3. Research the operational side of banking and payments


 

Depending upon your business proposition, there may be operational requirements you need to consider alongside your need for payment services.

The banking industry is relatively complex and highly regulated. Whilst product offerings across the industry are wide and varied, the operational and transactional elements of banking that support products and services are fairly standard in their operation and rules and regulations must be complied with by all participants in the market.

Many operational banking processes follow established procedures with fixed timescales, the rules for which apply to all organisations that operate that service.

Whether your organisation is new to banking and interbank payments, or one with existing services, if you do not have an appropriate level of operational banking knowledge in house, you may wish to consider bringing in expertise to support you in considering how your proposed products and services will function at an operational level before, or in parallel with, investigating access to payment services.