271 posts in the “All Articles” category

POS systems have steadily evolved from their role in transactional processing to that of a central nervous system for modern businesses. POS technology in 2025, though, goes beyond processing payments. It is completely transforming how companies conduct operations—effectively driving hyper-personalized customer engagements and data-led decision-making. The global POS software market—a staggering $31.15 billion by 2031 […]

Contactless payment has revolutionized the United States’ financial environment. According to Precedence Research, the global market for contactless payment has reached 56.11 billion in 2025. In comparison to swipe or chip-based payment, contactless payment makes use of Near Field Communication (NFC) and Radio Frequency Identification (RFID) technology to achieve effortless, tap-and-go payment. While other nations […]

Generation Z, born between 1997 to 2010, has begun to establish itself as a force to be reckoned with in the global economy. It currently accounts for about 25% of the global population, about 2 billion individuals. Generation Z likes to spend, but perhaps differently from the generations that came before. This post-millennium group will […]

The way American consumers shop is transforming at warp speed. Credit cards accounted for 32.6% of consumers’ monthly purchases! As of Jan 2025, digital wallets were used by 65% of US adults at least once in the past one month. US card payments exceeded $10 trillion in 2023 through better security, fraud prevention by artificial intelligence, and […]

AI is fundamentally transforming software development, beyond automation. While automation has been the focal point of AI since the beginning, modern AI focuses on creative problem-solving, adaptive learning, and intelligent decision-making. A recent experiment done on 4867 developers proved that there was a 26% increase in tasks completed by developers using AI. This article explores […]

The financial industry is at a critical point. As we enter 2025, the necessity for banks and financial institutions to modernize their card systems is no longer a strategic option but a necessity. A recent Tietoevry Banking report underscores that most European banks are actively transitioning their card management platforms from outdated technologies to more […]

As digital payments soar in usage, businesses are scaling up their efforts to ensure that consumers are protected from cybercrimes. This is especially true in the case of credit card payments. The key reason is the escalating volume of chargeback fraud being reported worldwide on credit card spending by consumers. Studies show that in the […]

With increasing competition, credit card issuing banks and financial institutions are looking at ways to capture more market share by unlocking new capabilities for customers. One of the latest entrants in this space is dynamic spending limits for credit cards. In simple terms, dynamic spending limits refer to the setting of a flexible credit limit […]

Basic passwords and multi-factor authentication have been the norm for years. But are now underwhelming in terms of security. Between ensuring our security and keeping it user-friendly, rebooting the future of digital banking leads us to a new standard: passwordless authentication. For a long time, the good old password had been the basic access point […]

“My loan got approved in minutes!” Sounds amazing, right? Welcome to modern lending, where AI systems are changing how we get loans. These smart computers can quickly check your credit score and income to decide if you qualify. But here’s something interesting: about 1/ 3rd people who got loans three or more years ago say […]

Global business is experiencing a major alteration, driven by the increasing importance of Environmental, Social, and Governance (ESG) aspects. Specifically, 90% of S&P 500 firms now publish ESG reports, demonstrating the centrality of these factors to corporate strategies and stakeholder communications. This development doesn’t represent a fleeting trend; rather, it’s indicative of a fundamental shift […]

Traditionally quality assurance depended on manual testing for identifying and resolving software bugs. This method was effective back then but was often seen to consume enough time. Moreover, was highly prone to human errors. Artificial intelligence in recent times has shaped the QA landscape. AI-powered automation testing tools are proven to reduce testing time and […]

Quantum computing is an emerging and complex landscape that seems to be incredibly fascinating, particularly to industries relying on robust security, such as the payments sector. While this promises immense potential for innovation and efficiency, it also presents one of the most significant threats to the existing cryptographic systems underpinning the security of our financial […]

For long, lending has been the “bastion” of banks and lending institutions across the globe. In recent years, cloud platforms have transformed lending services through digitalization. With easy access to cloud-powered platforms, non-traditional lenders can now disburse easy loans for the convenience of their customers. As a cloud service, Lending-as-a-Service (LaaS) offers a modern approach […]

As global trade returns to the “normal” in 2024, cross-border payments are growing in relevance. Valued at $190 trillion in 2023, cross-border payments are set to increase by 53% by 2030. So far, “traditional” cross-border (or international) payments are time-consuming and expensive. Naveen Mallela of JP Morgan Payments observes that modern consumers expect cross-border payments […]

AI and machine learning technologies are profoundly impacting industries, including the financial services sector. Financial sector executives are applying AI-driven insights to transform how they work, think, and make decisions. According to Statista, the financial services sector invested $35 billion in AI technology in 2023. The 2024 report on the “State of AI in Financial […]

Competing in challenging markets often requires businesses to stay nimble and agile in their customer experience delivery – be it for products or services. With the digital economy growing at an accelerated pace, it is natural for technology platforms to be the core of your business, on the consumer side as well as on the […]

As digital technology continues to advance, legacy tools and applications cannot keep up with the fast pace of innovations and changing market requirements. The 2023 Foundry survey found that CIOs rate application modernization as their 3rd highest priority. Over 90% of CIOs believe that IT spending on modernization will grow – or at worse, stay […]

In recent years, India has seen a massive increase in the issuance of credit cards. According to Statista, India recorded over 2.9 billion credit card transactions valued at ₹14 trillion in FY23. At the same time, there’s a rapid increase in credit card payment defaults. The credit card default amount was valued at ₹4,072 crores […]

In the past decade, India has been a flag bearer globally for digital innovations in the financial sector. The Unified Payment Interface (UPI) initiative introduced for seamless digital payments has transitioned into the number one monetary transaction platform in the country. In just August of 2024, official records indicate that over 14.9 billion transactions took […]

India is witnessing a massive surge in credit card usage. In March of 2024, the number of cards issued across the country crossed the milestone of 100 million for all banks and fintech companies combined. With the rising usage pattern, there is also an emerging trend of risks that card issuers, customers, as well as […]

Providing loans or credit is a fundamental business model of any financial institution with a banking license. The interest earned forms the major revenue component of their operations. However, things are not that easy when it comes to qualifying applicants for providing loans. Traditional underwriting approaches have truly lived their age and are almost incapable […]

The digital age has ushered in a pervasive danger to the financial world known as FraudGPT: with the rapid advancement of artificial intelligence, cybercriminals have gained access to increasingly sophisticated tools. According to the 2024 AFP® Survey Report on Payments Fraud and Control, a staggering 80% of companies were targeted by fraudulent attacks or attempts […]

The significance of credit scores in India’s financial arena has witnessed a sharp incline, significantly affecting crucial aspects such as loan authorizations and interest rates. Despite its paramountcy, however, the majority of Indians are unacquainted with the mechanisms underlying credit bureaus and the variables that intrude on their credit scores. This blog aims to dispel […]

Today, credit cards have become a fundamental pillar of personal finance, especially in growing economies like India. In 2023 alone, 16.71 million new credit cards were issued in India and the total number of users almost hit the 100 million figure! However, as usage exploded, there were also concerns and challenges being raised. Indiscriminate spending, […]

In the contemporary realm, obtaining customer loyalty has become a formidable challenge. However, what if you could seamlessly integrate monetary instruments into your customer interactions, fostering profound involvement and alluring new users? Introducing embedded finance – a disruptive concept upending traditional methods of businesses’ engagement with their clients. Embedded finance is about adding financial services […]

In the world of instant gratification, more consumers are gravitating towards frictionless transactions. A frictionless payment is any mode designed to be easy and quick for the paying customer. For instance, remember how payment gateways store your credit card information so that you can complete the transaction with a single click. According to this Forbes […]

Long lines and frustrating paperwork at the bank are things of the past. Technology has empowered financial services companies to offer convenience and personalization without compromising on the human element. Generative AI, the new technology on the block, is more than a trendy term. It is unlocking a new era, an era that promises enhanced […]

In today’s fast-paced digital world, software application development is happening at breakneck speed, pushing the need for software quality. Software testing is essential to guarantee the quality, usefulness, and safety of the applications being developed. Growing with the business needs, the software testing market size is expected to grow to a massive USD 90 billion […]

