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What is the best way to develop a payment systems roadmap in Financial Technology?

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If you are interested in Financial Technology (Fintech), you may have wondered how to plan and execute a successful payment systems project. Payment systems are the backbone of Fintech, enabling the transfer of money and value among individuals, businesses, and institutions. However, developing a payment systems roadmap is not a simple task. It requires a clear vision, a thorough analysis, a realistic budget, and a flexible approach. In this article, we will share some tips and best practices on how to develop a payment systems roadmap in Fintech.

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Diya Narula

8 years+ experience | Chartered Accountant | Internal Audit | SOX | ICFR | SOP Development
Stephanie Schumacher, CAMS, RIMS-CRMP

Global Risk Advisor | Certified Anti-Money Laundering Specialist | Certified Risk Management Professional
Hanzala S

Sr. Product Consultant at DigiPay.Guru | Fintech | PaaS | Strategy & Planing | Empowering Banks & NBFCs

1 Define your goals

The first step in developing a payment systems roadmap is to define your goals and objectives. What problem are you trying to solve? Who are your target customers and users? What value proposition and competitive advantage do you offer? How do you measure your success and impact? These questions will help you set the scope and direction of your project, as well as align your stakeholders and partners.

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Diya Narula

8 years+ experience | Chartered Accountant | Internal Audit | SOX | ICFR | SOP Development
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Setting clear goals is paramount in crafting a payment systems roadmap. As an internal auditor, goals may revolve around enhancing financial transparency, minimizing fraud risks, and ensuring regulatory compliance. Targeting stakeholders like finance teams and auditors, the roadmap aims to streamline auditing processes, offering a competitive edge in compliance. Success is measured through reduced audit discrepancies and improved regulatory adherence, aligning the payment system with financial integrity objectives. Clearly defining these goals establishes a framework for an effective and impactful roadmap.

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Hanzala S

Sr. Product Consultant at DigiPay.Guru | Fintech | PaaS | Strategy & Planing | Empowering Banks & NBFCs
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Identify the key goals and priorities of the organization within the FinTech industry, specifically related to payment systems. Conducting thorough market research is essential to stay informed about the latest trends, emerging technologies, and competitors. It is also important to stay updated on regulatory changes and industry standards that may impact payment systems. It is also necessary to identify the key features and capabilities required, such as support for various payment methods, real-time processing, fraud detection, security compliance, and seamless integration with other financial services.

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2 Assess your current state

The next step is to assess your current state and identify the gaps and opportunities. You need to understand your existing payment systems infrastructure, processes, capabilities, and challenges. You also need to research the market trends, customer needs, regulatory requirements, and industry standards. This will help you benchmark your performance, identify your strengths and weaknesses, and prioritize your improvement areas.

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Stephanie Schumacher, CAMS, RIMS-CRMP

Global Risk Advisor | Certified Anti-Money Laundering Specialist | Certified Risk Management Professional
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There are many considerations that must be realistically evaluated. Identify relevant expertise on staff and potential gaps - this includes operations, sales, legal, risk and compliance, IT/IS, and other areas. Determine if growing the payments system is feasible within existing finances. Evaluate what works and doesn't work with any existing infrastructure, processes, and capabilities to avoid future pitfalls. Understanding the regulatory implications and your company's risk appetite are also key.

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3 Design your future state

The third step is to design your future state and outline your desired outcomes. You need to envision how your payment systems will look like, function, and integrate in the future. You also need to define the key features, functionalities, and specifications of your payment systems solution. This will help you create a blueprint, a prototype, or a mockup of your product or service.

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Diya Narula

8 years+ experience | Chartered Accountant | Internal Audit | SOX | ICFR | SOP Development
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Crafting the future of payment systems requires envisioning seamless integration. As a Process Improvement Lead, I proposed implementing a 3-way match exception report within SAP, ensuring alignment of purchase orders, receipts, and invoices. Incorporated key features for automated validation to guarantee accuracy, fostering a streamlined P2P process that minimizes errors and boosts efficiency. Identified exceptions are promptly emailed to respective AP Assistants/ Purchase team for thorough analysis and correction, ensuring negligible variances in the payment process.

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4 Plan your resources

The fourth step is to plan your resources and estimate your costs and benefits. You need to determine what resources you need to execute your payment systems project, such as human, financial, technical, and operational. You also need to estimate how much time, money, and effort you will spend and save by implementing your payment systems solution. This will help you allocate your budget, schedule your timeline, and justify your return on investment.

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Stephanie Schumacher, CAMS, RIMS-CRMP

Global Risk Advisor | Certified Anti-Money Laundering Specialist | Certified Risk Management Professional
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Payment systems can be expensive to implement and maintain, with sometimes thin margins. The payoff often comes with volume, and a gain can be slower to realize than anticipated. With that said, the investment can improve customer experience, add value overall, and save on efficiencies long term. Be realistic in expectations and ensure the plan takes factors such as these into consideration.

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5 Implement your solution

The fifth step is to implement your solution and deliver your payment systems project. You need to follow an agile and iterative methodology, such as Scrum or Kanban, to develop, test, and deploy your payment systems solution. You also need to communicate and collaborate with your team, customers, and stakeholders throughout the project lifecycle. This will help you ensure quality, efficiency, and satisfaction.

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6 Monitor and evaluate your results

The final step is to monitor and evaluate your results and track your progress and performance. You need to use data and feedback to measure the impact and value of your payment systems solution. You also need to identify the lessons learned, the best practices, and the areas for improvement. This will help you optimize your payment systems solution, celebrate your achievements, and plan your next steps.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Skander L.

Director leading delivery in France with expertise in Core banking solutions
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A successful payment systems roadmap in FinTech should be customer-centric, compliant with regulations, technologically advanced, and aligned with your overall business strategy. It should also be flexible enough to adapt to the rapidly changing landscape of financial

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What is the best way to develop a payment systems roadmap in Financial Technology?

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1 Define your goals

2 Assess your current state

3 Design your future state

4 Plan your resources

5 Implement your solution

6 Monitor and evaluate your results

7 Here’s what else to consider

Financial Technology

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What is the best way to develop a payment systems roadmap in Financial Technology?

1

2

3

4

5

6

7

1 Define your goals

2 Assess your current state

3 Design your future state

4 Plan your resources

5 Implement your solution

6 Monitor and evaluate your results

7 Here’s what else to consider

Financial Technology

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