Retail Payments

Key Areas

Retail Payments

Bill Pay

Risk Assessment

Background

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A Fortune 500 bank and insurance services company approached Heitmeyer Consulting to take over a Retail Payments project after frustration with a major global consulting firm.

They needed to update their Retail Payments platform under enhanced regulatory scrutiny. The client identified a need to develop Consent Order and Risk-related deliverables, as well as the need for a Strategic Bill-Pay Effort.

diagram visualizing the flow between Sender, Sender FI, FedNow Service, Receiver FI, and Receiver.

Solution

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Over a period of six months, Heitmeyer Consulting created an Advisory and Execution support team;
defining details with Agile and IT partners, progressing through Risk processes, drafting and assessing
controls with Risk partners and managing data sets to support changes.

 

Project Management support led various routines on behalf of the Bank, monitoring and reporting on project execution, steering meetings, and other strategies at the Bank’s request.

Outcome

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Team Composition:

Heitmeyer Consulting utilized its consulting network of over 100,000 financial services professionals to
rapidly deploy a 60+ member team with specialized experience including Data Analysts, Client Engagement
Managers, Rapid Risk Assessment, Payment Consultants, Lending Consultants, Processes and Controls Managers, and more.

Heitmeyer designed, deployed, and extensively tested control systems. Documentation processes and transaction reporting were implemented to monitor results. Additionally, Bill-Pay features and
benefits were created to support a new vendor for the client.

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