Payments Academy
Discovery: stage where manager learns PAYMENT OPERATIONS STARTED LIVE 01 Discovery - whether a problem is real ACTIVE 02 Build - working product QUEUED 03 Launch - real customers, and it is planned QUEUED 04 Grow - where the manager improves the product based QUEUED 05 Retire - thinking about, but it is essential, because QUEUED Discovery is the stage where the manager learns whether a problem is real, who has it and whether they will pay to solve it. Step 1 of 5 Discovery: stage where manager learns STARTED Discovery whether a problem is real ACTIVE Build working product QUEUED Launch real customers, and it is planned QUEUED Grow where the manager improves the product QUEUED Retire thinking about, but it is essential, because QUEUED Discovery is the stage where the manager learns whether a problem is real, who has it and whether they will pay to solve it.
Build: stage where idea becomes PAYMENT OPERATIONS IN PROGRESS LIVE 01 Discovery - whether a problem is real DONE 02 Build - working product ACTIVE 03 Launch - real customers, and it is planned QUEUED 04 Grow - where the manager improves the product based QUEUED 05 Retire - thinking about, but it is essential, because QUEUED Build is the stage where the idea becomes a working product, and it is where the manager spends most time writing requirements and making trade offs. Step 2 of 5 Build: stage where idea becomes IN PROGRESS Discovery whether a problem is real DONE Build working product ACTIVE Launch real customers, and it is planned QUEUED Grow where the manager improves the product QUEUED Retire thinking about, but it is essential, because QUEUED Build is the stage where the idea becomes a working product, and it is where the manager spends most time writing requirements and making trade offs.
Launch: stage where product reaches PAYMENT OPERATIONS IN PROGRESS LIVE 01 Discovery - whether a problem is real DONE 02 Build - working product DONE 03 Launch - real customers, and it is planned ACTIVE 04 Grow - where the manager improves the product based QUEUED 05 Retire - thinking about, but it is essential, because QUEUED Launch is the stage where the product reaches real customers, and it is planned as carefully as the build. Step 3 of 5 Launch: stage where product reaches IN PROGRESS Discovery whether a problem is real DONE Build working product DONE Launch real customers, and it is planned ACTIVE Grow where the manager improves the product QUEUED Retire thinking about, but it is essential, because QUEUED Launch is the stage where the product reaches real customers, and it is planned as carefully as the build.
Grow: longest stage PAYMENT OPERATIONS IN PROGRESS LIVE 01 Discovery - whether a problem is real DONE 02 Build - working product DONE 03 Launch - real customers, and it is planned DONE 04 Grow - where the manager improves the product based ACTIVE 05 Retire - thinking about, but it is essential, because QUEUED Grow is the longest stage, and it is where the manager improves the product based on real usage. Step 4 of 5 Grow: longest stage IN PROGRESS Discovery whether a problem is real DONE Build working product DONE Launch real customers, and it is planned DONE Grow where the manager improves the product ACTIVE Retire thinking about, but it is essential, because QUEUED Grow is the longest stage, and it is where the manager improves the product based on real usage.
Retire: stage most managers avoid PAYMENT OPERATIONS COMPLETE LIVE 01 Discovery - whether a problem is real DONE 02 Build - working product DONE 03 Launch - real customers, and it is planned DONE 04 Grow - where the manager improves the product based DONE 05 Retire - thinking about, but it is essential, because ACTIVE Retire is the stage most managers avoid thinking about, but it is essential, because an old product costs money to maintain and confuses customers. Step 5 of 5 Retire: stage most managers avoid COMPLETE Discovery whether a problem is real DONE Build working product DONE Launch real customers, and it is planned DONE Grow where the manager improves the product DONE Retire thinking about, but it is essential, because ACTIVE Retire is the stage most managers avoid thinking about, but it is essential, because an old product costs money to maintain and confuses customers.

Key points of this lesson, in order.

0:00 / 3:45 Step 1 of 5

Product Lifecycle: Discovery, Build, Launch, Grow, Retire

Payment Product Management, Lesson 2 of 7, Narration 3:45, D14 Business analysis and professional practice

ISO 20022pain.001

What you will learn

Your objective. By the end of this lesson, you will be able to explain product lifecycle: discovery, build, launch, grow, retire. Discovery is the stage where the manager learns whether a problem is real, who has it and whether they will pay to solve it.

Why it matters. Discovery also checks the competition, for example whether Faster Payments already solves the problem, and checks the regulation, for example whether the bank needs a new licence.

Chapter objective: Learner applies product management to payments, defining a product vision, roadmap, metrics, and pricing, and writes a product brief for a new payment feature. Learner practises this skill on realistic banking cases, explaining the reasoning clearly and using correct terminology throughout the work.

Key learning points

  • Discovery: stage where manager learns
  • Build: stage where idea becomes
  • Launch: stage where product reaches
  • Grow: longest stage
  • Retire: stage most managers avoid

Key terms

ISO 20022: An international standard for financial messaging that defines XML message formats for payments, securities and trade.

pain.001: An ISO 20022 message a customer sends to its bank to instruct one or more credit transfers. It carries payment information, debtor and creditor details, amount, execution date and remittance data.

Clearing and settlement timeline showing Product Lifecycle: Discovery, Build, Launch, Grow, Retire.

Practise this lesson

Exercise

Route the payment described in this lesson and justify the route.

Use the routing rules, the correspondent chain and the charges in this lesson.

  1. What to do. Name each bank in the chain, the message used on each leg, and the charges deducted at each step.

Correct result. The route follows the correspondent chain from the debtor agent to the creditor agent, with each intermediary deducting its charge and passing the remainder on. The message on each leg carries the information the next bank needs.

Why. Routing is a business decision with a cost. The wrong route is slower, more expensive, or fails.

