Gartner Research

Transaction Banking Needs Open Collaboration for a Frictionless World

Published: 03 November 2014

ID: G00270131

Analyst(s): Fabio Chesini

Summary

A closed integration approach makes it difficult for banks to deliver smooth, frictionless onboarding and integration with corporate customers' systems. Bank CIOs should look to open collaboration approaches to facilitate integration, ensure regulatory compliance and enable new product development.

Table Of Contents
  • Impacts

Analysis

Impacts and Recommendations

  • Proprietary file integration specifications and widely varying business country rules are proving to be excessively costly and demanding for banks
  • Poor collaboration during integration prevents banks from adding needed enhancements to their payment services capabilities
  • Customer demand for simplified file exchange across all banks and geographies is driving bank CIOs to adopt standards-based interface integration

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