Features in Payment Processing Systems
for Retail Banking
Solutions that facilitate various payment methods including credit/debit cards, ACH transfers, wire transfers, and real-time payments.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
Cost Structure
Features related to the pricing model and cost efficiency of the payment system
- Average Per-Transaction Cost
- Average cost per payment transaction
- Chargeback Fee Structure
- Costs associated with handling payment chargebacks
- Contract Flexibility
- Flexibility in contract terms and ability to adjust services
- Currency Conversion Fees
- Additional costs for currency conversion in cross-currency payments
- Early Termination Fees
- Penalties for early contract termination
- Implementation Cost
- One-time cost for system implementation and integration
- International Payment Premiums
- Additional costs for processing international payments
- Monthly/Annual Base Fee
- Recurring fixed cost regardless of transaction volume
- Premium Support Costs
- Additional costs for enhanced support levels
- Pricing Transparency
- Clarity and comprehensiveness of pricing information
- Transaction Fee Structure
- Clarity and competitiveness of per-transaction fee model
- Volume-Based Discounts
- Availability of reduced fees based on transaction volume
Customer Experience
Features affecting the end customer's experience when making or receiving payments
- Accessibility Compliance
- Adherence to accessibility standards (WCAG) for users with disabilities
- Checkout Experience Customization
- Ability to customize the payment checkout experience for customers
- Customer Authentication Steps
- Number of steps required for customer authentication during payment
- Customer Support Channels
- Number of channels available for customer payment support
- Digital Receipt Options
- Ability to provide digital receipts through various channels (email, SMS, app)
- Mobile Responsiveness
- Payment interfaces automatically adapt to mobile device screens
- Multi-language Support
- Number of languages supported in customer-facing interfaces
- One-click Payments
- Support for simplified one-click payment options for returning customers
- Payment Method Variety
- Number of payment options available to customers (cards, digital wallets, etc.)
- Payment Status Notifications
- Real-time notifications to customers about payment status changes
- Saved Payment Methods
- Capability for customers to securely save payment information for future use
- White-label Capability
- Ability to brand payment interfaces with the bank's own branding
Innovative Payment Technologies
Features related to emerging payment technologies and innovation capabilities
- Blockchain Technology Integration
- Use of blockchain for payment processing or verification
- Buy Now Pay Later Integration
- Support for Buy Now Pay Later payment options
- Contactless Payment Support
- Support for NFC and other contactless payment technologies
- Cryptocurrency Payment Support
- Ability to accept payments in cryptocurrencies
- Innovation Release Frequency
- Frequency of new feature releases and updates
- IoT Payment Capability
- Support for Internet of Things payment scenarios
- Number of Supported Digital Wallets
- Number of digital wallet platforms supported (Apple Pay, Google Pay, etc.)
- Open Banking API Compliance
- Compliance with latest open banking API standards
- QR Code Payment Support
- Capability to process payments via QR codes
- Social Media Payment Integration
- Direct integration with social media platforms for payments
- Voice-Activated Payments
- Support for voice-activated payment processing
- Wearable Device Payment Support
- Compatibility with payments from wearable devices
Integration Capabilities
Features related to how well the payment system integrates with other banking systems and third-party services
- API Availability
- Comprehensive APIs available for integration with other systems
- Core Banking System Integration
- Seamless integration capabilities with existing core banking platforms
- Custom Integration Development
- Vendor support for developing custom integrations specific to the bank's needs
- E-commerce Platform Integration
- Ready integration with popular e-commerce platforms
- Implementation Time
- Average time required to fully implement and integrate the payment system
- Integration Documentation Quality
- Comprehensiveness and clarity of integration documentation
- Integration Testing Environment
- Availability of sandbox or testing environment for integration development
- Mobile Banking Integration
- Built-in capabilities for integration with mobile banking applications
- Open Banking Compliance
- Adherence to open banking standards allowing secure data sharing
- SDK Availability
- Software Development Kits available for different platforms and languages
- Third-Party Service Connectors
- Number of pre-built connectors to third-party services and platforms
- Webhook Support
- Support for webhook notifications for real-time event communication
Processing Capabilities
Core functionality related to payment processing speed, volume, and types
- Average Transaction Processing Time
- Average time to complete a standard payment transaction
- Batch Processing Capabilities
- Ability to handle large volumes of transactions in batches
- Cross-Currency Support
- Ability to process payments across different currencies
- Micropayment Efficiency
- Cost-effectiveness and efficiency in processing very small payment amounts
- Payment Types Supported
- Number of different payment methods the system can process (credit, debit, ACH, etc.)
