7 Criteria For Building Successful Central Payment Infrastructure

Episode Six is known for its flexible payments tech stack and partners with banks, FinTechs and brands globally. The platform combines FIS’ global reach with Episode Six’s API-driven issuer processing technology to help banks and FinTechs navigate competitive pressures and legacy infrastructure limitations, the release said. Participating banks must be involved as contributors to the project, as much of the success of the system relies on their readiness and offerings to their customers. Regulatory entities, such as governments and central banks, play a critical role in licensing the system, and they often provide a range of necessary requirements to operate a payment infrastructure within their jurisdiction. They also provide oversight to ensure compliance and protection of the interests of all parties. When businesses expand globally, they encounter a new range of complex challenges, but with the right strategies and tools, these challenges can be overcome to make their expansion a success.

Find solutions from our collaborative community of experts and technologies in the Red Hat® Ecosystem Catalog. Discover resources and tools to help you build, deliver, and manage cloud-native applications and services. Learn how to use our cloud products and solutions at your own pace in the Red Hat® Hybrid Cloud Console. This turn of events triggered a bullish sentiment in the market, with investor confidence rebounding swiftly. The stock, which has seen a volatile past, rallied to its highest level in a year as fears of insolvency dissipated. The development brought cheer to investors, who saw the stock rally as a positive signal of business continuity and legal clarity for the Anil Ambani-led company.

Stay Compliant And Secure

In this article, we will examine the current state of payment infrastructures, consider the industry’s key trends, highlight the problems, and demonstrate how Akurateco’s payment solutions allow companies to stay ahead. Many institutions are reaching a strategic impasse when considering how to implement a modern, real-time payments system. To stay competitive in the rapidly evolving financial landscape, banks may consider a strategic approach that combines internal systems development and enhancements, API development, partnerships and PaaS outsourcing. The adoption of digital wallets, such as Apple Pay, Google Pay, and Samsung Pay, is on the rise, with more customers choosing to use their smartphones for transactions. Businesses should make sure that they accept digital wallet payments to cater for this growing customer base and offer a frictionless checkout experience. Throughout the payment processing journey, each player has a unique role in ensuring that transactions are fast, secure, and compliant according to industry standards and regulations.

Additionally, advancements in technology such as biometrics and AI are expected to further enhance the security and convenience of mobile payments. newlineMobile payments refer to transactions made using a mobile device, such as a smartphone. Mobile payments can be made in a variety of ways, including mobile apps, digital mobile wallets, and SMS-based systems. Mobile payments are becoming increasingly popular, as more consumers embrace the convenience and versatility of mobile devices. As the financial industry evolves, new payment methods and technologies will likely emerge, creating new opportunities and challenges for consumers, businesses, and regulators. The global digital payments market is projected to reach $159 billion by 2025, up from $88 billion in 2023.

We also have a team of expert developers on hand to support our clients in achieving their goals. This is how Aevi is able to make the vision of an efficient, fast, secure and effective globalized payment infrastructure a reality. We see both start-ups and technology corporations like SAP, Oracle, and Intuit defining their offerings in neat little niches like AP (Accounts Payable), AR (Accounts Receivable), and P2P (Purchase to Pay). In reality, each one of these smaller labels is anything but niche and does not allow Fintech to tackle one small piece of a problem statement.

Businesses should use these technologies to enhance their payment processes, reduce fraud, and better understand customer behaviour. The demand for contactless payments, including tap to pay credit cards and digital wallets, has grown significantly in recent years, driven by customers’ desire for convenience, speed, and hygiene. Businesses should continue to invest in contactless payment solutions and cater for customer preferences, thereby enhancing the overall shopping experience. These diverse components work together to enable various types of transactions, such as card-present, card-not-present, and digital wallet transactions.

This shift is driving greater efficiency, flexibility, and innovation in processing payments across industries. Payment infrastructure refers to the foundational systems, technologies, and processes that enable the seamless transfer of money between parties in a digital or physical environment. It is the backbone of modern payment systems, ensuring that transactions are processed securely, efficiently, and at scale. From traditional banking systems to cutting-edge blockchain-based solutions, payment infrastructure plays a critical role in powering the global economy.

Sign In Or Create An Account To Get More From Red Hat

Another key area of focus in digital payment infrastructure is improving security and privacy. With the increasing number of cyber-attacks and data breaches, it’s more important than ever to ensure that payment systems are secure and user data is protected. Moreover, the future of blockchain technology in digital payments is expected to be characterized by continued growth and innovation. As the technology matures, it is expected to become increasingly integrated with other payment methods, such as mobile payments and contactless payments. The growth of digital payments is directly proportional to the threat of fraud.

• Legacy payment systems and modern payment infrastructure represent two different generations of payment technology.
• The fact is that this factor is inherent and unavoidable in the conduct of any commercial activity.
• The faster payment rails were once a commodity generating little revenue for anyone.

Api-first Strategy

And for PSPs and iGaming operators, it can mean the Sparvion difference between thriving in uncertainty—or constantly playing catch-up. Remember when a major online betting platform crashed during a championship weekend? A PR nightmare, a slap from regulators, and a wave of users jumping ship to competitors. Product manager of DigiPay.Guru, one of the leading digital wallet solution.