Remittance Processing Benchmarking Study
Welcoming Rowland Chen
Upcoming Conferences
2005 Remittance Processing Benchmarking
Study
Current Issue
Issue #22
Issue #21
Special Issue #2
Issue #20
Issue #19
Issue #18
Issue #17
Issue #16
Issue #15
Issue #14
Issue #13
Issue #12
Issue #11
Issue #10
Issue #9
Issue #8
Special Issue #1
Issue #7
Issue #6
Issue #5
Issue #4
Issue #3
Issue #2
Issue #1
Hitachi Consulting
2 Atlantic Ave
Boston, MA
02110 USA
617-482-2100 P
617-482-1470 F
Website
E-mail
Issue #12
The remittance processing industry is facing unparalleled change, as a stream of new technologies impact how bills are paid, received, and processed. For remittance processors, the new technologies bring new opportunities, but at the same time add greater complexity in processing an ever-expanding array of payment types and systems.
This issue of On Payments highlights results from the Dove/TAWPI Remittance Processing Benchmarking Study and discusses the implications for the industry.
To sign up for an online subscription to On Payments, please click here.
Remittance Processing Benchmarking Study
The remittance processing world is going through a period of change. Remittance processing technology has continued to improve, and the payment environment has been dramatically altered by the emergence of ARC and ACH eChecks, Check 21, banks providing free online bill payment, the rapid deployment of biller Web sites accepting credit and debit cards, and the continuing adoption of ACH direct payments and telephone bill pay. These electronic payment alternatives have emerged and converged on the traditional mail and paper-based remittance environment, and have become increasingly important over the past few years.
As a result, many organizations are in the process of retooling their operations and are working to obtain executive approval for their funding requests. Remittance processors need updated information about throughput rates, best practices, system performance, and cost per item—which have never been higher.
To support these efforts, The Association for Work Process Improvement (TAWPI) and Dove Consulting teamed up to conduct the 2005 Remittance Processing Benchmarking Study, a follow on to a TAWPI study conducted in 2001, to provide TAWPI members with the information they need to manage their businesses in the new environment.
This article draws from the study results to address a number of key questions being asked by remittance processors:
 |
How do our processes compare to others? |
|
What is the average industry throughput (payment items processed per hour)? |
|
What are current industry best practices? |
|
How have changes in character recognition changed workflows? |
|
What is the average cost to process a payment? |
|
How rapidly are alternative remittance payment methods growing? |
|
When, if ever, will Web payments overtake paper payments? |
The study information, and the associated analysis, provides the basis for remittance processors to re-evaluate their current strategy and operations, and ensure that they are—and will remain—competitive in the future.
To see the answers to these questions, and learn more about their implications for payments managers, please click here.
Welcoming Rowland Chen
We are pleased to announce the newest addition to Dove Consulting, Rowland Chen.
Rowland joins us from within Hitachi Consulting, where he was Vice President and Market Leader for the San Francisco Bay Area Practice. Since joining Hitachi Consulting, Rowland has focused on serving clients in the high technology, professional services, and consumer products industries, coaching senior executives in the areas of corporate strategy, business transformation, marketing & sales, supply chain management, operations improvement, and product development.
Prior to joining Hitachi Consulting, Rowland was a partner with several global consulting firms (Gemini Consulting, Electronic Data Systems, C-Change, Viant Corp.), a cruise missile engineer, a research scientist, a semi-professional triathlete, an entrepreneur, and an educator.
Rowland can be reached at: rchen@hitachiconsulting.com or at 415.848.4622.
Upcoming Conferences
We hope to see many of our friends and colleagues at two industry conferences in February: TechMecca 2006 from February 13-14 in The Woodlands, TX and SourceMedia’s Best Practices in Retail Financial Services conference from February 26-28 in Indian Wells, California.
Hosted by PULSE EFT Association, Independent Bankers Association of Texas and the Texas Credit Union League, TechMecca 2006 will provide a forum for financial institutions to learn more about the latest technologies for fraud detection, identity theft and customer service—and how to use them to the best advantage.
On Monday, February 13, Melissa Fox will present results for our 2005 Debit Card Fraud and Performance Benchmarking Study. This session will discuss the current state of the debit industry, benchmarking issuer performance and growth strategies (including best in class standards), establishing factual metrics for fraud losses, and identifying tools and techniques to help issuers manage risk.
SourceMedia’s 11th Annual Best Practices in Retail Financial Services conference is designed to provide senior executives with a ‘reality check’ on the state of the industry. This year’s conference focuses on three trends that will have long-term impact on the banking business: the increasing division between large national institutions and smaller, local institutions; new pressures on profitability; and renewed emphasis on superior execution by front-line employees.
On Monday, February 27, Chris Gill will moderate a panel discussion on Improving the ATM Customer Experience. Lori Murray, SVP of Retail Distribution and Operations for Huntington National Bank, and Shelly Chandler, ATM Service Excellence Director for Wachovia, will share their experience ensuring consistent and superior ATM experiences across a large network, ways in which ATM functionality can enhance the customer experience, and how banks can maximize the value of their ATM networks.
2005 Remittance Processing Benchmarking Study
To download the executive summary of Dove/TAWPI’s 2005 Remittance Processing Benchmarking Study, or to purchase the full report, please click here.