at Financial Technnology Year
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Features in Payment Execution Systems
for Treasury Operations
Platforms that securely initiate, approve, and transmit payment instructions to banks through various channels including SWIFT, host-to-host connections, and APIs.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
Auditability & Transparency
Features that ensure all payment activities are traceable, justified, and easy to investigate.
- Audit Log Retention
- Retention period for all audit logs.
- Automated Exception Alerts
- Automatic notification of suspicious or out-of-policy activities.
- Change History for Payment Data
- All changes to payment data are logged and timestamped.
- Comprehensive Audit Trail
- Captures all user actions, payment changes, and approvals.
- Exportable Audit Data
- Audit logs can be exported for review or regulatory inspection.
- Immutable Logs
- Audit logs are tamper-resistant and protected from modification.
- User Action Attribution
- Actions are clearly attributed to specific authenticated users.
Connectivity & Integration
Features related to how the payment execution system connects with internal and external systems, ensuring smooth data flow and process automation.
- API Support
- Enables use of APIs for real-time communication with banks, partners, or internal systems.
- Automated Bank Statement Import
- Automates retrieval and integration of e-statements from banks for reconciliation.
- Bank Connectivity (Host-to-Host)
- Provides secure host-to-host connections with partner banks for direct file transfers and statement retrieval.
- Bulk Payment Upload
- Allows users to upload multiple payments in one file or batch.
- Concurrent Bank Connections
- Maximum number of banks that can be connected simultaneously.
- Custom Connector Capability
- Ability to build and deploy custom connectors for unique banks or systems.
- ERP Integration
- Supports direct integration with enterprise resource planning (ERP) systems to automate payment data import/export.
- File Format Compatibility
- Supports multiple payment file formats (e.g., ISO 20022, SWIFT MT, NACHA, BAI2).
- Multi-Bank Connectivity
- Simultaneous integration with multiple banking partners.
- Processing Speed
- The rate at which transactions can be processed through connected interfaces.
- Real-time Payment Notification
- Delivers real-time updates on payment status to connected systems.
- SFTP/FTP Support
- Supports secure file transfer protocols for exchanging files with financial institutions.
- Third-party Software Integration
- Seamless integration with treasury management or reconciliation platforms.
Exception Management & Resolution
Features that help identify, track, and resolve payment or workflow exceptions efficiently.
- Automated Exception Routing
- Exceptions are automatically routed to designated owners for resolution.
- Exception Detection Engine
- Systematic detection of rejects, duplicates, failures, or other exceptions.
- Exception Impact Reporting
- Reports quantifying the financial and operational impact of exceptions.
- Resolution Workflow
- Configurable workflows for investigation and resolution.
- Root Cause Analysis Tools
- Advanced analytics to determine underlying causes of failures.
- SLA Tracking for Exception Resolution
- Tracks average time to resolve exceptions.
Implementation & Maintenance
Features affecting the deployment, configuration, and ongoing support of the payment execution system.
- Cloud/SaaS Availability
- Offered as a cloud-based, managed solution.
- Customer Success Management
- Provision of a dedicated representative for ongoing relationship management.
- Customization Flexibility
- Extent to which system can be customized to meet business needs.
- Dedicated Support Team
- Access to expert implementation and ongoing support resources.
- Implementation Timeline
- Standard deployment time from contract signature to go-live.
- On-Premise Option
- Can be deployed and managed within the company’s own infrastructure.
- Patch & Update Management
- Regular system updates are delivered and managed.
- Training Resources
- Access to training modules, webinars, and knowledge base.
Operational Resilience
Features that contribute to the reliability, availability, and recoverability of the payment execution system.
- Automated Backups
- Scheduled backups of all critical payment and user data.
- Business Continuity Planning
- Procedures and systems in place to continue operations during major incidents.
- Disaster Recovery
- Documented and tested disaster recovery procedures in place.
- Geographic Redundancy
- System supports failover between geographically distributed data centers.
- Maintenance Notification
- Users are notified ahead of scheduled maintenance and outages.
- Recovery Point Objective (RPO)
- Max acceptable data loss measured in time.
- Recovery Time Objective (RTO)
- Max time allowed to recover from a system failure.
- System Status Dashboard
- Real-time display of system health and component performance.
- Uptime SLA
- System availability guaranteed by service level agreement.
Payment Execution & Routing
Features that determine how payments are executed, routed, and confirmed through the system and banking channels.
- Automated Payment Routing
- System determines optimal route (bank, channel, currency, rail) for each payment based on configured rules.
- Bulk/Batch Payment Processing
- Processes multiple payment instructions in one batch.
- Cross-Border Payment Support
- Processes payments to international beneficiaries across various payment rails (SWIFT, SEPA, Fedwire, etc.).
- Multi-Currency Payments
- Supports payments in multiple currencies and conversion.
