Mobile Payments – Rapid & Delivered – PayX

Mobile Payments – Rapid & Delivered

Opportunity into Reality – How often does a top tier bank achieve concept through to market in months? – PayX helped a leading global retail bank to deliver the first mobile “person-to-person” payments service in the UK utilising the legacy infrastructures already in place thus speeding up time to market and minimising the development costs. In the first 90 days it had been downloaded by over half a million UK consumers keen to experience the future of payments.

PayX’s experience of dealing with high-performance businesses reveals that these top companies are obsessed with winning the battle for the customer. In many cases, winning this battle starts with improving the customer proposition.

Our client recognized the opportunity to provide a better, faster and modern way to make person-to-person (P2P) payments to both its own customers and those of its competitors by mobilising its legacy architecture. The goal was to innovate on top of a legacy system in order to leap-frog competitors by getting to market first and to minimise development costs.

PayX teamed with the bank to design and deliver the technical architecture required to support this market leading mobile P2P remittance service. Quickly the PayX team developed a model which supported the business goals and maximised the utilisation of existing systems, minimising the development cost and dramatically improving speed to market.

In implementing the new proposition, the team leveraged 3 separate legacy payment systems (ATM, Prepaid and Faster Payment infrastructure) which allowed both existing and non-bank customers to benefit from the new proposition. The new proposition has been designed to rapidly take advantage of imminent mobile enhancements such as NFC thus ensuring the technical architecture is future proofed and requires minimal investment in the short-term.

The new mobile payments proposition successfully launched has already proven to be a popular service amongst UK consumers. For our client it has been a powerful new account acquisition tool, demonstrating that Banks can innovate at pace and deliver compelling customer-focussed propositions even at a time where they remain under significant pressure.

Delivering this service in under 9 months was a significant coup for the IT team at our client. The service has seen a strong viral uptake which has exceeded the business objectives and demonstrates the value of first mover advantage in retail banking