As companies progress, they seek to delegate critical day-to-day operations to specialised providers, which boosts performance and innovation, trims costs, and streamlines business procedures enterprise-wide. Two areas of growth that have surfaced are enterprise information management (EIM) and transaction processing services (TPS). In today’s data-driven era, it is vital for businesses to effectively manage the escalating amounts of data and information, as well as efficiently process payments, transactions, enrollments, applications, and statements, all while directing their efforts towards revenue-generating activities.
Collaborating with specialised external suppliers has long been a successful strategy for enterprises to optimise their resources and concentrate on core business objectives.
Understanding transaction processing services (TPS)
Transaction processing services (TPS) refer to the software systems, infrastructure, and processes used to manage and execute high volumes of transactions, such as payments, purchases, refunds, and other financial transactions. TPS enables businesses to process these transactions efficiently and accurately, ensuring that customer orders are fulfilled promptly, payments are processed correctly, and records are accurately maintained. XBP Europe’s globally recognised solution XBP, offers a smart blend of the exchange for bills and payments on one integrated platform. It automates transactions, tasks and workflows for faster processing and more transparency
TPS often involves the use of technologies like Point of Sale (POS) systems, payment gateways, and enterprise resource planning (ERP) systems to manage transactions across different channels, including online, mobile, and brick-and-mortar stores.
When weighing the decision to outsource a business process versus keeping it in-house, organisations must consider the number of vendors required for a successful outsourcing initiative as a primary factor.
5 ways to optimally leverage a single-source transaction processing partner:
- Improved efficiency: By partnering with a single-source transaction processing partner, businesses can streamline their payment processing procedures, leading to faster transaction times, fewer errors, and improved customer satisfaction. Solutions like Confirmation of Payee (CoP) facilitate seamless inbound and outbound transactions, while preventing misdirected payments. This can help businesses reduce their costs and free up resources to focus on other areas of their operations.
- Customised solutions: A single-source transaction processing partner can work with businesses to develop customised solutions tailored to their specific needs, enabling them to achieve their business goals more efficiently. For instance, a business that needs to process high volumes of small transactions may require a different solution than one that processes a low volume of large transactions.
- Data analytics: A single-source transaction processing partner can help businesses analyse transaction data to gain insights into customer behaviour and preferences. This can help businesses optimise their marketing strategies, identify trends, and improve their products and services.
- Risk management: A single-source transaction processing partner can help businesses manage their risk exposure by providing fraud detection and prevention services, as well as by ensuring compliance with relevant regulations and industry standards. CoP uses industry-leading AI tools to handle complex name matches, dramatically reducing false negatives and positives, and ensuring better risk management.
- Scalability: A single-source transaction processing partner can provide businesses with the flexibility to scale their operations up or down as needed, without having to invest in additional resources. This can help businesses respond more quickly to changing market conditions, customer demands, and other factors that affect their operations.
In conclusion, it is best to maximise the value of your external partnerships by minimising the number of vendors you collaborate with. This is particularly true in the fields of TPS and EIM, where entrusting all related work to a single organisation capable of providing end-to-end solutions is considered best practice.
XBP Europe has been at the forefront of the UK’s payment environment and can assist you in transforming your operations, so you spend less time on processes and more time driving your digital transformation forward. Solutions like Confirmation of Payee use industry-leading AI tools, offering payers and payees benefit from frictionless, accurate payments, and minimise frauds and more.