Cards & Payments
Payments around the world are undergoing radical transformation across the entire value chain. This includes – Acquiring or Originating transaction, Processing, Issuing, and Settlement. There is a confluence of changes on account of – Innovation, Standards, and Compliance & Regulatory commitments. This is impacting – Regulators and National level switches, Banks, Issuers, Payments Networks, amongst others.
BFS Industry Expertise
Industry Trends and impacts
- Technology advancements like Technology enablers like MPOS, Contactless, NFCs and wearables are driving front end innovations.Banks and Financial institutions are forced to be more agile by improving the technology and infrastructure requirements set by these innovations.
- Regulators are constantly introducing guidelines and frameworks to ensure customer data privacy, security and an optimal business chances for traditional and non-traditional players. Fostering innovations by regulators might lead to further fragmentation of Payments value chain. More focus towards technology like distributed ledger OR blockchain etc.
- Increasing customer demands like immediate payments driving payments back-end Processing to transform into next generation payment methods. Investment into transforming legacy infrastructure to centralized payment hubs with plug and play capability and high customizable to offer personalized value added services.
- Security and Authentication becoming as major investment factor to avoid fraud and data breaches and ensure customer satisfaction. Banks compelled to comply with PCI-DSS standards to ensure data security of card transactions. Introduction of security initiatives like EMV shifting fraud focus to internet based fraud and data breaches.
- Digital Maturity Assessment
- Block-Chain adoption
- Customer Journey maps
- Wearables for Payments
- IOT / SDE
- Headless ATMs
- Biometic & Speech Recognition for Payment Authentication
- Facial Recognition & Authentication
- Cognitive / Machine learning applied to Fraud & AML screening
- Real-Time / Faster payment implementation
- ISO20022 modelling
- Data Monetization from payments Data
- PSD 2 implementation
- 8012 Design Center services
- ATM Innovation Lab
- Digital Cyber Security Lab
- Cross Functional Labs – Integrating Digital, Data, Risk and Payments
- Oxford Digital Academy
Solutions we offer
- Mobile Payments
- Real Time Payments
- POS Value Added Services