OVERVIEW
The payments industry is in full transition due to multiple disruptions including COVID-19 pandemic.
Customer experience continues to be the focal point for both regulatory and industry stakeholders, with a growing emphasis on systemic stability and customer risk mitigation.
The payments horizon is continually expanding, as traditional and new players strive to monetize new business models within a dynamic operating environment. Acquiring digital capabilities is necessary for FI's - not just to ensure and maintain customer stickiness - but to build end-to-end customer engagement expertise.
First generation Fintech's disrupted the front-end of the retail payments value chain and assertively stepped into cross-border payments, invoice discounting and SMB financing. Now new-wave Fintech's are eagerly expanding their reach to B2B middle-and back-office functions.
Our Expertise
Retail payments are typically payments between consumers, businesses and public authorities. They can be everyday consumer transactions including the B2B payments as well.
Over last decade, there has been tremendous innovation in the retail payments space with central banks, payment companies, financial institutions and retailers playing their part to make payments secure, simpler and faster. The evolution covers cash, cards, internet banking, mobile banking, wallets, mobile payments, fast payments, Crypto etc.
Verinite assists financial institutions in making truly transformational change in their retail payments experience, from advisory, migration to implementing innovative new services.
Open Banking—driven by regulatory, technology and competitive dynamics—calls for banks to use APIs to make certain customer data available to non-bank third parties. The innovation is both evolving the industry toward hyper-relevant, platform-based distribution and giving banks a rich opportunity to expand their ecosystems and extend their reach.
Open Banking enables third-party providers to easily integrate financial services and utilities with their businesses. This is done by rendering the capability to embed purpose-built functions—exposed as APIs on the platform—into the delivery channel of the business, e.g., issuance of cards, account opening, onboarding customers, and bill collection.
Technology plays a significant role in Open Banking as all the systems/processes are in the digital format. Although the underlying technology is API management, to create a secure ecosystem between data holders and data recipients, Banks and Fintechs need to evaluate several other technology areas before they start providing the services through Open Banking.
Verinite’s experience covers helping FI’s adopt the right architecture, ready-made techno-functional frameworks, and supplement it with right engineering and design thinking expertise to build a thriving, open, digital future.