Check your understanding

Practice question

A product manager wants to add a new payment feature: customers can schedule a payment for a future date. The BA is asked what the requirements must cover. What is the most important set?

Takeaway and next step

What to remember

A well managed retirement protects the customer relationship and frees the bank to invest in the future.

Follow 500 pounds through every stage, from instruction to beneficiary credit, and note where it can stop.

Open the Payment Lifecycle Simulator →

Builds on "What a Payment Product Manager Actually Does".

Transcript and full text

Show transcript

Discovery is the stage where the manager learns whether a problem is real, who has it and whether they will pay to solve it. The manager interviews twenty or thirty customers, watches how they work today, and tests the idea with a simple prototype or a paper description. For an instant payment product for small businesses, discovery might reveal that a plumber in Birmingham waits three days to be paid by invoice, and would pay 50 pence per payment to receive the money in seconds. Discovery also checks the competition, for example whether Faster Payments already solves the problem, and checks the regulation, for example whether the bank needs a new licence. A discovery phase of six to eight weeks is normal, and it ends with a decision to proceed, to change the idea or to stop. Build is the stage where the idea becomes a working product, and it is where the manager spends most time writing requirements and making trade offs. The manager writes user stories, such as a small business owner can send an instant payment of 500 pounds from a mobile app and see confirmation in ten seconds, and agrees the scope with technology. The manager must decide what is in the first release and what can wait, because a team that tries to build everything at once will deliver nothing on time. For the instant payment product, the first release might support single payments only, while bulk payments and scheduled payments wait for the second release. Build typically takes six to nine months for a payment product, including testing and security review. Launch is the stage where the product reaches real customers, and it is planned as carefully as the build. The manager chooses a pilot group of fifty customers who are willing to give feedback, prepares training for sales and operations, and agrees the support model for the first weeks. The launch plan includes a clear price, a simple onboarding journey and a way to measure success, such as the number of customers who make a second payment within a week. A launch that is rushed will create complaints and refunds, while a launch that is too slow will lose momentum. Most banks launch in stages, starting with one customer segment and one region, then expanding once the first customers are happy. Grow is the longest stage, and it is where the manager improves the product based on real usage. The manager watches how many customers use the product each month, which features they use most, and where they drop out of the journey. If data shows that 30 percent of customers abandon the payment at the beneficiary confirmation screen, the manager asks technology to simplify that screen. Growth also means adding new features, such as recurring payments, and expanding to new segments, such as larger companies that need to send 5,000 payments a day. Pricing may change in this stage, for example from a free trial to 35 pence per payment, once customers see the value and the bank needs to cover costs. Retire is the stage most managers avoid thinking about, but it is essential, because an old product costs money to maintain and confuses customers. A product is retired when usage falls, when a better product replaces it, or when regulation makes it uneconomic. The manager plans the retirement in stages, giving customers at least six months notice, offering a migration path to the replacement product, and providing help to move their data. For example, when a bank retires an old file format for bulk payments, it may support the old format for twelve months while helping 2,000 corporate customers move to ISO 20022 pain.001 files. A well managed retirement protects the customer relationship and frees the bank to invest in the future.

Discovery is the stage where the manager learns whether a problem is real, who has it and whether they will pay to solve it. The manager interviews twenty or thirty customers, watches how they work today, and tests the idea with a simple prototype or a paper description. For an instant payment product for small businesses, discovery might reveal that a plumber in Birmingham waits three days to be paid by invoice, and would pay 50 pence per payment to receive the money in seconds. Discovery also checks the competition, for example whether Faster Payments already solves the problem, and checks the regulation, for example whether the bank needs a new licence. A discovery phase of six to eight weeks is normal, and it ends with a decision to proceed, to change the idea or to stop.

Build is the stage where the idea becomes a working product, and it is where the manager spends most time writing requirements and making trade offs. The manager writes user stories, such as a small business owner can send an instant payment of 500 pounds from a mobile app and see confirmation in ten seconds, and agrees the scope with technology. The manager must decide what is in the first release and what can wait, because a team that tries to build everything at once will deliver nothing on time. For the instant payment product, the first release might support single payments only, while bulk payments and scheduled payments wait for the second release. Build typically takes six to nine months for a payment product, including testing and security review.

Launch is the stage where the product reaches real customers, and it is planned as carefully as the build. The manager chooses a pilot group of fifty customers who are willing to give feedback, prepares training for sales and operations, and agrees the support model for the first weeks. The launch plan includes a clear price, a simple onboarding journey and a way to measure success, such as the number of customers who make a second payment within a week. A launch that is rushed will create complaints and refunds, while a launch that is too slow will lose momentum. Most banks launch in stages, starting with one customer segment and one region, then expanding once the first customers are happy.

Grow is the longest stage, and it is where the manager improves the product based on real usage. The manager watches how many customers use the product each month, which features they use most, and where they drop out of the journey. If data shows that 30 percent of customers abandon the payment at the beneficiary confirmation screen, the manager asks technology to simplify that screen. Growth also means adding new features, such as recurring payments, and expanding to new segments, such as larger companies that need to send 5,000 payments a day. Pricing may change in this stage, for example from a free trial to 35 pence per payment, once customers see the value and the bank needs to cover costs.

Retire is the stage most managers avoid thinking about, but it is essential, because an old product costs money to maintain and confuses customers. A product is retired when usage falls, when a better product replaces it, or when regulation makes it uneconomic. The manager plans the retirement in stages, giving customers at least six months notice, offering a migration path to the replacement product, and providing help to move their data. For example, when a bank retires an old file format for bulk payments, it may support the old format for twelve months while helping 2,000 corporate customers move to ISO 20022 pain.001 files. A well managed retirement protects the customer relationship and frees the bank to invest in the future.

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