The PagoNxt Payments intelligence product helps our clients understand payment trends, customer behaviours, and operational efficiencies. Through advanced analytics and machine learning, our clients gain insights that drive strategic decision-making and enhance their own customer experiences.
Key Features of Payments Intelligence
The Payments Intelligence product encompasses several key features, including real-time data analysis, predictive analytics, fraud detection, and reporting capabilities. These features enable PagoNxt clients to monitor transactions as they occur, forecast future payment trends, identify potential fraudulent activities, and generate comprehensive reports for stakeholders.
Payment Metrics List
A comprehensive list of payment metrics includes transaction volume, average transaction value, payment method distribution, payment processing status, execution point. These metrics provide valuable insights into the performance of payment systems and help businesses optimise their payment strategies.
Understanding your payment processing status
We fully recognise and appreciate how crucial it is for you to maintain clear visibility regarding the status of your payment processing. To assist you in this regard, we have compiled a concise overview of the current status that you can expect to encounter during the PagoNxt payment processing journey:
In-flight: This status indicates that your payment is currently undergoing processing. At this moment, there is no further action required from your side, allowing you to focus on other important tasks without any concerns.
Outbound: When you see this status, it signifies that the payment has been successfully received in the Payments Hub and is actively being processed. We are currently in the phase of awaiting a final response, specifically an acknowledgment (ACK), from the payment scheme involved.
Incoming: This status means that the payment has been successfully received from the payment scheme and is in the processing phase. However, we have not yet confirmed whether it has been accepted or rejected, which is an important step in the payment lifecycle.
Parked: If your payment is marked as parked, it indicates that the processing has been temporarily halted. This pause is typically due to awaiting a specific condition or action that is necessary to resume the processing of your payment.
Accepted:
Outbound: Under this category, the payment has been accepted based on the responses received from the payment scheme, which is a positive indication of successful processing.
Incoming: This status confirms that the acceptance of your payment has been successfully verified.
Rejected:
Outbound: If the message is marked as rejected, it means that the payment has been declined, which can occur during processing in the Payments Hub or directly from the payment scheme.
Incoming: This status indicates that the payment has been rejected due to internal validations or validations conducted by the customer.
We encourage you to stay updated on your payment processing status and rest assured that our team is dedicated to ensuring that your payment processing experience is as smooth and efficient as possible!
Understanding the Execution Points in Payment Processing
Monitoring the execution points in payment processing provides valuable insights into the status of transactions, enabling businesses to ensure efficiency and address potential issues proactively. Below is a detailed overview of each execution point, highlighting the benefits of tracking these stages:
Initiated: The payment has passed syntactical validation and is registered in the system, ensuring that it is ready for further processing.
EU847 Validated: EU847 validation has been executed, confirming compliance with regulatory requirements.
Semantic Validation Sent: The payment is undergoing the semantic validation process, which is crucial for ensuring the accuracy of transaction details.
Semantic Validated: The semantic validation process has been executed, indicating that the payment details have been verified for correctness.
Screening Held: A hold response has been received from the sanctions screening system, awaiting a second response, which helps in mitigating risks associated with compliance.
Screening Sent: The payment is currently undergoing the sanctions screening process, ensuring that it adheres to legal and regulatory standards.
Screened: The sanctions screening process has been executed, confirming that the payment has passed compliance checks.
Fraud Sent: The payment is currently undergoing the fraud checking process, which is essential for safeguarding against fraudulent activities.
Fraud Response: The fraud checking process has been executed, providing assurance that the payment has been evaluated for security risks.
Accounting Sent: The payment is currently undergoing the accounting process, which may indicate pre-settled or first legs, ensuring accurate financial tracking.
Accounted: The accounting process has been executed, confirming that the payment has been recorded appropriately in financial systems.
Ready to Send: The payment has passed all validations and is awaiting transmission to the clearing, indicating readiness for final processing.
Sent to Scheme: The payment has been transmitted to the clearing and is awaiting a response, marking a critical step in the transaction lifecycle.
Scheme Acknowledgment: The payment has been sent and validated successfully by SWIFT or the scheme, providing preliminary confirmation of the transaction.
Finalized Accepted: The payment has been finalized, requiring no further action by PaymentsHub, indicating successful completion.
