What could be the critical success factors for measuring the efficiency and effectiveness of Payment systems? In my humble view
- Payment instruments supported - ACH, Wire transfers, Cheques etc
- Payment channels supported - Browser based, Paper (FAX etc), IVRS, Telephone, Bulk upload etc
- Interoperability - Degree of integration with other applications - Cash management, reconciliation, cheque printing, OFAC, Risk and complicance.
- Scalability and flexibility - Ability to introduce new payment products and services in different geographies with compliance to domestic specifics and regulatory policies
- Messaging - Ability to capture, process and generate payment instructions in industry standard formats - ISO, SWIFT MTXXX, EDIFACT etc
- Value added services - Ability to provide services like customixed reporting, Cash Management positions etc
This obviously is not an exhaustive list. Members are requested to kindly voice their opinions on the same