Over the last decade, India has catapulted into a leadership position globally for its efforts to embrace digital payments across the nation. While UPI brought digital payments to the masses, the country’s rising middle class was also showing increased patronage of physical payment instruments like credit cards. Banks, Fintech companies, and even retail brands were […]

Digital payments have been on the rise in India since 2017. All such statistics indicate that the future of credit card payments and overall digital payments is on the rise. Technology has taken the digital payment setup one step ahead, and now the digital age is noticing something called virtual credit cards. The global virtual […]

In the last couple of decades, the banking sector has embarked upon a fundamental change in its approach to delivering services. They have transitioned from a model that puts their operational rigidity as the main focus area into one where the customer’s financial well-being is the priority. The explosive growth of self-service options across web […]

Just like other industries, the wave of automation and digitalization is transforming the financial lending business also. The global pandemic only succeeded in accelerating this wave. The need for remote working and social distancing in the financial sector increased the shift towards automation and digitalization. The global lending industry faces a host of challenges like […]

The credit card market in India is very established and soaring in the contemporary time. As per reports, there were around 86 million credit cards active in India as of April 2023. The trend is going upward because a lot of banks and eCommerce websites are launching co-branded credit cards to attract customers based on […]

Be it through cash or any other mode, timely payments are essential to growing any business enterprise. In the modern age, companies are now accepting cashless forms of payment. At the global level, the volume of cashless payment transactions will reach 2.3 trillion by 2027. 30% of these transactions use payment methods like account-to-account transfers, […]

In 2022, around 73 million credit cards were issued in India, and this number is expected to grow to 200 million by 2026. With the various benefits and rewards that credit cards provide, their popularity has grown immensely in recent years. Many e-commerce companies typically give fantastic discounts when a transaction is made with a […]

Are you watching the battle for the future of finance? On one side, there are FinTechs and on the other one, we have RegTechs. FinTechs are transforming the way people manage their finances. RegTechs, acting as the guardians of compliance, are ensuring that innovation doesn’t trample over essential regulations. FinTech means companies using technology to […]

Project- DBS Bank India decided to launch their credit card using Intellect card issuing platform for India region. DBS is offering Visa credit cards variants in partnership with Bajaj FinServ Limited (BFL). As part of the launch strategy, DBS launched credit cards for common-user-group (CUG) initially, followedby full-fledged customer launch. Client- DBS Bank India is […]

How about the convenience of using your mobile phone as a digital payment terminal? This marks the next phase of digital payments in the form of SoftPOS. Short for Software Point-of-Sale, SoftPOS effectively enables retail merchants to run their business from any location without investing in expensive payment hardware. With smartphones equipped with near-field communication […]

Project: Zeta planned to build a technology stack to support the issuance of credit cards and was looking to build a module to calculate interest for revolving credit. The module should cover all the standard interest scenarios typical to credit card life cycle. Client: Zeta is a modern banking technology company which provides its products/applications […]

In 2019, the global B2B payments market hit $732.4 billion, took a pandemic hit in 2020 at $868 million, only to bounce back impressively to $125 billion by the end of 2021. Yet, that’s not the end of the tale. Juniper Research projects an eye-popping leap, aiming for the global B2B payments industry to top […]

Project This project is to develop a micro system using API first cloud native for loan verification management which consist of different type of verifications like Field Inspection, Legal Verification, Valuation and Tele Verification, Personal Discussion & Video personal discussion. Purpose of this project is to develop a micro system which perform different verifications as […]

Project This project is to upgrade the existing PineLabs platform to enable credit line on UPI by integrating with Lender applications. Key lending applications of existing PineLabs platform were impacted like KYC, Underwriting, Onboarding and Authorization. This upgrade also brings in the key feature of Registration on third party UPI application for credit line on […]

The credit card industry, with a global holder count of over 1.25 billion in 2023, is expanding and undergoing remarkable transformations. As we approach 2024, this sector continues its dynamic evolution on an impressive trajectory. Emerging technologies propel it along, and evolving consumer behaviors shape its course, all within the context of a changing regulatory […]

According to the Reserve Bank of India (RBI), India’s financial inclusion index improved from 43.4 (in 2017) to 60.1 (in 2023). At the same time, the global financial inclusion (FI) index improved to 63.4 in 2023. Despite the recent progress, a significant portion of the world’s population remains excluded from the global financial system. According […]

PROJECT This project is about interactive voice response based testing, which involves front end application SPRINKLR used by bank employees to interact with customers. Purpose of this project is to manage high volume calls everyday handled by agents like sales inquiries, customer service, collections and support. This cover all bank products like Credit card, Debit […]

“There is a strong revenue and valuation argument to be made in favor of hyper-personalization,” stresses Deloitte in its Future of Retail Banking report. The consulting giant also dives deep into the personalization maturity curve, highlighting how it’s time for financial institutions to move from rule-based segmentation and leverage behavioral recommendations, omnichannel optimization, and predictive personalization to […]

The financial services sector has always attracted strict compliance regulations, and understandably so. For example, in 2017, the Guardian reported how the world’s biggest financial institutions, including Bank of America, JP Morgan, and Morgan Stanley, among others, were required to pay around £264 billion due to poor conduct. Today, with constantly evolving regulatory norms and the increasing […]

Did you know that the total transaction value of the digital payment sector is expected to reach over $9 trillion by the end of 2023 and $14.78 trillion by 2027? These impressive figures clearly indicate the tremendous growth of the digital payment sector. From conventional cheque and cash payments to digital wallets and cryptocurrencies, the […]

India is undoubtedly one of the fastest-growing economies in the world. A major outcome of economic growth is the increased financial capacity of citizens. This paves the way for banks and financial institutions to offer more products and services. In recent years, credit cards have gained increased loyalty from Indians without any demographic restrictions. In […]

In recent years, digital or online payments have seen a rapid increase in the frequency and value of transactions. The global digital payments market is expected to increase from $96.19 billion in 2022 to $111.11 billion in 2023. In fact, Statista reports that the value of transactions through digital payments will reach $9.46 trillion by the end of this […]

In 2023, the Federal Reserve launched FedNow, a groundbreaking interbank payment system that offers instantaneous means for financial institutions to transfer funds within the United States. This article will outline the capabilities and advantages of FedNow, as well as everything you should know about it. What is FedNow? FedNow is an instant payment infrastructure developed […]

In the age when trends like the Great Resignation are making headlines, it can be prudent to ask, “What makes people stick around”? More often than not, it is because employees believe that the organization remains true to its values and these values are conducive not only to organizational growth, but individual growth. The focus […]

Credit cards have become an inevitable part of today’s lifestyle. Yet, with the increasing complexity of available options, understanding the intricacies of credit card features can seem daunting. One such feature that often leaves cardholders perplexed but holds the potential to refashion their financial transactions is the “Credit Card EMI” — a mode of repaying […]

According to the Bank of England, the global volume of cross-border payments is projected to surpass nearly 250 trillion in 2027. As the global economy becomes more interconnected, it is crucial to demystify the intricacies of cross-border payments and address the common challenges that arise.  Traditional methods of conducting cross-border transactions often have limitations, such as high […]

Powered by contactless technology, the National Common Mobility Card (or NCMC) is fast emerging as the default choice for cashless transactions among Indian commuters. Launched in 2019, NCMC enables travelers to access different modes of transport across the country. Currently, it is accepted in transport systems, including Delhi & Mumbai Metro rail, Mumbai’s BEST bus […]

The banking sector has demonstrated increased adoption of AI-powered technologies in the past few years. In fact, research suggests that AI in the banking market is expected to grow at a whopping CAGR of 32.36% up until 2030. Now, a fresh wave of innovation powered by generative AI (or GenAI) technology is engraving its foot in the […]

In the present cloud-based ecosystem, APIs have become extremely popular as a way to integrate or connect different applications or systems.  Valued at $4.5 billion in 2022, the API management market is expected to triple in size between 2022 and 2027 – all while growing at a CAGR of 25.1%. In the payments domain, the significance of […]

