Mar 22, 2021 | blog

More than ever, your customers demand fast, convenient, and digital payments. Far beyond pizza delivery, consumers ordered everything from exercise equipment to cat litter to theatre tickets online – delivered straight to your door or email inbox. Classes from kindergarten through University are streamed live. Food delivery services, groceries ordered online and picked up in the parking lot—streaming movies – any movie – viewed on any number of platforms. Consumers not only expect but now presume convenience.

The slightest stumble in this instant gratification marketplace can disrupt the ideal customer experience – wait, you’re saying I have to get out of bed to find a physical credit card to complete this transaction?

Fintechs have held the edge over banks and traditional brick and mortar retailers in meeting consumer demand for convenient and fast payments. But taking an omnichannel approach to payments will allow merchants and banks to compete.

With the help of national fast payment networks, banks can compete today. However, connecting to a real-time payments network is often fraught with complexity. Does your bank have the knowledge, the skills, and the budget to connect your system to the network, all while minimizing modernization and security risks?

The most challenging aspects of connecting to an RTP are integrating with legacy systems while managing costs. On the surface, the seemingly best investment is to keep the process in-house – you already have people and technology resources, so why not leverage them to build the connectivity you need? But the obstacles with migrating to these new platforms include cross-border capabilities, retaining current card networks and payment rails, meeting regulatory compliance, integrating fraud detection, all while considering the possibility of cloud-based solutions. Are you ready to meet those tasks?

Working with a partner with Euronet’s experience and know-how and our REN Connect solution makes it easy for your bank to join an RTP network and gain all the advantages in participating in these faster payment networks.

REN Connect is dedicated to connecting participant financial institutions to your country’s real-time payments network. Available as on-premises software or in the cloud, REN Connect enables your users, like business analysts to software developers, to connect your back-office systems to a real-time network through a visual drag-and-drop interface or industry-standard XSLT code.

REN Connect specializes in transforming message types (ISO8583 to ISO20022, for example) and can be extended easily in the future to accommodate any new message types. The solution also provides access to Euronet’s REN Foundation – digital overlay services you can leverage to build products for customers that utilize your new connection to the real-time payments network.

Randall Hula

Randall Hula, as the Global Product Marketer for REN Ecosystem, works closely with senior management to implement a highly focused communications strategy and supporting resources for REN. With over two decades of consumer insights and communications strategy experience, he brings a wealth of knowledge from industries as diverse as consumer packaged goods, healthcare, and retail, that brings fresh ideas to the financial services and payments industry.