What are Payment Hubs Providers? Payment Hubs Providers are centralized platforms that consolidate payments from a variety of sources and payment types into a single stream for the purpose of processing, control, analytics, and reporting. Payment hubs are part of banking, payment service provider, and enterprise business infrastructures. These solutions are broken down into hubs that support banks and those that support businesses and corporations. For banks, these hubs consolidate incoming and ...
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Payment Hubs Providers are centralized platforms that consolidate payments from a variety of sources and payment types into a single stream for the purpose of processing, control, analytics, and reporting. Payment hubs are part of banking, payment service provider, and enterprise business infrastructures. These solutions are broken down into hubs that support banks and those that support businesses and corporations.
For banks, these hubs consolidate incoming and outgoing payment activity from all internal and external sources. Through a single integration layer, it aims to consolidate all front-end channels such as mobile banking, internet banking, payment networks, and corporate portals. It aggregates payment data from internal systems, authorizes payments, and routes them to payment networks such as the FED, SWIFT, CHIPS, and ACH.
Modern technologies have made Payment Hubs Providers’ banking solutions less relevant, as new payment solutions have migrated payment processing away from bank-hosted solutions. When these hubs are deployed in banks, they reflect a new architecture that emphasizes open APIs to allow the latest external technologies and payment platforms to interface with older, legacy banking systems without major rewrites or risks.
For businesses, these providers offer platforms through which a company can execute all its payments. It consolidates payments from internal departments such as treasury, finance, and ERP, connects to banks and other payment delivery platforms, and produces a consolidated record of all outgoing payments. The hubs support payment format standardization and comply with ISO standards.
Payment hub analytics is used by CFOs, CIOs, treasurers, purchasing managers, and controllers to help ensure that timely, efficient payment processing is effectively supporting the business’s supply chain and cash flow.
Payment hubs providers also offer solutions for businesses to make large-scale or complex payments for employees, vendors, contractors, residuals, and royalties.
Payment Hubs Providers offer many of the following features.
Consider the following when engaging payment hub providers.
Use Case: Payment hubs solutions such as Fiserv or Kyriba are tailored for banks. Other vendors such as FIS Enterprise Payments and ACI Enterprise Payments support enterprise-scale businesses.
Integrations: Payment hubs provide additional value to corporations when they readily integrate with other systems such as ERP, finance, billing, accounting, payroll, and vendor management.
Cloud vs On-premises: Many of the business payment hub solutions are cloud-based. The banking industry still has some reluctance moving their mission-critical processing and sensitive data to the cloud and the largest banks often prefer to build their own in-house proprietary payment hubs.
Payment Hubs Providers offer a complex, sophisticated product that will require obtaining a price quote based on your requirements.
These are some of the popular Payment Hubs Providers products.
