The Benefits of Orchestration For Banks and Financial Institutions

The shift to e-commerce and a multitude of new and innovative payment types means that consumers now have an unprecedented range of options at checkout.

This payment fragmentation for merchants requires financial institutions to up their game for new and existing business banking customers. The market is becoming more competitive and diverse, with higher expectations for consumers. Merchants need to provide their customers with a seamless user experience to reduce the risk of losing sales to competitors. 

Financial institutions should take the opportunity to integrate an orchestration solution to keep up with the changing landscape of the payments market and the needs for merchants. Orchestration simplifies the entire payments experience for merchants by enabling them to connect multiple payment providers and third party tools through a simple, uniformed platform, bringing all the benefits of new financial technology together into one solution. 

Adoption of orchestration services will enable financial institutions to meet the always changing needs of their merchant customers by offering them access to a growing number of new payment types through a bespoke service which will lead to higher conversions and revenues.

Additionally, the connecting and growing fintech ecosystem means that orchestration services can integrate APIs across broader payment operations and allow financial institutions to manage and have visibility of the entire payments lifecycle – all from a single dashboard. 

Win New Merchant Customers

One of the most compelling reasons for partnering with an orchestration platform is the ability to not only retain existing at-risk customers but to win new previously out-of-reach business. 

Over the last few years, a myriad of  payment options have emerged, including Buy Now Pay Later (BNPL) and alternative payment methods powered by digital wallets (such as Paypal and Google Pay).

Increased e-commerce activity during the pandemic led to consumers becoming comfortable with these new payment types, and they now expect a full range of options upon checkout.

Integrating an orchestration solution will allow financial institutions to provide a range of payment methods that merchants can add with just a few clicks.

Doing so will enable them to stand out from the competition and meet the needs of a demanding customer base.

Increase Retention 

Partnering with an orchestration platform will also help strengthen the relationships banks and financial institutions have with their existing merchant customers.

Doing so means they can rest safely in the knowledge that they are working with a leading fintech provider that connects with the entire ecosystem and other banking services.

Financial institutions have the flexibility to build a bespoke payments stack that can cover startups through to enterprise-level customers. Merchants are taken care of at every stop of their journey. 

Additionally, leading orchestration platforms have the functionality to white-label their offerings. This will result in merchants associating financial institutions with the enhanced level of functionality offered by orchestration services. The holistic nature of orchestration, incorporating services that go far beyond payments, means that merchants don’t have to look elsewhere to solve their problems.

Future Proofing  

Orchestration platforms future-proof the needs of financial institutions by constantly adding new payment and ecosystem integrations – no matter how fragmented the market becomes.

This gives confidence and certainty. Financial institutions can invest in orchestration solutions safe in the knowledge that they will have the agility to introduce the latest payment services, whatever comes next.

Unlike traditional payment partners, this will eliminate new costs and those associated with switching to new providers or adding additional ones.

Increase Revenues 

Orchestration enables financial institutions to increase their revenues by providing value-added services to clients that go beyond more commonly used payment solutions.

Alongside payment methods, this can cover gateways, fraud services, and accounting software – all accessible through plug-and-play API integrations and a single dashboard.

These valuable partnerships create the ability to incorporate integrations that go beyond the capabilities of payments competitors.

Deploying an orchestration solution also allows banks to receive a fee on all merchant transactions, even those processed outside of the bank’s services, while still lowering costs for those merchants. 

Unparalleled Access To Merchant Payment Insights

Orchestration services enable financial institutions to access granular payments data, regardless of the payment service being used by their business banking customers.

This provides them with insights into how customers are using their data, which can then be used to optimise services to better meet the needs of specific merchants. 

These insights can also be used as an opportunity to go to market with off the shelf technology stacks to attract new customers. For example, this could be inclusive of nascent but fast growing payment types. 

Seize The Opportunity To Scale And Grow Profits

These are just a few of the compelling benefits of why financial institutions should implement orchestration services. 

Paydock is an experienced orchestration provider offering an orchestration-as-a-service solution to financial institutions looking to gain an edge in the fast moving e-commerce market. Paydock can be deployed in a private cloud or hosted/consumed on our platform. It’s easy to manage and can be seamlessly integrated into a bank’s current platform with a full white-label solution. 

Whether it is in how to manage merchants or quickly bringing the latest and greatest payments technology to market, find out how a partnership with Paydock helps banks and financial institutions stay on the cutting edge of payments by getting in touch with us today.

Start transforming payments today.

Get in touch with us today to find out how to supercharge and simplify your payments stack.

For Banks
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