Traditionally, banks and financial institutions (FI) were focused on participating in global credit and debit card schemes like Visa and Mastercard, as well as on predominantly local real bank transfers integrated with proprietary or local debit card schemes.
Country-wide debit payments card schemes with uniform bylaws and secure e-commerce support like CB in France or Interac in Canada, or even Maestro in Europe were usually exceptions.
How fast real funds are moved – was predetermined by federal clearing house technologies (e.g. ACH in the USA) where one or more days were usually required to move the money.
This landscape is changing pretty fast as new Payments standards and technologies emerge:
- European regulations (PSD2)
- Funds pushing schemes (Visa; Mastercard to follow)
- Strong Customer Authentication (SCA) in multiple variants, such as 3DS Version 2. Google Pay, Apple Pay, Android Pay.
- Card and other payment instruments tokenization schemes
Account-based public transit fare collection schemes including open loop contactless (NFC) cards technology create additional opportunities to Financial Institutions. Worldwide public transit revenues amass trillions dollar per year.
Financial institutions which faster accommodate new standards and technologies have competitive advantages. This is where we can help, on all sides of your Payments business: issuing, acquiring, and money transfer.
Our BSA consulting services will help you to build your unique customer-focused business processes and smoothly integrate them with your and your partner’s technologies.