In August 2023, we witnessed a landmark achievement in India’s financial prowess. The country’s homegrown UPI payment infrastructure recorded over 10 billion transactions in a single month. As UPI continues to be the flag bearer of innovation in India’s fintech landscape, the Reserve Bank of India has just announced a new addition that broadens the spectrum of […]

The spectrum of interest rates on credit cards available to the average person is broad, ranging from 5.88% to a massive 52.85% annually. Within this range of interest rates, the upper end may represent considerable monetary difficulties, potentially loading borrowers with sizable interest fees that continue to build up over time. As customers confront the consequences […]

For decades, credit cards have represented a territory of financial empowerment that has helped people transform their spending into rewarding experiences with the luxury of holding onto their liquid money till the billing dates.  There are flipsides as well because credit cards are also widely considered a debt trap for consumers with poor financial discipline. […]

As per Statista, there will be around 28.44 billion payment cards in circulation by 2027. The domain of payment cards has evolved significantly over time, and there’s a fascinating story behind how all this has transpired. In the same vein, Hannah Fry, in her recent BBC show, presented the “secret genius” of the modern payment card. In the […]

For the last few years, biometric security has been touted as the future of payments. Traditionally, biometric technologies like face recognition are safer than the user name/password system. However, there have been concerns. For example, in his book “A Hacker’s Mind“, the renowned security technologist Bruce Schneier highlights the risks of biometrics data. He talks […]

At the tail end of 2022, there was a lot of talk about how superapps were dying. This discourse found more heat in Tata Group’s ambitious super app Tata Neu’s failure to engage the audience and rake in positive reviews. The Times of India reported in January 2023 that Tata Neu missed the sales target by 50%.  […]

Buy Now Pay Later (BNPL) is a payment option that enables consumers to make purchases and split the total cost into installments without any interest or fees. With BNPL, shoppers can buy products upfront and defer the payment over time, typically in equal installments. As such, it provides an alternative to traditional credit cards and […]

Over the past decade, the popularity of digital banking has reduced the importance of ATMs across the globe. As more banking customers move towards cashless payments, banks are facing serious questions about the future of ATMs.  Similarly, Daryl Cornell of Triton Systems says, “The ATM ecosystem is no different than any other cyclical industry, where participants ride […]

In today’s rapidly changing business landscape, data has become an invaluable and essential asset. But making sense of this growing volume of data hasn’t been easy for banks and financial institutions. That’s where Artificial Intelligence (AI) plays a huge role in boosting payment accuracy and efficiency. Read on as we unravel the role of AI in […]

With the advent of digital banking, there is an increasing trend of non-financial companies offering a host of financial services, including online payments and lending. As expressed by leading venture capitalists, facilities like embedded finance are “making every company into a fintech company.” Today, in the lending domain, banks and financial institutions are looking at innovative ways […]

Between April and September 2022, banking entities in India reported 2,331 fraud cases involving INR 87 crore. This marked an increase from the previous six-month period, during which 1,532 frauds involving Rs 60 crore were reported by these entities. No doubt, the banking landscape is rife with frauds perpetrated by criminals, who use social engineering and other […]

Constant innovations and emerging trends in the payment space have brought about several accelerating winds of change in the credit card industry. Stringent regulatory guidelines, progressive industry initiatives, and evolving customer expectations have ushered in a new era of technology-driven, touchless transactions. As alternate payment methods emerge (and evolve), the card industry is struggling to stay afloat. […]

Research shows that the global merchant-acquiring market volume will reach $41.75 trillion by 2026. There are various factors contributing to its growth. With the merchant-acquiring market growing steadily, let’s look at the trends that will likely dominate the headlines in 2023. Trends To Watch Out For In Merchant Acquiring How To Leverage the Trends to […]

UPI payments have been a major hit in India ever since their launch in 2016. When even the tiniest of transactions are being carried out through UPI, it isn’t surprising that in just January 2023, Indians transacted Rs. 1299058.78 crores through it.  In June 2022, 26 crore unique users were reported to be using UPI. In contrast, in FY21, […]

India has set a benchmark for the world in adopting digitization. From using cash predominantly, India has come a long way to accept and remit digital payments. In fact, India surpassed China in the total volume of real-time payments this year. According to IndiaStack’s website, Indians have completed 67 billion digital verifications and Rs 5.47 […]

The payment industry was bustling with new developments and innovations in 2022. There was so much happening this year. Besides that, our research also predicted increased focus on cybersecurity, BigTech’s interest in investing in payments, the emergence of payment-as-a-service (PaaS), and more. The recent developments in the payment industry clearly indicate that customers and merchants […]

2023 may be a very exciting year for the banking and financial sector. They are at thecrossroads of transitioning into bigger digital entities with better presence virtually. Theneed for digital transformation may be several, like lowering costs, improving compliance,etc., but 2023 will also be a year when banks and financial institutions will witness themassive growth […]

Crypto credit cards are among the hottest trends in the crypto world right now. On the surface, they offer all the perks a traditional credit card offers but allow users to spend their cryptocurrencies. In fact, a recent survey outlined that 13 million American adults already have a credit card that allows them to use cryptocurrency for […]

Gone are those days when transactions took hours or days to complete. Customers don’t have to wait to transact money during banking hours anymore. All this is possible due to instant payments.  Instant payments are a way of exchanging and processing payments between bank accounts or peer-to-peer in real-time. The most common types of instant […]

As per Statista, there will be 8.4 billion digital voice assistants catering to the needs of users worldwide by 2024 (up from 4.2 billion in 2020). To put that into perspective, the number of voice assistants across devices worldwide would be more than the world population.  And this doesn’t come as a surprise considering the immense market […]

The global P2P lending industry was valued at $64 billion in 2015. It’s estimated to be worth approximately $1 trillion by 2050. So, it can be said that Peer-to-Peer (P2P) lending is here to stay. P2P lending is a critical component of the fintech sector and has quickly become one of the most popular investment options.  It […]

Over 86% of global banks are looking to use APIs and facilitate open banking capabilities. The concept of open banking has been around for many years but only for the sake of regulatory compliance.  However, there has been rapid adoption of open banking globally in the wake of the pandemic. Most small businesses and individuals have found […]

Appreciation is a key to the success of all teams under the Sun, be it a family, a housing society, a charity, a school, a corporate team, a project team, or any other team of people working towards a common goal! Appreciation acts as a big motivator to successful performance for most people. But for […]

Biometrics technologies is an exciting branch of technology that is gaining popularity at a rapid rate. It is estimated that between 2020 and 2025, the global biometric technology market will grow at a compound annual growth rate (CAGR) of 10.5%, reaching a total value of $8.5 billion. Biometrics technology is based on biometrics – a […]

In 2021, Elon Musk added #bitcoin to his Twitter bio and created a stir in the market. Cryptocurrency prices soared by about 20%, further accelerated due to his tweets. When the richest man on Earth supports cryptocurrency for transactions and investments, it surely makes a huge statement. The global cryptocurrency market evaluation summed up to […]

The pandemic outbreak in 2020 triggered an unprecedented overhaul in the banking sector. And the changes were, well and truly, reflected in the pattern of digitization. Statista reports that several “new banking functions” emerged in the wake of the crisis. These included digital appointments in branches, fully digital transactional pipelines, contactless payments, etc.  In fact, […]

A decade ago, the banking and finance sector had unwavering control over the way people approached organized financial discipline in their lives. Even on the B2B front, banks exerted their dominance and refused to break their legacy lending frameworks, and often denied businesses flexible access to capital to spur their growth. But moving into the […]

A new phase of software development, famously known as low-code and no-code, is here to take over the digital space. As their names suggest, these new generation platforms enable users to design, build and deploy enterprise-ready applications rapidly with little to no code. As per recent research by Gartner, 70% of upcoming applications developed by […]

