A global infrastructure management company entered into a factoring agreement with a leading US financial institution in Australia. However, it realized that it was paying unreasonably high interest payments to the financial institution and wanted to trace the reason for the same. Infosys BPM took the initiative to analyze interest payments to the banker, and the customer payments pattern to provide insights on cost saving opportunities. Read on to know more on how did Infosys BPM help the client lead to a cash flow of $138M and also save $562,000 in factoring fees.
Looking at the success stories of Alipay and WeChat Pay in their home market of China reveals just how quickly these two payment options have become the two largest ewallets in the world. In 2008, Alipay was a dedicated payment service for Alibaba’s Taobao marketplace. Of course at the time, Taobao had 80 million users (Source: “China’s new fintech empires”, CB Insights, 2018). Fast forward 10 years – thanks largely to China’s mobile internet boom -- and Alipay has over 600 million active users (Source: Alipay). While a more recent entrant, WeChat Pay has achieved tremendous success riding on the success of the being the number one messaging and social app in the country. During the 2018 Chinese New Year, 768 million ‘red envelopes’ were sent as gifts on WeChat and paid for using WeChat Pay. The dominance of these two methods in China is indisputable:
Globally, payments are going digital—whether they are cash moving to cards, QR codes at point of sale (POS), purchases moving from physical to online stores with electronic forms of payment, or payments becoming seamless with in-app experiences. This phenomenon is not new, but does appear to be accelerating.
This increased speed of adoption is driven by multiple factors, including an abundance of new electronic payment methods—many of which are layered on top of existing payment methods— focused on convenience, speed and the overall consumer experience.
To find out more download this whitepaper today.
For the past decade, financial institutions have created sophisticated digital platforms for consumers to access, save, share and interact with their financial accounts. As sophisticated as these digital platforms have become, cyber criminals continue to pose an ever-present risk for everyone – from individual consumers to large corporations.
In his recent article, 2018 Outlook: Customer Experience and Security Strike a Balance,
Andrew Davies, vice president of global market strategy for Fiserv’s Financial Crime Risk Management division, explains how and why security will become a key differentiator for financial institutions as they respond to a changing landscape, which includes:
• Global payment initiatives
• Open Banking standards
• Artificial intelligence and machine learning
• Consumer demand for real-time fraud prevention and detection
The Payment Card Industry Data Security Standard (PCI DSS) is a global security program created to increase confidence in the payment card industry and reduce risks to PCI members, merchants, service providers and consumers. It was developed by the major credit card companies as a guideline to help organizations that process card payments prevent credit card fraud.
The PCI Security Standards Council issued version 3 of their PCI DSS guidelines for processing electronic payments. Our whitepaper details the newest additions to the guidelines as well as tools and resources to help organizations comply with the standards.
Bronto partnered with Ipsos Research and Censuswide to survey more than 4000 US, UK and Australian shoppers about their preferences for cross-border shopping, factors that entice them to shop outside their home country, and remaining barriers to global ecommerce. In this paper we found:
- Australian consumers (71%) embrace cross-country commerce more than the UK (44%) and the US (42%).
- Women and shoppers over 55 years old are more likely to choose merchants in their home country.
- The two top reasons for buying from another country are unique merchandise at a better price.
- Barriers include concern about shipping costs, distrust of online payments and security worries.
- Download this research report to get more valuable insights and advice to help you be the winner in this growing global competition.
Published By: Equinix
Published Date: Sep 28, 2015
Interconnected Commerce: A Revolution in Value Creation, commissioned by Equinix and produced by Aite Group, discusses the state of the global payments ecosystem and its evolution into a core component of commerce enablement.