A token is a value that goes securely through the network to process payments without exposing actual card data. Tokenization aims to replace or represent specific sensitive information without compromising its security. The 16-digit payment card account number is replaced with a unique digital identifier, or the “token,” for mobile [...]
Communications on electronic trading platforms are based on well-defined protocols. These protocols are in standardized format for the “Exchange of information” between the systems. Electronic Exchanges have completely different protocols that they presently expose as their E-Trading interface as below. FIX Order Flow – FIX (FIX4.2, FIX4.4 & FIX5.0) Native Order Flow [...]
It’s an understatement to say that we live in a very different world than a couple of years ago. The pandemic has brought about extraordinary changes in the way customers consume goods. From online shopping for essential goods and services, e-commerce businesses to doing financial transactions instantly, there has [...]
Legacy banking systems are decades behind as digital advancements continue to disrupt the sector. Cloud computing has long since crossed the line from experimental to mainstream. The next question is how quickly companies should adopt and convert to cloud computing. The developments in adjacent technology markets include Digitalization, where 28% [...]
When Cloud computing started making inroads into the industry around 2010, financial services firms were skeptical about moving their applications to the Cloud. The common reasons cited were regulatory restrictions, security concerns, and loss of control etc. However, in 2021, the Cloud has become an integral part of the digital strategy of all financial services organizations. One Forbes study [...]
More than 80% of banking executives believe that the future of finance is financial services platforms, which consumers can access via banking applications. And as many as 65% of banking executives now say that technologies will have the most impact on banks through 2025. As we approach the end of [...]
A reimagined and reshaped lending ecosystem can improve the experience of borrowers, reduce the loan processing time, and facilitate operational efficiency & transparency. Traditionally, a mortgage process takes an average of roughly 46 days for completion, costing the lending institution about $2000 to $2500 per loan. Not only is the [...]
Just like every other industry, technology is bringing fundamental changes to the financial services sector as well. With the help of next-gen, emerging technologies, we are looking at a future with faster, smarter, and efficient financial services that are highly customer-oriented. Statistics say that most customers switch banks as [...]