A new phase of software development, famously known as low-code and no-code, is here to take over the digital space. As their names suggest, these new generation platforms enable users to design, build and deploy enterprise-ready applications rapidly with little to no code. As per recent research by Gartner, 70% of upcoming applications developed by […]

Among the widely talked-about topics in the financial services industry, the virtual card has grown in acceptance among banks and consumers in recent years. In the digital world, consumers are now transitioning away from “physical” plastic cards by adopting virtual cards. While virtual cards have been in existence for some years now, is 2022 going […]

We are living amidst a digital revolution, and the latest technology is revamping every enterprise. Be it any industry, the pandemic impacted it all and pushed them towards a digital overhaul. The disruption of the financial sector is also evident. In 20-21, the total digital transaction volume was at 4,371 crores (as against 3,412 crores […]

The world of work was gearing up for disruption when COVID-19 struck and accelerated the move into the Future of Work. Two years later, this world looks like a mere shadow of its past. Digital transformation is now inevitable and the hybrid workplace is a certain reality. The disruption is ongoing as organizations identify how […]

In the face of the ongoing COVID-19 pandemic, the global demand for faster and contactless forms of digital payments continues to rise with the adoption of innovative technologies. If 2021 was the year when we moved to the next era of digital payments, 2022 will be the year when business growth will be driven by […]

In recent years, the number of mobile apps has multiplied exponentially, and now, there’s an app for everything from ordering a taxi to making an online transaction. Effectively, mobile apps have transformed the way we live and conduct our daily business. Among the latest developments in mobile apps, the “super-app” has emerged that combines a […]

Every situation teaches us a lesson. The pandemic was one such situation that caught the companies by surprise. Companies went remote overnight. They had to undergo digital transformation at a pace they had not anticipated before. Satya Nadella, the CEO of Microsoft, said that the company saw two years’ worth of digital transformation in two […]

Recently, MasterCard announced that it is including cryptocurrency in its network. This essentially meant that MasterCard would support select cryptocurrencies on their network. Apart from the traditional payment methods, businesses and customers can transact using cryptocurrency. MasterCard considers it a win-win decision as customers will have payment flexibility, and businesses can        build loyalty by offering […]

In Sep 2021, the Reserve Bank of India announced that Indian merchants will not be able to store any confidential credit and debit card information on their servers post Dec 2021. While the deadline has been extended by six months, the fact remains that organizations need to be prepared for this disruption. The Reserve Bank […]

Is it going to be embedded finance or the rise of Banking-as-a-Service (or BaaS) platforms? As we come to the close of 2021, the year itself has been a “watershed moment” in the sphere of global payments. Driven by the 2020 global pandemic, technology is now emerging as the “game-changer” that could transform the way […]

Organisations thrive only when they grow, and to grow, one has to embrace change and evolve. Learning is one of the best ways to achieve this change confidently. To set off on this path of learning, the employees of the organisation have to be exposed to the concept of growing through learning and by introducing […]

While the process of digital transformation began much before, the COVID pandemic has played its part in encouraging contactless payments all across the world. The future of financial services is now being dominated by emerging trends like the “Buy Now – Pay Later” model and wearable payments. One interesting observation that is worth noting is […]

As more companies opt for the remote working modes, it is challenging for them to manage their operations in an environment that was not designed for a distributed workforce. According to the Microsoft and BCG research study, only 30% of remote-working managers find their companies innovating in areas like product development and customer experience. At […]

As a popular trend, Buy Now Pay Later (BNPL) continues to delight both online (and offline) shoppers across the globe. It comes as no surprise that global BNPL services continue to grow at a healthy rate of 39% and are attracting attention from major players like Amazon, PayPal, and Square. Not to be left behind, […]

The future of payments lies in going digital. One day, hard cash is going to be a lingering memory from the past. Thanks to initiatives such as e-RUPI, digital currency is developing at rates faster than the speed of light. But what is e-RUPI? Is it different from other forms of virtual currency? How will […]

The terms modernization and digital transformation are often used interchangeably. After all, both involve the transformation of legacy systems. However, there’s a difference between both the terms. And payment providers need to know it because what they choose would define their future business strategies. So, let’s first understand the difference between both of them. Digital […]

If we are to evaluate the major challenges for B2C or B2B companies and their customers in most domains, payments would often be at the top of the list. As the world became more mature and connected, trade and business practices too evolved without borders. The underlying monetary frameworks have matured considerably to accommodate new-age […]

The 2020 pandemic not only impacted the way shoppers went about buying products but also made retailers think about alternative ways of offering their products or services. As the virus became more rampant, cashless forms of payments (aka digital payments) became the preferred mode. Among the many impacts of the pandemic, the “Buy Now, Pay […]

Market Trends Asia Card Payments Card payments are one of the dominant modes of non-cash payments globally, forecasted to account for more than half of the global point of sale transactions over the next five years, as per industry reports. Even in digital wallet dominated markets such as the APAC, cards are forecasted to account […]

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Digital banking is a norm today and banks that don’t pay attention are destined to bow down before competitors who took the leap. While getting into the digital banking bandwagon is an essential element, it is no longer the only cool stuff that a bank needs to have. In fact, the COVID-19 pandemic pushed reforms […]

Among their multiple digital initiatives, in the recent decade, banks and financial institutions have looked to modernize their payment system or infrastructure. Needless to say, a modern payment system can directly improve their cash flow and win long-term customer loyalty. Hence, it comes as no surprise that the banking sector is relying heavily on digital […]

Gone are those days when traditional financial institutions like banks could monopolize the financial industry. The millennials and Gen Z has now taken center stage in driving the economy. In fact, their spending power has crossed $3 trillion. As a digital-native generation, millennials and Gen Z prefer payment flexibility. They do not hesitate to disengage […]

With the growing pace of digital and mobile payments, the financial industry is fast running out of available Bank Identification Numbers (BINs). Why are BINs important? So far, the 6-digit BIN is what helps business merchants identify the credit/debit card type, the network, and the issuing bank. What is the main issue with 6-digit BINs? […]

The COVID-19 pandemic upended the world of work and pushed enterprises to embrace the Future of Work, in the present. What we initially anticipated to be a temporary arrangement turned out to be the world’s largest ‘work from home’ experiment. Today, it is clear that remote work will be an indelible part of our lives […]

Imagine entering a shop, purchasing things, and paying for them through a watch, a ring, or a bracelet? No, that is not a scene from a sci-fi novel or movie. But, it’s the reality, which we will soon see all around us. What I described right now was a wearable payment device. Wearable payment is […]

Imagine a plot of land in a prime locality being offered for sale on the real estate market. The estate has everything that a land buyer could wish for – great area, perfect squares of land plots, good road connectivity, and promising future potential. Let us take another example of a fine art collection being […]

We recently concluded our Verinite Hackathon 2021. The theme for this one was Cards, Payments, and Lending. The Hackathon saw participation from six teams where they solved some extremely complex challenges and presented amazing innovations. The winners were selected after a detailed round of presentations to the judges. Congratulations to the winners and the participants. […]

Banks and financial institutions have long been the custodian of people’s money and the torchbearer for any service that would enable the management of money. Not everyone was pleased with the unending list of verifications, validations, manual and automated accounting processes, audits, and regulatory compliance mechanisms that banks followed. But even if it meant a […]

Ever since the beginning of the global COVID-19 pandemic, banks, and financial institutions have borne the brunt of the ensuing economic disruption. The “traditional” banking model is facing unprecedented challenges and risks, including a few crucial ones like: As we return to a post-pandemic normal, a stronger banking sector will be needed to stage an […]

Client I&M Bank, the second largest commercial private sector bankin Kenya, licensed by Central Bank of Kenya, headquarters inNairobi Kenya. The bank has 42 branches within Kenya andinRwanda, Nigeria and Tanzania, Mauritius through itssubsidiaries. Project I&M bank was planning to completely overhaul their issuingand acquiring systems by way of migration to a newer system.It included […]

Project IDFC First Bank was planning a Greenfield Launch of their credit cards in India. Bankwas planning to implement TSYS PRIME4 as their credit card issuing platform. Themain objective was to test and ensure that the base functionality and requestedenhancement of credit cards functionality were working properly to their businessneeds. It was critical to meet […]

