What are payment services?
The way in which consumers and organisations conduct business is rapidly changing. To support these changes, the payments ecosystem is also rapidly evolving, with more focus on fintech payment solutions.
This is being driven by increasing pressure from regulators, intense competition from new entrants and by customers who now expect payments to be instant and frictionless. Financial Services participants are rethinking their traditional business models and increasing their spend on client engagement through the investment in omni channel payment capabilities, analytics, and value-added services. JDX helps companies meet these new challenges and embrace fintech payment solutions.
We bring together specialist consultants from across the world with years of payments and banking industry experience, as well as in-depth knowledge of the latest technologies. Our payments team is led by subject matter experts with over four decades of industry experience across market infrastructures, financial institutions, retail banking and technology. The leadership team includes Payments Lead Michael Levens and Managing Director, Stuart McClymont.
We understand the market
Our unique positioning and industry experience provide JDX with an unparalleled understanding of the opportunities and challenges that our clients face and enable us to predict upcoming challenges. This means JDX can craft bespoke solutions with the aim of providing commercial benefit to our clients. Transformation agendas in the payments space are still being challenged by:
- Monolithic architecture preventing faster time to market
- Risk and resilience to prevent outages and data loss
- Legacy systems which are not able to scale to growth in business
- Inconsistent customer experience
- Increased cost and flexibility of maintenance
ISO 20022 – How can JDX Consulting help you?
JDX benefits from vast experience in assisting multiple clients in adopting ISO 20022 while also supporting SWIFT to facilitate the adoption readiness activities of their community of banks and market infrastructures. Regardless of whether a fully native or bridged approach is taken, the following are some of the key characteristics that JDX can help with to lay the foundation of a successful migration to ISO 20022:
- A clearly defined long-term strategy
- A comprehensive gap and impact analysis
- Subject matter expertise
- Robust and systematic project management
- Project and programme delivery
- Effective internal communications
- A future-proof technology and testing solution
Our specialisms include:
Education for financial market participants to be able to support transition to ISO 20022 format for cross-border payment messages.
Promote understanding and readiness where transition can provide enhanced client experience as well as opportunities for improved post trade reconciliation and settlement processes, embracing fintech payment solutions.
Workflow, controls & thresholds
Modernization will aid in the mitigation of Financial and Reputational Risk due to legacy technology latency which can threaten resiliency and reputation.
Particular focus on establishing the requisite workflow and controls to minimize the risk of erroneous payments leaving the organisation.
We help interpret digital disruption and build strategies and products to help our clients maintain their lead in the payments ecosystem:
Advisory: We deliver realistic strategy with measurable plans of activity, and a clear and defined roadmap.
Execution: We have delivery experts focused on successful delivery across the change lifecycle, from business case through to benefits realisation.
Assurance: Our experienced team can run programme and project health checks to help you understand where you are on the roadmap, and tackle live programme issue.