Note from Dr. Jack Baldwin, CEO

Hello and welcome! I hope you find some thought-provoking information inside this issue of BHMI's PaymentsNOW Newsletter.  

You will have access to a recent podcast that discusses approaches that are enabling companies to tap into the power of payments data.  You can also read articles about bridging the gap between ISO 8583 and ISO 20022, and unlocking profit potential in the payments back office. 

Please contact BHMI anytime if you would like to learn more about the exciting things BHMI is doing to modernize payments processing. 

Press Release:  Payshop Expands Use of the Concourse Financial Software Suite® to Meet Its Back Office Payments Processing Needs

Payshop, part of the CTT Group, has expanded its use of the Concourse Financial Software Suite, which is a real-time payment processing solution that performs back office functions such as settlement, reconciliation, disputes management, and fees processing.

Concourse was originally selected by Payshop to perform the back office processing for SIBS payments and Single European Payments Area (SEPA) transactions. Concourse’s support of the ISO 20022 message format is enabling Payshop to successfully process these transactions and enhance the efficiency of cross-border payments.

“Since the flexibility provided by Concourse allows Payshop to configure virtually any payment service, we are expanding the use of Concourse across our full portfolio of services including utility bills, mobile top-ups, public transport ticketing, money orders, and toll payments,” said Tiago Mota, CEO of Payshop. “We originally selected Concourse because it was ideal for our omni-channel processing needs and we are pleased to say that it continues to support our strategic objectives and continued growth.”

Podcast:  The Competitive Advantages of Payments Data Consolidation

Payments data has become a crucial cornerstone for any company that processes transactions. Despite the availability of powerful analytics tools, many companies can’t leverage the true potential of their payments data because their information is siloed and scattered across multiple systems.

Please join Mike Meeks and Jon Protaskey of BHMI, along with Brian Riley of Javelin Strategy & Research, who recently sat down with Rimma Kats, Editor-in-Chief of PaymentsJournal, to discuss the approaches that enable companies to tap into the power of payments data.

Article:  Unlocking Profit Potential in the Payments Back Office

As the payment space changes rapidly, banks, merchants, and processors are updating front-end platforms to meet the growing demand for new, faster payment methods.

However, many still struggle to keep pace and remain hampered by back office payment processing systems that lack the flexibility, inoperability, and speed to function in a modern payments environment.

While many have traditionally viewed back office systems as cost centers that produce no value, a modern system offers many benefits that can indirectly impact a company's bottom line. Enhanced customer service, improved employee satisfaction, greater efficiency, and better chargeback management can all help unlock new sources of profit.
 
Check out this recent article in PaymentsNEXT by Kate Knudsen of BHMI. In this article, Kate describes how companies can unlock the profit potential in the payments back office.

Article:  Payments - Plan for Dual Messaging Formats to Expand Offerings

In the ever-evolving payments processing landscape, there are two prominent message formats: ISO 8583 and ISO 20022. ISO 8583 is specifically for card-based transactions, and ISO 20022 covers real-time and cross border payments.

The payments industry is pushing more companies to adopt ISO 20022. Several industry timelines and compliance deadlines in the United States, the United Kingdom, and Europe may lead to the universal adoption of ISO 20022 by November 2025.

According to Barry Tooker, Principal of payments consulting firm TransactionBanker.com, “ISO 20022 has transformative impacts on real-time, high-value, and cross-border payments. It’s driving standardization, interoperability, automation, efficiency, and transparency across payment processes, systems, and services. Financial institutions, payment service providers, and other stakeholders in the payments ecosystem need to embrace ISO 20022 adoption to capitalize on the benefits and opportunities it offers for enhancing payment capabilities and experiences.”

While the industry is moving towards ISO 20022 as a universal payment messaging standard, ISO 8583 is currently the primary messaging standard for card payments and will continue to be used for some time. Therefore, it will be important to support both formats simultaneously.

This article in BAI Banking Strategies by BHMI’s CTO, Michael Meeks, discusses the strategic advantages of implementing a unified approach that supports both ISO 8583 and ISO 20022 message formats.

Event:  BHMI to Participate in PayTech Women's 2024 Leadership Summit

PayTech Women is a leading non-profit organization championing professional women and their allies in the payments and fintech sectors.

BHMI will participate in PayTech Women's 2024 Leadership Summit on September 24th and 25th in Atlanta, GA. 

Videos:  Pioneers in Payments

Have you watched BHMI's Pioneers in Payments video podcast series where payments experts share valuable industry insights?  We invite you to visit BHMI's Pioneers in Payments Playlist.  

If you would like to be a guest on an upcoming episode of Pioneers in Payments, please contact Donna Blum at donna.blum@bhmi.com. 

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 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.

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