Credit Suisse: Global Payments Program
Celent Model Bank Award: Credit Suisse: Global Payments Program
Winner of Celent Model Bank 2017 award for Payments Replatforming. A 5-year multi-million infrastructure renewal initiative, deep legacy transformation project by a global bank with the purpose to offer a new innovative and ‘fit’ for change payments environment
Few banks choose to meet mandatory market changes by deciding to completely replace their entire payment stack, let alone undertaking a strategic approach to ensure greater flexibility long term.
Furthermore, despite the vision of “a payment is a payment is a payment”, few banks have yet to move so many different payment types to be processed in a single, common hub. This will enable the bank to retire 13 different payment systems.
The improvement of STP to in excess of 99.9% has meant the business case savings have already been over achieved.
"There were many worthy potential payment hub stories that could have the award this year. The Credit Suisse entry stood out for a number of reasons, not least the sheer size and complexity of the task," commented Gareth Lodge, Senior Analyst of Celent's Banking practice.
"Elements of the approach that Credit Suisse took are also features that Celent advocates to other banks considering a payment services hub implementation, including rolling releases to ensure early wins, automating testing and a dedicated Program Management Office," he added.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
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