Project Client

Kotak Mahindra Bank FirstVision Platform Migration Client Kotak Mahindra Bank Limited (KMBL) is an Indian private sector bank. They offer banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management. As of February 2021, it is the third largest Indian private sector […]

Client IDFC FIRST Bank was founded by the merger of IDFC Bank and Capital First in December 2018. The Bank provides a range of financial solutions to individuals, small businesses and corporates. IDFC FIRST Bank has a nationwide presence and operates in the Retail Banking, Wholesale Banking and other banking segments. Project IDFC First Bank […]

ABOUT CLIENT IDFC FIRST Bank was founded by the merger of IDFC Bank and Capital First in December 2018. The Bank provides a range of financial solutions to individuals, small businesses and corporates. IDFC FIRST Bank has a nationwide presence and operates in the Retail Banking, Wholesale Banking and other banking segments. ABOUT PROJECT IDFC […]

PROJECT Bank was migrating from on-premise Electracard platform to Fiserv’s FirstVision India processing platform. The mandate for testing project was to ensure seamless integration with existing interfaces, successful migration of existing cards portfolio and ensure functional correctness of new platform. CLIENT IndusInd Bank better known to be the leading new generation private bank of India, […]

NEED FOR PROCESS DISCOVERY As per recent findings of Automation Anywhere, close to 80% of Automation opportunities are left undiscovered by the time initial phase of project is completed and around 65% effort is spent in process understanding before implementing the automation solution. Therefore, a thorough Process Discovery is the only way to start a […]

Business Objectives To successfully manage the entire credit cards portfolio migration from existing BPC SmartVista platform to TSYS PRIME4 Platform. Functional Testing of existing functions that includes base and customization features. Test integration of PRIME system with existing satellite systems. Certification for Network (MasterCard) in new PRIME system for Credit cards. The Challenges Interface readiness […]

Business Objectives To successfully migrate the entire Credit cards portfolio from existing ElectraCARD to FirstVision Platform with 2 million card base and 80+ product offerings. Migration Testing, Functional Testing and Interface Testing of existing functions that includes base and customization features as a part of UAT on behalf of bank. The Challenges Existing testing vendor […]

PROJECT QatarIslamic Bank (QIB)is one oftheleadingfinancial institutions in Qatar. Upgraded the existing system PRIME3 to PRIME4 with debit, credit and prepaid card portfolio. Spanning across both VISA and MasterCard schemes. As a part of PRIME4 upgrade project, QIB wanted to build following items: ETL Reports(23) ESB Middleware services(18) Notification services(4) Application development (Bulk Card Prepaid, […]

PROJECT Project Management services to supervise Credit Card Implementation for YBL. CLIENT Client is India’s fifth largest Private Bank, dealing with Corporate, Retail&SME banking franchise, Financial markets, Investment Banking and wealth management across India. PROJECT DETAILS RESPONSIBILITY To implement FirstVision (CMS) with modules for cards, revolving accounts, disputes, transactions andauthorization on First Vision, FrankfurtEnvironment. MasterCard […]

OBJECTIVES To successfully automate the data entry feed coming from CRM team to Loans originations system. With increased volumes the costs started to skyrocket. Bringing costs down was important. Another objective was to make it more efficient. CHALLENGES Existing process had multiple challenges for the Client.

Project Engagement End to end program management for the credit switch migration from existing BPC Smart Vista to hosted TSYS PRIME platform. To manage CMS provider vendor TSYS, multiple 3rd party providers and in-house teams who built custom solutions. To manage incumbent interfacing third party vendors for this credit switch migration project. End to end […]

Project Implementation of a digital channel, based on mobile platform for personal loan disbursement. Objective was the quick turn around time for end customer. Verinite performed end to end testing of the Robo Lending Application. Challenges for Client First of it’s kind project for the client. Due to this, Testing and Result verification methodologies were […]

PROJECT PRIME4 Upgrade for Debit & Credit Card issuing and Acquiring (POS / Ecom). CHALLENGES FOR VERINITE To complete the testing for Debit Card issuing, Credit Card issuing with PRIME Modules (Collection, Dispute Manager, FraudGuard) and Acquiring (POS & Ecommerce) with in a short time-frame.

Project PRIME Debit Card Migration to COSES Switch platform and People’s Bank was looking for an independent team who could provide Interface Development, Key Migration, Switch Testing & Go-Live support. Challenges for Client Debit card volume to be migrated was 2.6million. To ensure smooth go-live and no impact to card holder.

PROJECT Performance testing for the card personalization system (Vedas). To ensure that the application is capable to sustain expected load as per business requirement at Ahli Bank in Qatar. Verinite Team was responsible for executing this Performance Testing by using Jmeter. CHALLENGES FOR CLIENT Very stringent timelines to complete the testing activities and roll out […]

PROJECT This Project was about performing User Acceptance Testing for merchant acquiring, POS and mPOS. Execute UAT for various POS and mPOS devices integrated with Euronet Software solution IMS (Integrated Merchant Systems). Portfolio included Credit and Debit cards affiliated under Mastercard payment scheme. Client is one of the leading commercial bank in Srilanka. CHALLENGES FOR […]

PROJECT Security Bank Corporation (SBC), one of the leading financial institutions in Philippines, migrated its Credit Cards portfolio from existing BPC Smart Vista System to TSYS PRIME4 System. This project was about to conduct conversion testing to determine the correctness of data during Data Migration. CHALLENGES FOR VERINITE Even after a delayed start of over […]

PROJECT This project was about performing User Acceptance Testing of PRIME4 on behalf of SBC to ensure functional correctness, seamless integration with existing Interfaces and making sure that there are minimum issues post migration. CHALLENGES FOR CLIENT TSYS PRIME4 (Credit Host) system was new to the client and hence limited functional and system knowledge about […]

PROJECT Finance House (FH), one of the leading financial institutions in UAE, planned to provide Digital Secure Payment Service using Samsung Pay and MasterCard Digital Enablement Service (MDES) to the Cardholder. Their portfolio included Conventional Credit cards including (Gold, Standard, Platinum and Titanium) and Prepaid cards (Payday cards). Samsung Pay Launch project was about conducting […]

PROJECT Finance House (FH), one of the leading financial institutions in UAE, planned to migrate its Cards processing platform from existing vendor Network International (NI) platform to HPS Powercard platform. Their portfolio included Conventional Credit cards, Prepaid cards (Salary cards – Payday cards) and Islamic Credit Card (Tawarruq). This project was about conducting a thorough […]

PROJECT Finance House (FH), one of the leading financial institutions in UAE, planned to migrate its Cards processing platform from existing Network International (NI) platform to HPS Powercard platform. Their portfolio included Conventional Credit and Prepaid products as well as Islamic products. Verinite provided consulting and reconciliation service for migrating the portfolio. CHALLENGES FOR CLIENT […]

PROJECT Ahlibank wanted to roll out card personalization project (MC & VISA) by performing integration between Ahlibank’s Card Management System (PowerCard) and ‘Card personalization system ‘Vedas’. Verinite Team was responsible for executing UAT for this project. CHALLENGES FOR CLIENT Very stringent timelines to complete the testing activities and roll out the card personalization solution changes […]

PROJECT Security Bank Corporation (SBC), one of the leading financial institutions in Philippines, migrated its Credit Cards Switch from existing BPC SmartVista System to TSYS PRIME4 System. This project was to conduct Credit Switch Host (Prime4) MasterCard offline and online certification. CHALLENGES FOR VERINITE Defect fix turn around time from the third party vendors was […]

PROJECT Project Management servicesto supervise Credit CardImplementation for consumerfinance company in Vietnam. CLIENT Client is the Consumer FinanceDivision of Vietnam ProsperityJoint-Stock Commercial Bank. FECredit intended to develop andimplement a revolving credit cardproduct on the new platform as apart of first phase. OBJECTIVES To implement FirstVision card managementsystem with modules supporting cards,revolving accounts, disputes, transactionsmanagement and […]

PROJECT Client is a worldwide travel, financial andnetwork services company and a much respected, popular brand in MENA region with presence in more than14 countries Client has 18 home grown applications tosupport their Cards function, which undergofrequent changes as per business requirement A periodic review is required to ensure any newchanges or new application added […]

PROJECT Functional Testing forPowerCard ProductionSupport ABOUT CLIENT Client is a leading worldwide travel,financial and network servicesCompany and a much respected,popular brand in Middle East Client uses PowerCARDapplication for its cardsbusiness Approach Verinite deployed its two card expertresources to client location to understandthe existing system and assist the BAUteam in their testing. Verinite executed the testing […]

PROJECT Functional Testing for PowerCard Production Support. Client is a leading worldwide travel, financial and networkservices Company and a much respected, popular brand inMiddle East. Client uses PowerCARD application for its cards business.