- Peak Load Handling
- Maximum transaction volume during peak periods without performance degradation
- Real-time Processing
- Ability to process payments in real-time rather than batch processing
- Recurring Payment Support
- Capability to handle automated recurring payment schedules
- Settlement Time
- Average time taken for fund settlement after transaction approval
- Smart Routing
- Intelligent routing of transactions to optimize for cost, speed, or approval rates
- Transaction Success Rate
- Percentage of transactions successfully completed without errors
- Transaction Volume Capacity
- Maximum number of transactions the system can handle per second
Reliability & Performance
Features related to system uptime, performance, and reliability under various conditions
- Automatic Scaling
- System automatically scales resources based on demand
- Data Backup Frequency
- How often system data is backed up
- Disaster Recovery Time
- Time to restore system functionality after a major disruption
- Geographic Distribution
- Number of geographic regions with redundant data centers
- Health Monitoring Tools
- Comprehensive tools for monitoring system health and performance
- Load Testing Capability
- Maximum demonstrated transaction volume in load testing
- Maintenance Downtime
- Average scheduled downtime for system maintenance per month
- Performance Degradation Threshold
- Transaction volume at which system performance begins to degrade
- Redundancy Systems
- Multiple backup systems to prevent service interruption
- SLA Enforcement
- Clear Service Level Agreements with penalties for non-compliance
- System Response Time
- Average time for system to respond to a standard API request
- System Uptime Guarantee
- Guaranteed percentage of system availability
Reporting & Analytics
Features related to data insights, reporting capabilities, and analytics tools
- API Access to Analytics
- Ability to access analytics data via API for integration with other systems
- Automated Reporting
- Capability to schedule and automatically deliver reports
- Custom Report Builder
- Tools allowing users to create customized payment reports
- Customer Segmentation Analytics
- Tools for analyzing payment behavior across different customer segments
- Data Export Options
- Number of formats available for exporting payment data (CSV, PDF, Excel, etc.)
- Fraud Pattern Detection
- Advanced analytics specifically designed to identify potential fraud patterns
- Historical Data Retention
- Length of time transaction data is stored and accessible for reporting
- Merchant Performance Analytics
- Tools for analyzing payment performance across different merchants or channels
- Payment Trend Analysis
- Advanced analytics tools for identifying payment trends and patterns
- Predefined Report Templates
- Number of ready-to-use report templates for common payment analytics needs
- Real-time Transaction Dashboard
- Interactive dashboard showing real-time payment activity
- Regulatory Reporting Templates
- Pre-built reports meeting regulatory requirements for payment reporting
Scalability & Growth
Features related to the system's ability to grow and adapt to changing business needs
- API Rate Limits
- Maximum number of API calls allowed per minute
- Backward Compatibility
- Ensuring new versions remain compatible with existing integrations
- Custom Development Support
- Vendor support for custom development needs as the business grows
- Database Scalability
- Ability of the database to scale with growing transaction history
- Feature Request Process
- Clear process for requesting and implementing new features
- Geographic Expansion Support
- Ease of expanding payment processing to new geographic regions
- Growth Planning Support
- Vendor assistance with planning for future growth and scaling
- Maximum Transaction Capacity
- Upper limit of transaction volume the system can handle
- Multi-Currency Expansion
- Ease of adding new currency support
- Multi-Entity Support
- Ability to support multiple business entities within the same system
- New Payment Method Addition Time
- Average time required to add support for a new payment method
- Scalable Pricing Model
- Pricing structure that scales efficiently with business growth
Security & Compliance
Features ensuring the payment system meets regulatory requirements and secures customer data
- AML Screening
- Anti-Money Laundering screening capabilities integrated into the payment system
- Biometric Authentication
- Support for fingerprint, facial recognition, or other biometric verification methods
- Compliance Monitoring
- Ongoing monitoring of transactions for regulatory compliance
- End-to-End Encryption
- Data encryption throughout the entire payment process from initiation to completion
- Fraud Detection Systems
- Automated systems that flag suspicious transactions based on patterns and behaviors
- GDPR Compliance
- Adherence to General Data Protection Regulation standards for EU customers
- PCI DSS Compliance
- Adherence to Payment Card Industry Data Security Standards for handling cardholder data
- Regular Security Audits
- Frequency of comprehensive security assessments
- Security Breach Response Time
- Time taken to respond to detected security incidents
- Tokenization
- Replaces sensitive card data with unique identification symbols to protect customer information
- Two-Factor Authentication
- Requires two different authentication methods to verify user identity
- Vulnerability Assessment
- Regular testing to identify security vulnerabilities in the system
Vendor Support & Service
Features related to the quality and availability of support from the payment system provider
- 24/7 Support Availability
- Availability of technical support around the clock
- Community Support Forum
- Availability of user community for peer support
- Dedicated Account Manager
- Assignment of a dedicated account manager for ongoing support
- Escalation Process
- Clear process for escalating unresolved issues to higher support levels
- Implementation Support
- Level of support provided during system implementation
- Post-Implementation Review
- Structured review process after implementation to ensure optimal configuration
- Regular System Updates
- Frequency of system updates and improvements
- Service Credits for Downtime
- Financial compensation offered for service disruptions
- Support Channels
- Number of different channels available for support (phone, email, chat, etc.)
- Support Response Time
- Average time to respond to support inquiries
- Training Resources
- Comprehensiveness of training materials and resources
- User Documentation Quality
- Clarity and completeness of user documentation