to a profit center. Learn more in this recent thought leadership paper.
 

Press Release:  BHMI Announces Powerful Entity Relationship (ER) Component for Industry Leading Back-Office Payments Solution - Concourse Financial Software Suite

Financial services companies have valuable data in many locations like contract databases, business management systems, product catalogs, fee schedules, rebate programs, and other sources. However, this data is hard to manage and use.

To enable companies to leverage valuable data across many sources, BHMI is proud to announce a powerful Entity Relationship (ER) Component for its industry leading back-office payments solution – Concourse Financial Software Suite®. The ER Component is a highly configurable database that enables companies to define and enforce unique relationship models across a wide range of data elements and can be used to create business value in a company's back-office payments operations including improving data quality, leveraging data from other systems, and enabling custom processing.

We invite you to learn about some of the business use cases of this ER Component and how it will further enable companies to modernize and monetize back-office payment operations.

Article:  Countdown to FedNow - The Challenges & Impacts

As we approach the launch of FedNow, there is much speculation about how it will impact the faster payments landscape. For payments organizations and financial institutions (FIs) that have been hesitant to adapt real-time payments, the impending launch could result in increased pressure to choose a real-time payments strategy.  Companies will also have to consider how this will impact their payments processing operations, especially in the back-office. In this article in The Green Sheet, BHMI’s CEO Jack Baldwin looks at the opportunities, challenges, and considerations for FedNow adoption.

Article:  Back-Office Operations Need Serious Revamping

Profitable and effective businesses require seamless, organized, and efficient payment operations. However, the current panorama of most back-office operations reveals a concerning trend. Instead of employing the latest software that’s easily adaptable and ready to handle real-time payments, most companies use legacy back-office systems that are slow and outdated, causing a considerable bottleneck in processing payments. This means increased costs and a loss in revenue.

The back-office includes support for transaction reconciliation, settlement processing, and the movement of funds. Additionally, it handles disputes and the assessment of transaction-based fees. A poorly run back-office can be the source of significant revenue loss, and payment processing organizations currently lack viable and adaptable solutions to boost profitability.

In this recent article in PaymentsJournal, learn about recent technology and software advances that are providing more options for payments back-office modernization.

Panel Discussion:  Build Resilience and Drive Growth Through Payment Operations Transformation

Donna Blum of BHMI had the pleasure of moderating a panel discussion at the recent Payments Summit hosted by the U.S. Payments Forum and the Secure Technology Alliance. The panelists included Michelle Gauchat of Deloitte, Jennifer Schroeder of PULSE, and Cheryl Gurz of The Clearing House. It was a great discussion focused on how financial institutions can build resilience, add value, and drive growth through payment operations transformation. During this session, information from a recent report by Deloitte was shared. If you would like to see this report, it is located HERE.

FPC Work Group: Operational Considerations for Instant and Immediate Payments

As a member of the U.S. Faster Payments Council (FPC), BHMI has joined the "Operational Considerations for Instant and Immediate Payments" Work Group.  This group is focused on providing guideposts to effectively manage changes that instant and immediate payments have on payment processing operations.  We invite you to learn more about FPC and this work group. 

Upcoming Event:  American Banker Payments Forum
Let's Schedule a Meeting

Are you going to the American Banker Payments Forum in San Diego on May 1 - 3?  If so, we would like to schedule a brief in-person meeting.  To schedule a meeting, simply email Donna Blum, BHMI's Concourse Sales Director, or reach out via the Arizent Conference App.  We look forward to seeing you in San Diego!

Videos:  Pioneers in Payments

Check out BHMI's Pioneers in Payments interview series where payments experts share valuable insights.  Below are links to the interviews we completed during the last three months but you can watch all the interviews on BHMI's YouTube Channel.   

• Consumer Policy Advocate, Gail Hillebrand
• Deloitte, Michelle Gauchat
• Endava, Scott Harkey
• Intrepid Ventures, Eric Grover
• Jeroboam Advisory Services, O.B. Rawls
• The Banking Scene, Rik Coeckelbergs
• Vments, Steve Wasserman

About BHMI

BHMI is a leading provider of software solutions to modernize back office payments operations. When we say back office, we are referring to the processing that occurs after a payment has been authorized. The authorization of a transaction is only a very small part of the payment lifecycle. There is so much that occurs after authorization. This includes functions such as settlement, reconciliation, and funds movement. It also includes the assessment of transaction-based fees and the handling of any transactions that are disputed. The back office is also where companies view transaction data and financial positions, perform transaction research, create reports and so much more.

BHMI is best known as the creator of the Concourse Financial Software Suite® – an innovative collection of modular back office software solutions that reduce the cost and complexity of back office payments processing. Concourse is ideal for organizations with complex, high-volume, multi-rail payments operations. Concourse is a modern, resilient, omnichannel payment solution that can be integrated via API's within most payment ecosystems to perform back office processing on any type of digital payment, anywhere in the world, 24 x 7 x 365.

Contact BHMI to learn how your organization can benefit from Concourse.

11602 West Center Road
Omaha, NE  68144
+1 (402) 333-3300 
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