The payments and technology landscapes are constantly evolving. As a result, many organizations are choosing to automate aspects of their payments business that were once manual. Automation can help increase efficiency, but what happens if there’s a disruption? Even a minor technology-related outage or system failure can be costly and frustrating. Below are two simple actions to help ensure your organization is prepared to handle unexpected scenarios:
- Create and maintain a business continuity guide specific to your organization: A business continuity guide can help your organization act quickly in an emergency. We also encourage your organization to review and bookmark the Federal Reserve Banks’ Business Continuity Resource Center. The resource center outlines Federal Reserve Bank resources, including a detailed business continuity guide for each service area.
- Use a combination of contingency options: Many organizations use a combination of contingency options to help minimize or eliminate the business impacts of a service disruption. If your organization relies on a service provider, we encourage you to have a back-up plan in place.
Action Item:
Work with others within your organization to prepare for the unexpected and ensure that resiliency is an ongoing conversation.
