Banking Payment Hub Platforms Reviews and Ratings
What are Banking Payment Hub Platforms?
Gartner defines banking payment hub as a configurable platform that enables financial institutions to centrally process incoming and outgoing payments. Banking payment hubs are deployed with a software-only on-premises model or in the cloud as software only, software as a service (SaaS), or payments as a service (PaaS). They have three layers: an input layer, a processing layer and an output layer.
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Veengu is a fintech solutions provider that has developed a core software platform in conjunction with a light banking system. Its system includes modules for onboarding, KYC processes, customer profiles management, transaction ledgers, handling fees and limits, and managing FX rates. Veengu's offerings extend from UX/UI design to custom integrations, supporting seamless operations and compliance reporting. Overall, Veengu focuses on addressing operational and compliance challenges in the financial sector.
Alacriti is a third-party payment processing, delivering comprehensive payment and money movement solutions to financial institutions. Our commitment is to empower our clients and their users with seamless, easy-to-use, and secure real-time payment experiences across all preferred channels, rails, types, and devices. Alactiti’s innovative solution includes Orbipay Payments Hub, which unifies all payment rails while integrating effortlessly with existing infrastructures, as well as unified money movement solutions, including loan payments, loan payouts/disbursement, A2A account transfer, and a variety of other use cases.
ACI Worldwide is a global provider of payment technology, focusing on delivering software solutions that enable intelligent, real-time orchestration of payments. The main objective of the company is to facilitate growth for its clients, which include banks, billers, and merchants, through the continued modernization of their payment infrastructures. Offering trusted services for almost 50 years, ACI Worldwide responds to evolving payment challenges and opportunities by leveraging its international reach and local expertise, assisting clients in adapting to new real-time opportunities and high transaction volumes in response to changing consumer and business requirements.
CLAI PAYMENTS Technologies is a specialist provider of payment orchestration, card issuing and data protection solutions for financial institutions in Latin America. Our AZ7 platform enables integration and management of multiple payment methods with dynamic business rules, high availability and compliance with global standards such as PCI DSS, EMV and ISO 20022. We offer a flexible implementation (cloud, on-premise or hybrid), instant card issuance with EVERYCARD enabling card lifecycle management, authorisation, Core Banking and reconciliation: plus sensitive data protection and cryptography with CRYPTGRID. All in a modular ecosystem that optimises costs, accelerates time to market and improves user experience. With more than 30 years of experience, we combine robust technology with regional and consultative support to accompany our clients in their digital transformation.
The company is grounded in addressing critical challenges and identifying prospective opportunities through innovation. The principal concern it resolves relates to making convoluted business payments straightforward, intelligent, and safe. The company fosters an environment of collaboration and mutual support to achieve its overarching goal of meeting and exceeding business and financial institutions' expectations related to payment processes. Currently, its services are utilized across 92 countries globally. The company also values personal and professional interaction and ideation as integral aspects of its functioning.
Founded in 1976, CGI provides strategic IT and business consulting services to companies and government organizations around the world. The company's 91,500 employees work across 21 industry sectors in 400 locations. CGI's mission of providing industry and technology expertise to help meet the needs of customers and citizens has resulted in 40+ years of continuous growth.
Intellect Design Arena Ltd. has a cloud-native, API-led microservices-based multi-product platform for Global leaders in Banking, Insurance, and Capital Markets. It offers a full spectrum of banking and insurance technology products through its four lines of businesses – Intellect Global Consumer Banking (iGCB), Intellect Global Transaction Banking (iGTB), Intellect AI, and Digital Technology for Commerce.
Intellect serves over 300 customers through offices in 57 countries and with a diverse workforce of solution architects, and domain and technology experts in major global financial hubs around the world.
Fiserv, Inc. is a provider of technology solutions on a global scale, focusing principally on the needs of financial institutions, businesses, and individuals in the realm of money transfer. The key focus of its operations is to create efficient pathways for the fluid transfer of money and related information, with the ambition of positively influencing worldwide transactions.
EdgeVerve Systems, a wholly-owned product subsidiary of Infosys, offers digital banking solutions, AI, and automation, assisting clients to thrive in their digital transformation journey. The company has two key business units - Finacle and Edge Suite of solutions.
Finacle offers a front-to-back digital banking solution suite. Finacle solutions address the core banking, lending, digital engagement, payments, cash management, wealth management, treasury, analytics, AI, and blockchain requirements of emerging and established financial institutions. Our cloud-native solution suite and SaaS services help banks engage, innovate, operate, and transform better to scale digital transformation with confidence.
With Edge Suite of solutions, our mission is to create a world where our technology augments human intelligence and creates possibilities for enterprises to thrive. Our comprehensive product portfolio across AI, Automation, and Supply Chain helps businesses accelerate growth.
