Pricing for payments, trade and global transaction services has become increasingly important for inter-bank trade. The correspondent banking or financial institution (FI) business generated almost $600 billion USD in revenues in 2010, and the volume of payments has continued to set new highs each year. Global payments volumes are forecasted to grow annually by 9% through 2020. Pricing flexibility and transaction processing discipline will be key variables that differentiate the business outcomes between the leaders and laggards in the FI business.
The challenges in this context are considerable: increasing compliance costs, low visibility for manual processing, low discipline for charging, little innovation for pricing models and uncertainty around emerging regulations.
FIs need the ability to granularly manage customer hierarchies and price lists, specify billing and output formats, streamline and reduce manual transaction processing and automatically generate specialized reports to target profitability metrics for specific product lines. This functionality serves to reduce revenue leakage and increase profitability across correspondent banking services.
miRevenue for Corporate Banking: Financial Institutions
A Product and Pricing Lifecycle Management (PPLM) platform delivers proven FI functionality, allowing for a holistic value proposition in the global transaction space. miRevenue, the leading product in this space with several live instances in the FI business, has been proven to enhance revenue for global banks today. Designed and built specifically for the financial services industry with modern, enterprise-grade architecture, miRevenue comprises a suite of relationship based pricing and billing tools which will allow banks to meet these challenges head on today, tomorrow and well into the future.