Compass Plus Technologies has released a new eBook exploring how financial institutions can get the flexibility they need from a payments processor without taking on unnecessary cost and operational responsibility.
The processor conundrum: How much flexibility do you really need? looks at the choices facing financial institutions when outsourcing payments processing, from standardised software-as-a-service (SaaS) through to platform-as-a-service (PaaS), and why maximum flexibility does not necessarily deliver maximum value.
The eBook breaks flexibility down into three areas: control, choice and changeability. It examines how much freedom financial institutions have to build their own products and customer experiences, select technology and partners, and make changes as their strategy develops.
It also explores the rise of customisable SaaS, or SaaS+, which aims to give financial institutions more control over the parts of their proposition that differentiate them while the processor continues to manage the underlying infrastructure, maintenance and operational demands.
The guide includes a practical processor flexibility test, covering the questions financial institutions should ask around creating products, operating the service, scaling, integrating new providers, expanding into new markets and adapting their processing model over time.
With processing relationships potentially sitting at the heart of a financial institution’s payments operation for five to 15 years, the eBook encourages organisations to look beyond their immediate requirements and consider how easily their chosen processor will allow them to launch, expand and change direction in future.
