What happens when payments fail?
When RBS suffered a payments failure last year, affecting more than half a million transactions including employee wages and tax credits, we witnessed exactly how a serious disruption to service can have an impact on customer trust, company reputation, and share price.
The failure was blamed on IT systems that are no longer fit for purpose. As banks undertake the challenging process of integrating the new technology they need with their legacy systems, carrying out crucial payments tests isn’t quite as simple as it used to be, leaving them at risk.
Changing standards, along with different proprietary interfaces and formats, cryptography, and the ever-present threat of fraud also add immeasurable layers of complexity to their systems, which need to be managed and controlled. The risk of failure is greater than in the past, and the impact of failure is greater as social media makes any problems that arise immediately public.
How do financial institutions mitigate this risk? In this comprehensive white paper, the payments testing experts at Iliad Solutions explain the problems with the current payments testing regime, how to address them and how organisations can benefit as a result.
It also explains how to address payments testing challenges, explores the implications of Agile on payment testing, and provides guidance on how to ensure success when testing, so financial institutions get products to market faster, and with less effort and resource as they save on development time and accuracy.
Fill in the form below to download your complimentary copy of the white paper.
Nationwide has carried out a contactless payment transaction 100,000 feet above the earth in extremely cold conditions.
The number of consumers using a mobile device, including a smartphone and a tablet, to make payments has tripled in the last year, according to a new study from Visa.
The exponential growth of online commerce and the corresponding explosion of payment technology have led to a fragmented market, making way for development of solutions for every need on the global market. However, while this evolution makes for a sophisticated payment ecosystem, there are still several barriers to overcome, says Christoph Tutsch, founder and CEO of ONPEX.
Post original em: http://www.paymenteye.com/2016/10/18/mitigating-the-ever-present-risk-of-failed-payments/