Winner of Celent Model Bank 2017 award for Payments Replatforming. A 5-year multi-million infrastructure renewal initiative, deep legacy transformation project by a global bank with the purpose to offer a new innovative and ‘fit’ for change payments environment
Few banks choose to meet mandatory market changes by deciding to completely replace their entire payment stack, let alone undertaking a strategic approach to ensure greater flexibility long term.
Furthermore, despite the vision of “a payment is a payment is a payment”, few banks have yet to move so many different payment types to be processed in a single, common hub. This will enable the bank to retire 13 different payment systems.
The improvement of STP to in excess of 99.9% has meant the business case savings have already been over achieved.
"There were many worthy potential payment hub stories that could have the award this year. The Credit Suisse entry stood out for a number of reasons, not least the sheer size and complexity of the task," commented Gareth Lodge, Senior Analyst of Celent's Banking practice.
"Elements of the approach that Credit Suisse took are also features that Celent advocates to other banks considering a payment services hub implementation, including rolling releases to ensure early wins, automating testing and a dedicated Program Management Office," he added.
