Cruise Control on the FinTech Highway
Depending on where you live, your life style, or preferences, you may own a car. Where I live, right in the middle of the United States, I need a car. Got to have one, no two ways around it. I need it to get to the store, to get the kids to school, to get…Anywhere! Now I like my car just fine. I have had it for just over nine years now and it has been mostly reliable. I can do most of the things that I want or need to do....Read More
Banking on trust- Test automation to the rescue
When we think of a bank, the first thing which comes to our mind is “Trust”. we trust that our money is safely accounted for at the bank. With this trust in hand, banking has evolved into the nerve center of all financial activities around the world. Over centuries now the banking system has evolved into an ecosystem for personal and commercial transactions across the globe....Read More
The new era of transaction switching
With the increasing number of payment channels and methods, the complexity of transaction switching software is ever growing. Aspects like reliability, performance, low latency, resilience and security have become qualifiers rather than differentiators. The most important differentiation for a modern transaction switch is its ability to respond to ever changing requirements and new payment channels....Read More
Why end-to-end test automation is the best way ahead in e-commerce?
In 2016, an estimated 1.61 billion people worldwide purchased goods online and global e-commerce sales amounted to $1.9 trillion. Even though this looks like a gargantuan amount, $1.9 trillion is just 8.7 % of the total retail sales in the year 2016. With the growing number of internet service providers, the proliferation of mobile data and the growing acceptance of e-commerce sites, there is a huge potential for further growth, and sales numbers are projected to reach $5 trillion by 2021. This has led to a flurry of new startups and investments in the e-commerce domain, and every new player is aggressively trying capture this market. One of the key metric that decides success in this field is that of “conversion rate”. The conversion rate is the ratio of visitors to a website that actually complete a purchase and every company is looking for new ways to increase this critical ratio....Read More
Applying the brakes to the runaway train of technical debt
In 2008 the hubris of the financial sector that we serve finally caught up with itself. Mountains of consumer debt that had been packaged, re-sold and deferred turned out to be unserviceable and the whole edifice came tumbling down. Now commentators are asking whether any lessons have really been learned as consumer debt in some western economies starts to climb again....Read More
Test automation for the 21st Century
Markets globally are as different as they are similar with innovations, regulations and even cultural differences deciding on how solutions are implemented. FinTech has been in focus when it comes to finding new and simple ways to bank, lend and pay. This means that there is constant change to the IT ecosystem: quick rollout of experimental solutions, regulatory compliance and mandates. Fintech is also a domain where accuracy and correctness of information is of paramount importance....Read More
Payments revolution at Money 20/20 Europe 2017!
In today's connected world there are several opportunities for banks and financial institutions to increase the level of engagement with the end customers and businesses. The role of mobile and social media is significant, driven largely by the millennial generation while followed by the rest of us. Periodic regulatory changes and impending PSD2/ISO 20022 in the EU calls for European financial institutions to address their existing payments ecosystem, processes, engagement models and product features....Read More
Automated Testing- The future of end-to-end lifecycle testing!
Disruptions in the 21st century have led to a revolution in the technology ecosystem across various stakeholders namely acquirers, merchants, banks, retailers and financial institutions. The unifying characteristic of these stakeholders is a constant need for change. New platforms, new products, new hardware and new channels are a regular occurrence in the banking and financial sector....Read More
The Payments Switch - A Complex Fabric of Business and Technology
Payments switch is a complex fabric of functionality and technology, intricately woven to provide a solid platform. With the intent to deliver high throughput & resilience to the ever-changing field of payments services. From a bird’s eye view, it might seem as if payments switch is a generic platform used to transform and route different kinds of payments messages for authorization. But when we take a closer look, we realize the complexity of the varied components and frameworks that are used to support the payments system....Read More
21st century Payments-Why evolution is just not good enough!
The history of payment system products since the 1980s is one of gradual evolution. There have been few radical changes. Instead, products saw incremental enhancement over time, with many products all built on core code that was written in the 1980s and 1990s. Products like BASE24, Postilion, BASE24-eps and OPEN/2 all exhibit much the same behaviors at application level, with the di?erentiation between them based on operating system support and delivery model. They are all predicated on the 1980s/90s model of transaction processing – that is 1 pair of symmetric messages containing an entire request & response with the complete processing rules de?ned in advance, mostly as source code with a few con?gurable parameters. The history of evolution has shown that only the fittest survives. For most, evolution ends in extinction. There are two theoretical causes for extinction....Read More