- Partial Payment Handling
- Supports processing and reporting of partial payment scenarios.
- Payment Acknowledgement
- Receives and records acknowledgements from banks post-payment execution.
- Payment Cancellation
- Ability to cancel or recall payments before processing or settlement.
- Payment Scheduling
- Enables scheduling of payments for future dates.
- Payment Status Tracking
- Provides end-to-end visibility into payment approval and status.
- Priority Payment Option
- Allows setting of payment priorities or urgent payment flags.
- Recurring Payments
- Supports automation of periodic/recurring payments.
- Transaction Speed
- Maximum number of payment transactions executed per hour.
Reporting & Analytics
Tools for extracting, visualizing, and analyzing payment data for operational intelligence and compliance.
- Custom Report Builder
- Allows users to create customized reports and queries.
- Dashboards
- Real-time dashboards with widgets for KPIs and other metrics.
- Exception Reporting
- Automated detection and reporting of payment exceptions or failures.
- Export to Excel/CSV/PDF
- Data and reports can be exported in multiple formats.
- Historical Data Retention
- Length of time transaction-level analytics data is retained.
- Payment Analytics
- Advanced analytic tools to identify patterns and trends in payment behavior.
- Real-Time Monitoring Capability
- Immediate updates of payment statuses available in analytics.
- Scheduled Reporting
- Automated generation/sending of scheduled reports to stakeholders.
- Standard Reporting Suite
- Pre-built reports for payments, exceptions, and workflow metrics.
Security & Compliance
Features ensuring payment execution is secure, auditable, and compliant with regulations and industry standards.
- Audit Trail Retention Period
- Duration for which detailed logs/audit trails are retained.
- Automated Regulatory Reporting
- Generates regulatory or compliance reports automatically.
- Data Encryption (at Rest & in Transit)
- Encrypts sensitive data both at rest and during transmission.
- Data Masking
- Sensitive payment or user data is masked for unauthorized users.
- Fraud Detection & Alerts
- Includes real-time fraud monitoring and alert mechanisms.
- Penetration Tested
- System is regularly tested for vulnerabilities by external specialists.
- Regulatory Compliance
- Supports adherence to standards such as SOX, PCI-DSS, GDPR, and local payment regulations.
- Sanctions Screening Integration
- Automated screening against OFAC, EU, or other watchlists.
- Transaction Limits
- Configurable payment size and velocity thresholds for users and accounts.
Usability & User Experience
Features that maximize efficiency and minimize friction for day-to-day users of the system.
- Accessibility Compliance
- System adheres to recognized accessibility standards (WCAG).
- Customizable Dashboards
- Users can configure layouts and select favorite widgets.
- Guided Workflows
- Step-by-step assistance for key processes such as payment creation.
- Help & Documentation
- Integrated help system and user documentation.
- Intuitive UI
- Clean, user-friendly dashboards and workflows.
- Multi-Language Support
- User interface available in multiple languages.
- Responsiveness (Page Load Time)
- Typical page or transaction load time.
- Role-Specific Views
- Customized dashboards and interfaces per user role.
- Search & Filter Capability
- Powerful, fast searching and filtering for payment data.
User Management & Access Control
Features that govern user authentication, access rights, roles, segregation of duties, and logging.
- Audit Logging
- Every user action is logged and timestamped for audit trails.
- Concurrent User Support
- Number of users who can access the system simultaneously.
- Custom User Roles
- Ability to configure custom roles and permissions.
- Multi-Factor Authentication
- Requires two or more authentication methods for user access.
- Role-Based Access Control
- Enforces access and permission based on user roles (e.g., initiator, approver, reviewer).
- Segregation of Duties Enforcement
- Ensures critical tasks (e.g., payment initiation and approval) are performed by different users.
- Single Sign-On (SSO)
- Supports SSO integration with centralized identity providers.
- Time-Based Access Restrictions
- Allows restriction of user access to specific time windows.
- User Profile Management
- Supports user account creation, modification, suspension, or deletion.
Workflow Management & Approvals
Features managing the lifecycle of payment instructions, including routing, notification, and multi-level approval processes.
- Approval Turnaround Time
- Average time from payment initiation to final approval.
- Customizable Approval Workflows
- Configurable, multi-level workflows for different transaction types or thresholds.
- Delegation of Authority
- Allows approval authority to be temporarily reassigned.
- Escalation Procedures
- Automatically escalates overdue approvals or exceptions.
- Mobile Approval
- Approvals can be executed via mobile devices.
- Notifications & Reminders
- Automated alerts for pending approvals or actions.
- Parallel/Sequential Approvals
- Supports both parallel (simultaneous) and sequential approval paths.
- Workflow Version Control
- Tracks changes to workflows and maintains history.
- Workflow Visualization
- Graphical display of current payment progress through workflow.