Finalized Rejected: The payment has been finalized, requiring no further action by PaymentsHub, signaling that the transaction was not successful.
Kick Off: The payment is parked because it is too early to send to the scheme, allowing for strategic timing in processing.
Cut Off: The payment is parked due to a violation of internal cut-off rules, highlighting the importance of adhering to operational guidelines.
FX Input: The payment is parked due to foreign exchange considerations, ensuring that currency-related factors are addressed.
STP Authorization: The payment is held as it requires Straight-Through Processing (STP) authorization, emphasizing the need for streamlined processing.
STP Hold: The payment is held by STP pending release, indicating that it is in a temporary state awaiting further action.
STP Auth Hold: The payment is held as it requires both STP authorization and release, ensuring that all necessary approvals are obtained.
Fraud Exception: The payment is held due to fraud concerns, allowing for thorough investigation and risk management.
Semantic Validation Exception: The payment is held due to issues in semantic validation, highlighting the need for accurate data.
Reachability Exception: The payment is held due to reachability issues, which can affect transaction processing.
Liquidity Exception: The payment is held due to liquidity issues, ensuring that sufficient funds are available for processing.
Accounting Exception: The payment is held due to accounting issues, which can impact financial reporting.
Pending Coverage: The payment is held due to pending coverage, indicating that additional information or approvals are required.
Scheme Exception: The payment is held internally because the scheme is unavailable, requiring review by the operator to resolve.
Other: The payment is parked for a generic reason, allowing for flexibility in handling various scenarios.
Injured: The payment has been classified as injured, indicating that it requires special attention to resolve issues.
By closely monitoring these execution points, businesses can enhance their payment processing efficiency, mitigate risks, and improve overall transaction management.
KPI Tracking and Analysis
KPI tracking and analysis involve monitoring key performance indicators related to payment processes. This includes metrics such as transaction success rates, processing times, and customer satisfaction scores. By analyzing these KPIs, organizations can identify areas for improvement and measure the effectiveness of their payment strategies.
Insight and Notifications
The Payments Intelligence application features a robust Insight and Notification module that empowers users with customisable insights tailored to their specific needs. This module is designed to reduce risk, increase efficiency, and maximise productivity by addressing the complexities of payment operations, including speed and data volume. It enables payment operators to receive alerts for any red flag and understand what is failing, allowing for immediate attention to critical issues. Users can manage operational performance effectively, pinpoint areas for efficiency improvement, and assess team effectiveness through performance metrics , ensuring that they are always on track.
Below is a list of the most demanding insights.
Threshold Alert for Rejected Messages
Receive an alert when the number of rejected messages exceeds a reasonable threshold.
There are different ways to measure rejections:
As a percentage of the total number of messages received.
As an absolute number within a specific time period.
Additionally, alerts can be set for specific rejection reasons, such as:
Non-existent BIC.
Messages rejected due to fraud
Pending Response Alert
Receive an alert when there is a message pending response from the scheme for a specified period of time.
Manual Action Payment Alert
Alert the user when there is a payment pending manual action.
The alert can specify the reason for the payment requiring operator intervention.
Returned/Claimed Payments Alert
Parameterize an alert to inform about the percentage or volume of payments that, once processed, have been returned and/or claimed.
Integration Capabilities
Integration capabilities refer to the ability of Payments Intelligence systems to connect with other software and platforms, such as CRM systems, ERP solutions, and payment gateways. This seamless integration ensures that data flows smoothly between systems, providing a holistic view of payment operations.
Benefits of Using Payments Intelligence
The benefits of using Payments Intelligence include improved decision-making, enhanced customer experiences, reduced fraud risk, and increased operational efficiency. By utilising data-driven insights, organisations can optimise their payment strategies and achieve better financial outcomes. Additionally, Payments Intelligence sharpens focus by categorising notifications and thresholds, allowing payment operators to identify what is failing and what needs immediate attention. It enables organisations to outline multiple data points to assess whether they are on track. Furthermore, it helps manage operational performance by identifying areas where efficiency can be improved and evaluating team effectiveness through performance metrics. Executives are empowered with the necessary insights to understand how the business is performing and to be alerted to any red flags, ensuring that they can take proactive measures to enhance overall operational efficiency.