PROJECT Technology & Card Business Review for a Islamic Bank in Malaysia. CLIENT One of the earliest Islamic Bank in Malaysia Issuing portfolio of 150K cards Issuing portfolio of 150K cards Approach Engagement involved review of following key areas: Business Review: Review the business practices including meeting differentdepartments like products, operations, marketing, pricing, reconciliation to […]

PROJECT Project Management services to supervise Credit Card Implementation for consumer finance company in Vietnam. CLIENT Client is the Consumer Finance Division of Vietnam Prosperity Joint-Stock Commercial Bank. As a part of this project our Client FE credit, wanted to develop and implement a revolving credit card product on its new platform…….

BUSINESS OBJECTIVES To successfully migrate FEC credit cards portfolio from existing VisionPLUS First Data China processing center to First Data India Data Center, powered by EMEA Code Base. To meet the migration timeline of hard cut-off on 14th Dec, 2018. It was a critical business objective due to Operational and Regulatory challenges faced by old […]

VisionPLUS to HPS PowerCard migration in UAE Business Objectives To successfully migrate Credit, Prepaid & Islamic credit cards portfoliofrom existing VisionPLUS card processor platform together with dataheld inhouse at T24 system to HPS PowerCARD platform. The Challenges Multiple challenges were encountered during the entire migration project. Thefollowing list provides a glimpse of those challenges: Inherent […]

If we reverse the clock to the late ’90s or early 2000s, you had to visit a bank branch physically or an ATM if you needed to transfer money to a friend or a family member who was in need. When online banking became mainstream, the need to visit branches or ATMs declined as one […]

Shopping, entertainment, education, and nearly every major activity we usually do outside, were put to a grinding halt due to the COVID-19 pandemic. The solution put forward by small and large players in all these segments was to bring their respective experiences to our homes via digital channels. 2020 saw the digital economy blowing past […]

What is a Project? A ‘Project’ is a temporary endeavor undertaken to create a unique product, service or result.’ All Businesses don’t need a complex methodology when it comes to managing a project, but they benefit from a designated Project Manager. Based upon my observations and experience for the role, there are many agreed responsibilities […]

Customers always look for flexible payment options and convenience while shopping or purchasing something. They want to make payments immediately through credit or debit cards or e-wallets to complete the transaction. Considering that everyone from banks to fintech and brands want their card to be the topmost choice of the customer, they must ensure that […]

COVID-19 has been regarded as the single biggest event that disrupted life more than ever since World War 2. Even though recorded fatalities are decreasing, the spread of the pandemic forced global economies to go into total shutdowns for weeks together and suspended cross border travel for months. The cycle is repeating due to periodic […]

Cryptocurrencies and Indian regulators were not on good terms for quite a period now. The Reserve Bank of India (RBI), the country’s premier financial regulator and central banking authority, had put up several restrictions on cryptocurrency trading back in 2018. But the Supreme Court of India quashed the restrictive order in March 2020 allowing trading […]

Last year was a trying period for the banking sector. As the pandemic spread rapidly, banks had to restrict their operations to essential services. All other non-essential functions continued online. For a long time, banks were cautious and slow in adopting digital transformation. It resulted in the emergence of fintech, which promised to be faster […]

The banking sector has undergone a major transformation in the last few years. It has become more digitized and customer friendly. It has been developing new products and building new partnerships with fintech and other non-financial companies to create an extraordinary experience for the customers. This has given rise to a new model called Banking-as-a-Service […]

While entrepreneurship is not something for the faint-hearted, I am sure all will agree that 2020 has been a year that humbled everyone, across the board. The year full of hard lessons compelled us to re-evaluate our priorities, re-calibrate how we define business priorities, and restructure how work is done. It forced us to look […]

As 2020 draws to a close, the world is finally learning to put aside the massive disruption caused by COVID-19 on the lives of people in nearly every country on the planet. As vaccines start to roll out and the world slowly limps back to the good old days of free mobility, there have been […]

The wave of digital technologies has completely changed the banking and financial services sector. Be it mobile banking or digital payments, or back-end processes and systems, technology advancements are helping banks address the dynamic market conditions, rapidly evolving customer demands, and battle increasing competition by enabling competitive differentiation. Making these technology investments for banks also […]

The healthcare emergency worldwide due to the COVID-19 pandemic has created disruptive effects across almost every business sector globally. From finding new modes of working remotely to creating new revenue streams and digital business channels, there has been a massive shakeup of the way normal was defined in the business world. The banking sector did […]

Robotic Process Automation (RPA) has caught the attention of many industries, including banking and other financial institutions. The benefits of RPA are relatively well-known. With RPA, banks can automate manual processes so they can get the tasks completed quickly with more accuracy and free the human workforce to take up the tasks that require human […]

The cards market is going through an unprecedented period of change. It is driven by new technologies, new services, and changing customer expectations. These changes are being felt throughout the cards’ value chain, and it is having a profound impact on the infrastructure underpinning the cards space. This includes issuing, processing and acquiring. Unlike mobile […]

Almost a decade back, Mark Andreessen famously wrote: “software is eating the world”.  While we assumed that by now, perhaps software would be done eating the world but it continues in on this journey. Almost every company today is a software company. No matter what the business, organizations have to reimagine themselves as software companies […]

The Growing Popularity of the Buy Now, Pay Later Trend As more and more Indian consumers choose digital channels as their preferred choice for making small and big purchases, the unswerving rise in digital commerce has organizations scouting for new and novel ways to improve customer experience. Although the last few years have witnessed tremendous […]

The COVID-19 pandemic has turned the world on its head. The magnitude of disruption of this scale has never been experienced previously – whether in business or personal lives. The state and federal mandates have impacted person-to-person business interactions and have driven longstanding business practices to adopt new working models. As the COVID dust is […]

The cashless payment economy is booming worldwide as people increasingly use their digital wallets and payment apps on smartphones to make purchases rather than swipe their bank cards or pay with currency notes. It is estimated that in 2020, more than 1 Billion people will make payments at a store with their smartphones globally every […]

When I founded Verinite 9 years ago, one of the toughest questions that I had to answer during the growth phase was whether to develop deeper expertise in a niche area or offer wider solutions in different areas. Certainly, the decision was not easy. But in the course of my professional career, having helmed several […]

In the last few years, banks are actively adopting digitization to improve customer experience. From easy fund transfers to checking balance, investing in new instruments, or paying bills, digitization has made the lives of customers easy. They do not have to wait in long queues and can complete their banking tasks with just a few […]

COVID-19 has completely transformed life as we know it. The impact on the banking sector is particularly enormous, especially as businesses struggle to survive, employees struggle to keep their jobs, and markets struggle to cope with the sudden change in trends.Financial institutions looking to keep their head above the water need to carefully, but quickly, […]

Confession of a program Manager: From the previous blog series you will remember the project phases, we had seen a sequence of Inception -> Elaboration -> Install & Testing -> Dress Rehearsal & Go-Live -> BAU Stabilization After the testing completion and obtaining the necessary change management board sign-off and getting infrastructure changes ready, it’s time for Dress Rehearsal […]

