A banking payment hub is 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. A banking payment hub provides payment processing for financial institutions, such as banks or credit unions. It centralizes payment processing, which reduces the effort to comply with payment regulations. Thus, financial institutions can reduce the effort to support periodic scheme updates required by settlement authorities. A banking payment hub is integrated with multiple back-end and front-end (that is, customer-facing) solutions. It removes silos created by legacy banking systems that separately generated their own payments. This facilitates innovation at financial institutions by centrally introducing new payment methods, such as real-time payments or blockchain payments, instead of each banking product doing it independently.