Conceptual Framework for Unified Payment Integration in Multi-Bank Financial Ecosystems

• Author(s): Oyejide Timothy Odofin ; Oluwademilade Aderemi Agboola ; Ejielo Ogbuefi ; Jeffrey Chidera Ogeawuchi ; Oluwasanmi Segun Adanigbo; Toluwase Peter Gbenle
• Paper ID: 1708766
• Page: 294-306
• Published Date: 30-06-2020
• Published In: Iconic Research And Engineering Journals
• Publisher: IRE Journals
• e-ISSN: 2456-8880
• Volume/Issue: Volume 3 Issue 12 June-2020

Abstract

In the evolving landscape of global finance, the need for seamless and interoperable payment systems across multiple banks has become increasingly evident. This paper proposes a conceptual framework for unified payment integration aimed at overcoming the fragmentation inherent in current multi-bank ecosystems. The framework introduces a layered architecture comprising data, integration, and application layers, each designed to ensure robust transaction processing, compliance, and data privacy. Central to this architecture are key modules such as transaction orchestration, compliance gateways, identity and access management, and an API hub, which together provide a flexible, scalable, and secure payment ecosystem. The framework is grounded in global standards like ISO 20022 and open banking protocols, ensuring compatibility across institutions and jurisdictions. Additionally, it addresses core challenges including regulatory compliance, data protection, and scalability while offering insights into potential implementation barriers, such as regulatory diversity and adoption inertia. The paper concludes by outlining avenues for future research, including empirical validation through pilot studies and the integration of emerging technologies like blockchain and artificial intelligence. This conceptual framework provides a foundation for the future development of unified, cross-institutional payment systems that are efficient, secure, and adaptable to evolving financial technologies.

Keywords

Unified Payment Integration, Multi-Bank Ecosystem, Transaction Orchestration, Regulatory Compliance, API Hub, Open Banking Protocols

Citations

IRE Journals:
Oyejide Timothy Odofin , Oluwademilade Aderemi Agboola , Ejielo Ogbuefi , Jeffrey Chidera Ogeawuchi , Oluwasanmi Segun Adanigbo; Toluwase Peter Gbenle "Conceptual Framework for Unified Payment Integration in Multi-Bank Financial Ecosystems" Iconic Research And Engineering Journals Volume 3 Issue 12 2020 Page 294-306

IEEE:
Oyejide Timothy Odofin , Oluwademilade Aderemi Agboola , Ejielo Ogbuefi , Jeffrey Chidera Ogeawuchi , Oluwasanmi Segun Adanigbo; Toluwase Peter Gbenle "Conceptual Framework for Unified Payment Integration in Multi-Bank Financial Ecosystems" Iconic Research And Engineering Journals, 3(12)