Implementing a payment factory is not easy because so many different systems, message standards and different organisations need to be integrated into a straight through process. There are many providers of payment factory solutions ranging from the larger TMS providers to specialist providers. All the providers have to solve the message/data integration problem to make Payment Factories work.
Solving the data integration problem
Volante, a specialist provider of financial data and message integration software, have developed a “data integration strategy consisting of a normalized canonical data model, flexible SOA capabilities with available existing infrastructure, and a codegeneration tool” which provides, they claim, the essential elements for a payment factory.
Volante’s believe that without effective data integration, there will be no effective payment factory. AND that this is a perpetual problem because local and global standards are continually changing.
Volante guide to ‘Best practices in implementing payment factories’
The guide reviews what should be the objectives including:
- fast and easy implementation of new banks
- immediate adoption of new message standards
- fully documented procedures
- fully scalable solution
The overall objective is to develop factory-like automation, that uses a technology architecture that’s built for rapid change.
CTMfile take: This guide contains key thoughts and ideas that could make your payment factory journey a lot easier.
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