Every organisation undertakes both low-value and high-value payments during its business. Banks use separate payment processing for low and high-value transactions. High-value transactions are usually interbank transactions that are settled on the same day. High-value payment monitoring systems are used for transactions in the financial market – payments between financial institutions or financial intermediaries with a very high dollar value. These transactions are usually processed as RTGS or Real-Time message-based Gross Settlement. Alternatively, low-value payments are retail payments that are dealt with in batch processing-based net settlement systems.
Is a high-value payment monitoring system useful for your business?
A quality payment monitoring system that oversees the high value and priority payments flowing through their systems is crucial for business success. An efficient payment monitoring system helps you monitor the payments being processed in real-time while providing broad and specific visibility into accounts and account status. Constant monitoring means the system will alert you if it finds any anomalies in real-time. It means any corrective action can be taken before they impact the customer or the settlement accounts.
Gaining and retaining customer trust is the key to business success. With the supervision offered by a high-value payment monitoring system, customer trust can be in jeopardy if payments are not processed correctly. Monitoring high-value payments effectively and accurately eliminates the chances of any issues that can negatively impact your credit ratings or result in regulatory penalties.
Furthermore, an analysis of your payment data can help you make the correct business decisions at the right time. That’s why a high-value payment monitoring system is ideal for handling complex transactions. The system makes the management simple and accurate with real-time monitoring of your transactions.
That brings us to the important question –
How to choose a high-value payment monitoring system?
While choosing a high-value payment monitoring system you should watch out for key elements that offer you peace of mind, security, and efficiency in monitoring your payment ecosystem. The desirable features include:
Universal visibility of performance metrics
Everything including your hardware, software, and contextual information (type of payment and location) should be easily visible. As performance metrics will vary for each of these layers, your payment monitoring system should effectively reflect them.
The high-value payment monitoring system should adapt to regulatory changes as and when they occur. If the system has to be changed every time an industry regulation changes, it doesn’t seem an ideal choice for you.
Ease of Updating
Any new and varied payment methods must be catered for in your high-value payment monitoring system. It means that your system should be able to update easily.
Any system without effective customer support is not worthy of your time and money. Your vendor should be available at all times you need support. The smooth transaction of high-value payments is crucial for business success and any system that can’t provide 24-hour backup to ensure processes are not interrupted isn’t recommended.
In short, your high-value transaction payment monitoring should be able to effectively monitor your transactions in real-time while ensuring seamless processing of payments for your customers.