INTRODUCTION PERFORMANCE TESTING checks the speed, response time, reliability, resource usage, scalability of a software program under their expected workload. The purpose of Performance Testing is not to find functional defects but to eliminate performance bottlenecks in the software or device. Performance testing is always been an integral part of information technology sector. It becomes […]

Software testing helps to eliminate the probability that the final product has errors of design or functionality. Software companies perform product testing either manually or by using automation tools. It is an equally integral part of the software development lifecycle just as the design and development. As a software tester, I faced lot of challenges […]

From the last blog if you remember the project phases, we had seen a sequence of Inception -> Elaboration -> Install & Testing ->Dress Rehearsal & Go-Live ->BAU Stabilization In this blog we will be talking about the First Install and TestingAs it is famously said that well begun is half done, but the real fight still […]

My Verinite journey It all started with a car backseat conversation with Ashish while working for one of the top multinational organizations in the IT services. We had just achieved a huge financial milestone for our Indian client which other teams with US and European clients were dreaming to achieve. That day a small seed […]

The attributes of a Great Recruiter! Are you a recruiter?? Or do have friends who do recruitment?? Or simply would you like to know how recruitment works? If your answer is yes, please read on… you will be able to relate to this write-up. It is rightly said by Robert Half that “Time spent on hiring and […]

We live in a dynamic world where industries have transformed rapidly over last decade due to digital technologies. Financial services are no exception and have seen enormous disruption, and now financial services are not just dominated by banks or credit unions. Fintech organizations are revolutionizing finance services especially in lending and are bringing paradigm shift […]

A lot of people, including myself are enjoying the privilege of working from home. However this was not usual at the start of my career, when I was observing around some of my peers working from home, I used to wonder how would that experience be? Now after experiencing the WFH, I agree to the […]

From the last blog if you remember the project phases, we had seen a sequence of Inception -> Elaboration -> Install & Testing ->Dress Rehearsal & Go-Live ->BAU Stabilization In this blog we will be talking about the Elaboration phase The project is classified as: Success – when it meets objectives, within stipulated time, budget and providing […]

To succeed in any field, one requires agility of mind and body, which is also required in the corporate world. As sports and fitness assume greater importance in people’s lives, we can look to draw upon the values and behaviors learned on the sports field like single-minded focus, multi-dexterity, perfection, teamwork, calm demeanor, discipline and […]

Do not worry there’s a good news for you! We all have days where we don’t remember important things like keys or wallets. Recently I had one of those days. I had run out of the house in a rush and, at lunch, I realized I had forgotten my wallet. Sometimes we run out of […]

On a broad level every transformation project goes through the following phases Inception – This phase deals with the selection aspect and the Requirements gathering Elaboration – Elaborating the requirements to second level such that a Design can be put in place and Build to take place to suffice the identified needs. Install & Testing […]

When was the last time you did something for the first time? Our Associates have a lot of answers for this question. It is said that you can only grow if you are willing to feel awkward and uncomfortable or even scared when you try something new. Here is a list of new experiences Verinitians […]

At our bank we have a perfectly working cards management system, no production issues and we are really happy with it! – Sounds melodious but is that true? The reality is, most of the banks are looking for a better solution in order to gather better market share and achieve banking excellence. The systems are […]

For many people, paying with a card is still associated with a “swipe” or a “dip”; however, for the owners of more than 440 million contactless cards accepted in over 9 million locations in 114 countries, they pay with a tap. Contactless cards were introduced to give consumers a safe and simple way to pay […]

We all have used credit cards and Digital payment wallets. However,     nowadays carrying a credit card or debit card seems to be a burden. The technology is very rapidly moving towards digital payment wallets e.g. Apple Pay, Samsung Pay and Google Pay etc. These wallets provide the liberty of not carrying a physical card […]

Onsite!! The word in itself gives you a sudden tingle of excitement, doesn’t it? Starting my career at Verinite was one of the crucial decisions of my life, leaving behind my family and walking into a new city with big dreams in my eyes and today I can proudly feel that it was the right […]

Card Management System (CMS) Migration: The Card Management system migration projects is one of the critical projects for any institutions or bank processors; as it involves the data which is extremely critical to banks and data migration is challenging in nature. Data migration is a prominent data-movement technique that is usually combined with other techniques. […]

UPI: Solution to Instant Merchant Payment and lot more! Borrowing, lending, credit periods, debts are usual terms in any business environment. One factor remains constant here is ‘delay’ in payments. These flexibilities make merchants happy only when there is a prospect for making or increasing business profits. Otherwise, any delay in payment may lead to […]

To win the Market place, you must first win the workplace. The one who has penned this thought has understood the value of employee engagement. An engaged workforce will help the organization achieve great heights. What is this concept of employee engagement? According to Wikipedia, Employee engagement is a fundamental concept in the effort to understand […]

Threat of digital payment channels on Credit Cards in India The payments ecosystem is evolving at a very rapid pace in India. With the advent of digital payment channels like Google Pay, Samsung Pay, Amazon Pay, Pay Pal etc. a large volume of transactions is getting routed through these channels. These new channels have started […]

As the world is moving faster with emerging new technologies the need of improving Test automation also grew. Now when large data is required for testing within less time latest technologies such as Data science and AI can be helpful to improve Test Automation. Where data science can help in generating data from different sources […]

“Culture eats strategy for breakfast” is a famous quote from legendary management consultant and writer Peter Drucker. I don’t think he meant that strategy was unimportant – rather that a powerful and empowering culture was a surer route to organisational success. This one thing has constantly influenced my thinking, actions since the time I started […]

You don’t get Harmony when everybody sings the same note. The same analogy can be used for the culture of a company. A company is made up of different people from different regions, cultures, religions, age and backgrounds. When these diversities are mixed, a wonderful combination is made. Diversity is beautiful, it’s fun and its […]

Card Management system migrations and conversions are lined up globally across credit card issuers. Credit card domain is witnessing a sharp rise in platform migrations primarily due to: Regulatory challenges – Guidelines from national central banks regarding consumer data placement and security Financial institution mergers – shifting economies resulting in merger & acquisitions in BFSI […]

Introduction Blockchain is a buzzword which is creating a hype now a day. This technology was first introduced by Satoshi Nakamoto in a paper published in 2008. It’s like the internet in the early 90s but can be as big as same. Blockchain is not a use case of internet like retail or ecommerce, in […]

Digital Wallet as a concept has evolved over time since its introduction from 2007. It started getting more traction with big players like Google, Apple and Samsung etc. joining the band wagon. If we go by the predictions of domain experts and industry leaders, it is one of the top trends to reshape the payment […]

The last year has been full of surprises. While contemplating about what made me happy last year, I was curious to know how the year was for my colleagues. I found some inspiring stories in the discussion with them. Journey of a thousand miles begins with a single step. Last year there were a lot […]

Before Verinite I started my career with one of the Top 5 IT companies in India. Being good at studies, helped me to get one of the top engineering college of my city. The advantages of studying in top colleges are that they provide campus placements and you get the job even before you finish […]

Introduction: MasterCard is enhancing the charge-back process by making it easier and faster to handle disputes. It’s called the MasterCard Dispute Resolution Initiative and it will be a rules-based charge-back decisioning process. The aim from MasterCard is to improve the dispute handling process by automatically detecting invalid disputes, shortening dispute resolution time-frames and updating some […]

Introduction: A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 of India, engaged in the business of loans and advances, acquisition of shares, stock, bonds, hire-purchase insurance business or chit-fund business but does not include any institution whose principal business includes agriculture, industrial activity or the sale, purchase or construction […]

Introduction:  Todays generation is an evidence of revolution which’s taken place under the tag of Digital India. So far, face of the Payment industry is changed drastically and that too within last few years. And a good thing is, uprising phase is still in-process. One of the positive and important outcomes of this is, rise […]

QR Code: A QR code, also known as a Quick Response Code is a 2-D (two dimensional) barcode. A QR code usually contains information pre-programmed by the originator. It could be a URL, text, image or general information. To reveal the information, the user will require a mobile phone software with the ability to scan and […]