Finastra is a company focused on fostering financial inclusion. Open collaboration, open finance, and usage of an open platform characterise the company’s operations. It caters to the needs of the global financial services market with innovative solutions. The Fusion software architecture and cloud ecosystem offer cutting-edge technology. The company’s approach combines various beneficial actions to maintain relevancy in its operations. Finastra's emphasis on diversity and inclusivity characterises its cultural ethos. It consistently aims to engage its workforce in interesting and complex tasks, promoting a culture of ownership and opportunities for making a noteworthy impact.
Finastra is a company focused on fostering financial inclusion. Open collaboration, open finance, and usage of an open platform characterise the company’s operations. It caters to the needs of the global financial services market with innovative solutions. The Fusion software architecture and cloud ecosystem offer cutting-edge technology. The company’s approach combines various beneficial actions to maintain relevancy in its operations. Finastra's emphasis on diversity and inclusivity characterises its cultural ethos. It consistently aims to engage its workforce in interesting and complex tasks, promoting a culture of ownership and opportunities for making a noteworthy impact.
FIS is an enterprise deeply involved in the commerce and financial transactions that fuel the global economy. With a keen focus on supporting businesses and communities flourish, FIS continuously innovates in how the world manages payments, banking, and investments. FIS provides services to over 20,000 clients and operates at more than a million merchant locations spanning over 130 countries.
Form3 develops payment technology and offers a fully managed, payment technology platform for Financial Institutions as-a-Service. This platform is cloud-native and fully managed to lower costs across operations, infrastructure, security, upgrades, and change management. Form3 provides a more efficient way for financial institutions to handle large payment volumes and scale dynamically without a heavy infrastructure burden. The platform enables financial institutions to benefit from the flexibility, business agility, and speed to market that an API-first platform offers along with embedded services for future-readiness. Form3 works with regulated financial institutions, including large enterprise banks and digital challenger banks.
For over 45 years and in more than 80 countries, Montran has provided Payment, Cash Management, and Market Infrastructure solutions and services to financial institutions. Montran’s products have been Swift certified solutions. Montran offers integrated payment solutions and related products for the financial services industry, including Automated Clearing House System, Automated Transfer System, Central Securities Depository System, General Account System, Global Payments Hub, Global WebStation, Instant Payments Solution, Instant Payments Gateway, Intraday Liquidity Management, Investigation/Compensation System, Message Gateway System, Real-Time Gross Settlement System, Sanctions & Filtering Solutions, SEPA Gateway, Trading System, and Virtual Account Management. Montran is headquartered in the U.S. with offices in Europe, South America, and India.
IBM is a well-established entity focused on technology and development. The primary mission revolves around fostering technological growth and enhancing infrastructure, achieved through focused developments and consulting services. By encouraging inventiveness and innovation, it is geared towards facilitating the transition of theoretical ideas into practical realities, thus improving global functionalities. IBM brings about transformation by creating advanced solutions that reshape and redefine the world.
Icon provides financial institutions with technology, payments subject matter expertise and multi-disciplined services. These capabilities support institutions on their payments transformation journey, from defining strategy to implementing IPF-based solutions built by in-house engineering teams, by Icon, or by a Systems Integrator. The Icon Payments Framework (IPF) underpins payments orchestration solutions and is central to the core payments architecture of various banks. Using the IPF software development kit, banks can deliver payments systems efficiently and safely, with a low total cost of ownership. IPF includes optional modules and integration to clearing and settlement schemes to expedite the implementation of end-to-end payments solutions.
Established in 1999, ECS Fin Inc specializes in delivering transaction processing consultancy services. The firm identified key issues in transaction processing including protracted implementation cycles, project overruns, and subpar outcomes. ECS Fin Inc developed a broad-based solution known as IMS. It combines diverse processing modules, supporting components and connectivity amenities to manage the full spectrum of transactions. IMS doesn't confine its operations to a fixed business segment, but adopts a more expansive strategy. ECS Fin Inc's broad product range incorporates offerings like IMS Gateway, IMS Payments, IMS Securities, IMS Data Governance, IMS Reports, and IMS Test Simulator. Their services span multiple verticals such as application integration, process optimization, SWIFT interface setup, and maintenance plus support. The clients of ECS Fin Inc comprise of banks, fund administrators, hedge funds, and corporate giants across the globe.
Jack Henry is a financial technology firm that strengthens the connection between individuals and their financial institutions through technology and services which decrease the obstacles to financial health. The company's focus is on aiding community and regional banks and credit unions in achieving their short-term and long-term objectives, advocating for positive change, and co-creating innovative solutions. For over 45 years, Jack Henry has put financial institutions at the core of its modernization efforts, aiding them in fostering innovation, differentiating strategically, and competing successfully. The company's ability to drive innovation is rooted in its commitment to act in the best interest of people.
Gartner Research
Features of Banking Payment Hub Platforms
Mandatory Features:
Ability to ingest, transform and route both incoming and outgoing payment messages
Acceptance of payment requests from multiple sources, including core banking system, digital banking, mobile banking and payment files
Generation of formatted outbound payment messages and routing to supported clearing systems
Fee processing to calculate and post payment fees
Validation of payment messages against a payment scheme format