Payments Practice

Payments Practice

Our strong payment subject expertise and delivery capabilities enable our customers to meet their regulatory and business objectives

At the heart of our banking clients’ operations is the flow of payments between various parties, from customer to bank, between offices of the bank, and to the various automated clearing houses, correspondent and agent banks.

One of the vital segments of the payment flow that RedCompass supports is between Cash Management Systems used by the customers, and the relevant bank systems. As with other parts of bank integration, our strong payment subject expertise and delivery capabilities enable our customers to meet their regulatory and business objectives.

As the financial services world moves to adopt PSD2 and open banking, RedCompass provides various services to help banks prepare to meet the regulatory compliance objectives as well as explore the commercial opportunities that a more open banking environment provides. Through our expertise in PSD2 we are able to navigate our clients through the challenges of how to offer the mandatory services around access to accounts and third party payment initiation, as well as integration with existing banking platforms.

Connectivity between the bank and its customers lies at the heart of our clients’ business. Consequently, we’ve made it our priority to understand the importance of effecting that relationship using proprietary protocols or standard methods such as EBICS, SWIFT FileACT, or 3rd party multi-bank platforms.

RedCompass lead and support the on-boarding of banks to TARGET2 and Euro1 as Direct or Indirect participants, including all certification, legal agreements coordination, registration, and scripted testing.

Our core delivery skills and subject expertise enable us to connect and upgrade our clients’ core banking, middleware, and SWIFT systems.

RedCompass have considerable experience in the full range of activities required to connect our clients to local ACHs and STEP2, whether as Direct or Indirect participants.

Take a look at our 'Payments Platform Transformation' Case Study

Payments Testing

Our focus is to ensure that each test component is dealt with in meticulous detail, resulting in on time delivery of optimally functioning payment platforms.

QUALITYTesting the right things, first time, on time by Payment SMEs
DELIVERYIntelligent direction. Skillful execution. Clear, concise, quality daily reports
EFFICIENCYOn-site, near-shore, off-shore, automation and manual testing

RedCompass has over a decade of experience of consulting, leading and executing testing in the Payments realm – from TARGET2, EBA, CLS and SWIFT payments through to SEPA, BACS and Faster Payments.  We provide test analysts, test managers and expert testers with strong operational experience.

Take a look at how we used our expertise to increase the speed and efficiency of functional and regression testing for a Tier 1 Bank…

Testing for PSD2 and Open Banking

In recent years, security risks related to electronic payments have increased significantly. This is due to reasons such as greater technical complexity of electronic payments, continuous increase in electronic payments volumes and the emerging types of payment services.

The Payment Services Directive 2 (PSD2) takes important steps towards a more open banking environment, but the implication is that banks and financial institutions must ensure customers are adequately protected against such risks.

To help our clients navigate this new territory, RedCompass offers competitive and comprehensive Financial Crime testing for PSD2.

RedCompass Test Automation

Our Payments Test Automation significantly shortens test cycles, minimises risks and provides repeatable results. It also increases the number of tests that can be run whilst allowing for larger test coverage. RedCompass Consultants aren’t just expert developers and testers – they’re Payment SMEs who understand what is being tested and why.

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