Banking Hub, explained
Savvy wealth, corporate and alternatives administrators are recognizing that the pre-requisites of a diversified portfolio of stable, secure banking partners and slick, competitive service are often juxtaposed, and that therein lies risk, and huge opportunity. Enterprise cannot expect a myriad of banking partners to constantly tailor a front end to cater for their specific needs; first-movers are turning the problem 'on its head' and taking control of the process, presenting their partners with accurate, timely, efficient instructions and supporting data via secure and dependable integrations.
These savvy operators are building banking hubs, with proven 75% improvement in processing times and 90% error rate reduction, and happy users and clients!
What is a Banking Hub? Banking hubs allow the most progressive non-bank financial services businesses to take control of service outcomes for their clients and proactively managing their payments, treasury and cash management through strong banking and third party execution relationships.
The steps to a powerful banking hub;
Step 1. Standardise.
Digitise & secure your payments process, within your firewalls, via your online banking interface. Provide a common, trusted, familiar environment for payment initiation and approval.
Step 2. Integrate.
Throw away the banking fobs. Leading banks and third party providers want progressive, integrated partners and high quality inputs and straight-through-processing which has been subjected to screening and transaction monitoring.
Step 3. Insight (and Oversight).
Integrate your bookkeeping ‘golden source’ client and user data, automate reconciliation of payments; introduce payment interception rules and monitoring for your Compliance or Financial Crime function; track and audit every single decision, action and documentary evidence.
Then Innovate. Free talent up to focus on challenging and rewarding work. Delight your clients with speed of processing, zero errors, payment tracking, enhanced returns on Treasury and Cash