Survey Analysis from Dr. Jack Baldwin, Chairman of BHMI

Hello friends. I want to personally thank everyone who completed the brief survey we sent out as part of our last newsletter.  The goal of the survey was to gauge the appetite of financial services companies to adopt real-time payments and, as a result, modernize payment processing operations.  We received some great feedback from the survey. 

For example, the survey results showed that 74% of the companies surveyed are currently supporting or in the process of supporting one or more real-time payment methods.  We also found that 80% of the respondents felt the modernization of payment operations is very important, and 46% of the respondents said that modernization is currently a top priority for their company.  The survey results also showed that the top three challenges companies are facing with their payment operations are:

1. Too many siloed systems; lack of interoperability
2. Not compatible with ISO 20022 message format
3. Difficulty remaining compliant with changing mandates

BHMI has a proven reputation for helping companies modernize the back-office components of payment operations.  I invite you to contact us anytime to discuss how we can help your company modernize its payments back-office to take advantage of the changing opportunities in the payments industry.    

Award:  CIOReview Names BHMI as Most Promising Payment and Card Solution Provider for 2023

“It is an honor to be selected for this prestigious award by CIOReview,” said Michael Meeks, SVP of Software Development at BHMI. “This award further validates that the back-office payments processing software BHMI offers is meeting a critical need in the payments industry.”
 

Podcast:  How to Become Operationally Ready for Real-Time Payments

Real-time payments adoption has become widespread, and as a result, financial services companies need to be better equipped to overcome any operational challenges that may arise. Check out this PaymentsJournal podcast where Reed Luhtanen, Executive Director of the U.S. Faster Payments Council, Tony Cook, EVP of Payment Operations & Real-Time Payments at FirstBank, and Cheryl Fitzgarrald, Program Director at BHMI, delve into what is needed to ensure an organization is ready to support real-time payments. 

Article:  Real-Time Payments - Operational Readiness Unlocks Profit Potential

Real-time payment adoption is growing rapidly, and pressure is mounting for financial services companies to update their operational infrastructure to support 24 x 7 x 365 payments. However, many companies still lack the operational readiness to fully take advantage of real-time payment processing. Check out this recent article in The Green Sheet by BHMI’s Casey Scheer that explains how some companies are becoming operationally ready and unlocking profit potential with modern back office platforms.

Article:  Modernizing the Payments Back Office

Efficient and scalable payment operations play a critical role in the success of financial services companies that do payment processing. However, with the growing demand for faster payments, financial services companies are faced with the challenge of supporting real-time payments alongside card payments. One of the biggest hurdles to overcome is legacy batch-oriented software and processes that were built decades ago, and are unequipped to handle real-time processing. This is creating a bottleneck in payment operations because no matter how fast payments move along the network, cumbersome back-office processing slows everything down. Check out this recent article in CIOReview that explains how BHMI is helping companies modernize the payments back-office so they can receive payments faster, make settlement windows shorter, react to current cash positions better, and respond to customer requests more quickly.

Article: Real-Time Payments Can Unlock New Value for Retailers

Interest in real-time payments is growing as consumers and businesses seek faster, more efficient, and more cost-effective methods to transact and move money. While real-time payments offer retailers faster processing and lower costs, they can also unlock new value by enhancing the customer experience, improving loyalty, and offering more insight into consumer needs and shopping behaviors. In this article in MultiChannel Merchant, BHMI’s CEO, Jack Baldwin, explains how retailers and their payment service providers can capitalize on these opportunities by modernizing back-office systems to operate in a real-time payment environment.

Videos:  Pioneers in Payments

Check out BHMI's Pioneers in Payments interview series where payments experts share valuable industry 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.   

• Capgemini, Elias Ghanem
• Consumer Reports, Delicia Hand 
• Fintech Takes, Alex Johnson
• Payments Consulting Network, Peter Goldfinch 
• Transaction Banker.com, Barry Tooker
• Pidgin, Kevin "Payments Professor" Olsen

Event:  PayTech Women Omaha Chapter LinkUp -  Networking Mix & Mingle Event

Our own Donna Blum is one of the Co-Chairs for the newly formed PayTech Women Omaha Chapter.  To kick things off, the Omaha Chapter is having an inaugural in-person networking event on Tuesday, July 25th at "Sips on 10th"!

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 
ewww.bhmi.com