Chanel and connectivity in payment
Channels & Connectivity in Payments
An overview of how individuals and corporations connect with payment service providers (PSPs) to move money.
How Consumers Connect
Online & Mobile Banking
Web and app-based platforms allowing users to initiate payments and view account info 24/7. Mobile banking relies on cellular/Wi-Fi, while online is broader browser access.
Mobile Wallets & Apps
Applications for making payments via a mobile device. Often offered by banks, e-money institutions, and BigTech companies like Apple and Google, leveraging their large user bases.
Peer-to-Peer (P2P) Payments
Services that allow individuals to send money to each other directly, often using mobile numbers or email. Examples include Zelle, PayNow, and Venmo.
How Large Organizations Connect
Host-to-Host Connectivity
A direct, automated connection between a company's internal system (like an ERP) and its bank. This bypasses manual data entry for high-volume payments.
SWIFT for Corporates
Uses the global SWIFT network for a standardized, single channel to connect with multiple banking partners worldwide, simplifying international operations.
SWIFT gpi
The "Global Payments Innovation" improves cross-border payments by providing faster speeds, fee transparency, and end-to-end payment tracking.
Key Systems & Infrastructure
Enterprise Resource Planning (ERP)
Integrates an entire organization's processes—from sales and HR to finance—into a single system. It automates information flow, and payment files can be generated directly from it.
Treasury Management System (TMS)
A specialized software application that helps companies manage their cash, investments, and financial risks in a highly automated manner. It acts as a central database for all treasury data.
Traditional Channels
Branch Banking
Face-to-face service. While less efficient, it remains important for relationship building and financial inclusion.
ATMs
Automated machines for cash withdrawal and simple transactions. Usage is declining as cash transactions fall.
Telephone Banking
Allows customers to give payment instructions over the phone to a service representative.
0 Comments
Post a Comment