A great deal of opportunity can be hidden just beneath a well-functioning process.

With the demands of day-to-day operations, it can be a challenge to get enough perspective to clearly evaluate the health and potential of your core business. Even in organizations that are functioning well, there can be a lot of critical knowledge of processes and procedures that are held in the minds of individual employees. If those individuals leave for any reason, much of that institutional knowledge can be lost. Refining workflows and documenting processes can become a valuable tool in implementing contingency planning protocols.

Wespay Advisors can help your team explore the potential to be found in increased efficiency, improved internal controls, and expanded operational focus. Our team works with clients on a multi-phased approach to address the evaluation of a financial organization’s current state, recommendations for improvements, and a detailed roadmap for future state implementation.

Common Project Requests:

• Evaluate ACH Operational Processes & Reconciliation
• Analyze Check Fraud Procedures & Metrics
• Review ACH Underwriting Policies & Workflows
• Determine ACH, Debit Card & Check Operational Efficiencies
• Recommend Improvements to Reduce Regulatory Violations

Benefits of Process Improvement Payments Consulting:

• Analyze your organization’s organizational structure, degree of integration, and process efficiency with comparison against peers and operational best practices
• Capture time-saving efficiencies to maximize your staff’s time in handling daily responsibilities
• Mitigate risks by closing any gaps in controls from both internal and external perspectives

The financial services industry is awash with regulations from federal or state examiners, independent governing agencies, and the like. Navigating the regulatory compliance landscape is an ongoing effort impacting many areas of a financial organization – from front-line and back office staff to credit and internal auditing teams, amongst others. Maintaining robust compliance policies and procedures can reduce your organization’s regulatory risk and strengthen your core business.

Wespay Advisors is continually reviewing rules and regulations that govern the payments industry. Our team is highly credentialed with designations such as: Accredited ACH Professional (AAP), National Check Professional (NCP), Accredited Payments Risk Professional (APRP), Certified Treasury Professional (CTP), Certified Internal Auditor (CIA), and Certified Regulatory Compliance Management (CRCM). We take pride in staying abreast of the ever-changing regulatory landscape to impart the latest expectations to our clients.

Common Project Requests:

• Evaluate Third-Party Sender Due Diligence
• Review WEB Origination Compliance
• Determine Third-Party Sender Readiness
• Analyze Regulation E Compliance
• Review Consumer & Corporate ACH Origination Programs

Benefits of Regulatory Compliance Payments Consulting:

• Compare current operations with industry best practices and develop the necessary processes, personnel, and technology to ensure that operational practices are sound
• Assess current regulatory risk management policy for potential areas of improvement
• Review policies and monitoring to maintain compliance on an organization-side basis

Dynamic changes are underway in the U.S. to modernize the payments infrastructure and increasing numbers of organizations are entering an already complex payments ecosystem. In this environment, financial organizations most likely to remain competitive will be the ones that undertake a broad evaluation of their current systems and their market potential. More than just a “cost of doing business,” your payments offering can be a valuable asset in growing your deposits and client base, and a solid payments strategy can make the difference in a break-out business plan.

Wespay Advisors is uniquely positioned to assist your organization in evaluating organizational strategies to maximize the potential of your payments business. Our team can recommend payments product opportunities, both traditional and new, and the impacts on your operations, financials, and overall company strategic goals. We work with your entire organization across multiple functional areas to ensure the best results.

Common Project Requests:

• Develop Faster Payments Strategy
• Establish New Payments Services Team
• Build a Treasury Management Strategy
• Evaluate Current & Future Payments Needs
• Create a Payments Product Launch Roadmap

Benefits of Payments Strategy Consulting:

• Determine your position relative to existing and potential competitors, including non-bank and entrant payments organizations
• Discover underserved client segments and product opportunities, including prioritization for future offerings
• Grow your market, gain additional clients, protect your market segments, and supersede your competitors
• Review the emerging options in Faster Payments for potential strategic fit with your current and targeted client segments

A financial institution can generate a client for life if it can continually deliver high-performing products, exceptional service and regularly exceed its business clients’ expectations for the partnership.

Working with businesses is a smart business decision for a financial institution. Business deposit relationships maintain larger balances than most consumers and the need for robust services is often higher – creating a ‘stickiness factor’ for the financial institution. With the complexity that a business faces for managing payroll, vendor payments, and client invoicing, as well as day-to-day business operations, cash forecasting and fraud mitigation; it is critical for a financial institution to meet the treasury management needs of businesses in order to compete in today’s competitive landscape.

Wespay Advisors can help your organization navigate the exciting arena of treasury management – offering over 70 years of collective experience in a variety of treasury-related functional roles on our team.

Common Project Requests:

• Launch/Enhance Business Payments Services
• Conduct Sales Training
• Develop Pricing Strategies
• Evaluate Marketing Collateral for Business Services
• Analyze Commercial Team Workflow Structure

Benefits of Treasury Management Payments Consulting:

• Grow business deposits and relationships
• Expand non-interest income
• Enhance business services product offering
• Deepen sales opportunities for front-line and commercial staff
• Strengthen relationships amongst treasury management, commercial and branch teams