Lending is simply the act of giving money on credit to another person called the borrower. The borrower repays the money to the lender with interest over a defined time-period. Lending is a widely understood concept. However, the traditional approach to avail loans is fairly long and complex. Therefore, Banks and financial institutes as part […]

Evolving technology and a highly competitive market are pushing organizations to embrace advanced software systems to run their business and stay relevant against their competitors. Banks and financial institutes are no different to this phenomenon. The existing software & systems used for processing various business functions poses certain limitations as the business requirements evolve over […]

In this 21st Century of globalization, world is coming closer and businesses are growing far beyond the geographies. Banking and financial sector is no exception to this. BFSI domain needs special attention as one must take utmost care in terms of customer data handling and data storage requirements. Every country has a governing bank identified […]

Over the years the demand is growing for the team be operating in Agile fashion and with Agile Testing methods almost at every project location. Project manager wants model or prototype built quickly and testing to be performed in an iterative manner. Obviously, there are advantages of this iterative short cycle testing & the benefits […]

What is Agile? Agile means the ability to move quickly and easily. In 2001, 17 software developers met to discuss some alternate lightweight development methods which will be able to adapt quickly to the changing requirements of a project. They published a Manifesto (known as Agile Manifesto), which covered how they found “better ways of […]

“The biggest challenge of any data migration project is by far the data itself!” said the product expert. This statement triggered a series of questions in my mind related to the typical challenges faced by the team during a data migration project. Is it really the ‘Data’ that is an issue? Or is it the […]

In the last weeks article, we have shared the overview of Visa Claims Resolution process. The way terminology has changed and resulting in lesser number of groupings. We also coved the flow of chargebacks, how it works. In this article we are going to cover about the Allocation and Collaboration workflows, about the impact of […]

Visa announced the Visa Claims Resolution (VCR) initiative to improve the dispute process. VCR is Visa’s new system to help reduce timelines and simplify dispute resolution for issuers and acquirers. This is a mandatory change for all issuers and acquirers. On April 15, 2018, Visa’s new rules on chargebacks, called Visa Claims Resolution or VCR […]

Since the beginning of this decade there have been some speculations as to whether the robotic automation workforce will take over the manual tasks? Will it result in unemployment? Or does it mean making good use of robotic automation tools to benefit us all. Various attempts are being made & we clearly see a trend […]

Today is a special day. Verinite will be celebrating its 7th anniversary (1st June is our Foundation Day). I knew that it was going to be one roller-coaster ride but didn’t expect it to be so satisfying and fulfilling. This entire journey of 7 years can be easily divided into two phases. The first phase […]

Introduction to Open Banking: Open Banking is a financial services terminology and can be defined as below: The use of Open APIs that enable third party developers to build applications and services around the financial institution Greater financial transparency options for account holders ranging from Open Data to private data The utilization of open source […]

We are almost half-way through the year 2018 and today, card payments are the norm. Most of us prefer carrying a credit card and making all payments with it instead of carrying a lot of cash. However, the debate here is whether card payments have actually become simpler or are we using a complicated mode […]

Tokenization – An extra layer of Security for Cards Payment!! The PCI Council defines tokenization as “a process by which the primary account number (PAN) is replaced with a surrogate value called a token. De-tokenization is the reverse process of redeeming a token for its associated PAN value. The replacement of card numbers with unique […]

So here continues few more tips that will help in managing projects: 6) Follow the process and keep an eye on improvement: Follow the sequential set of activities that will help you bring out the specific output of the project. Skipping steps in order to meet short project timelines may backfire and end up taking more […]

In  present world, filled with certified and degree-wielding project managers it is expected that they know the rules of successful project management. It is expected they know prevalent methodologies like Waterfall, Agile, RUP and all the project management tools like Gantt charts, MPPs, Vision, Project requirements, specifications, and almost everything! All those wonderful bits and […]

Generation X and Millennials, the two generations together now make up most of the workforce, but despite being back-to-back generations, they are separated by some key differences. The Human Resource Management recommends having a firm understanding of what is important and valued by each of these generations in the recruitment process. Doing so could be invaluable […]

The Iron Triangle, also known as the “Triple Constraint,” is the idea that Scope, Cost, and Schedule are intricately linked, so that, for any given project, it’s impossible to change one while leaving the others as-is. A corollary axiom, out of “Quality, Price, and Availability: one can only pick any two,” is an often-overlooked truth, […]

The number of service providers for banks is increasing massively and banks now have the choice to pick considering numerous factors. With growing need, expectations are also growing and banks are really making informed decisions when it comes to picking the right service providers or vendors. Let’s take a step further and see what their […]

Your Wait is over as we are back with continuation of our previous blog for the challenges that Banks usually faced while doing CMS Up-gradation/Migration. So in continuation with our Part 1, below are the few more challenges: 6) Aligning Build and Delivery Methodology: Every delivery organization has its own methodologies and templates. The challenge is […]

Many large banking organizations are opting for either upgrade or migration to newer platforms for their cards management system. This usually is accompanied by migration or upgrade of the payment switch too. Every project is unique in terms of their challenges. Yet a few factors remain constant between them. The following are 10 challenges, that we […]

Step in -> Tap / Wave ->Payment done ->Go! The advent of cutting-edge technology has brought huge changes to the card payment systems. An example of this is the contactless payment systems that have come up with the help of contactless cards, mobile phones, payment wrist bands etc. Contactless systems or mobile tap-to-pay systems securely […]

“Kites rise highest against the wind, not with it” — Winston Churchill To make the most of your career, weave the above words into your everyday life. When you stick to safe and comfortable in your life, your potential stays unfulfilled and you risk stagnation. Anything that is safe and comfortable never pressurizes you to […]

Yesterday I met Sankhadeep Chakraborty our Head of Engineering over Coffee. Where he spoke at lenght about Verinite Labs recently developed solution for the Banks  and Financial Institutions in the field of Robotic Process Automation which is called as “VERIBOT” !!! He mentioned that Verinite Labs is very much excited to launch this omni solution […]

Have you ever wondered why certain companies are far ahead in the race than others? Their escalation and repute in the fraternity are seamless and unsurpassable. What is it in them that set them apart from the others? Well! The fundamental distinction lies in their philosophy of work. The work culture focuses on never settling […]

A recent survey by Redwood Software of 300 corporate decision makers from the US and the UK founds “79% of enterprises said automation delivered time savings, 69% cited ‘improved business productivity’ as the key benefit of automation, and 61% said automation regularly provides cost savings. Hence more & more organizations are turning to RPA (robotic […]

Once upon a time, debit and credit cards were simple (and somewhat boring) pieces of plastic. The only ‘personalization’ that came was in the form of your name which was put on the card along with the bank’s logo and other important information. Now, you have the freedom to choose your favorite image and see […]

All companies wish for focused and talented employees. A fresher comes with these skills and much more! This week we had our first batch of 2018 new recruits joining Team Verinite! Whilst we were going through the onboarding and induction process it struck me that when I was in college, in the late 90s, campus […]

DevOps!! The new trend coming in the Industry…. Let’s see the whole world of IT Industry with the lens of DevOps. DevOps does not go with only one thing, it has got the combination of Continuous Integration, Delivery, Continuous Deployment and more. DevOps can give the beautiful experience to the Industries handling large customer volume, […]

The financial world has been in a state of constant change for a while now. Most of the changes being brought about are positive, such as making the banking industry more transparent and interactive for customers. These changes are mainly brought about by the successful application of the latest technologies, including cognitive computing. What is […]

The entire banking industry is standing on the brink of change, with many trends being predicted to take over the industry in 2018 and beyond. In 2018, banking is predicted to get smarter, more personalized, more secure, and more convenient for the customer. As 2017 is on its way to departure, we list the upcoming […]

My team tests at least 5 applications a week on average. We constantly work with Web Apps, Web Services, Mobile Apps and now, IoT driven applications, which have a pretty large web services layer supporting it. We work with multiple product engineering teams, especially developers, to help them fix those niggling security problems. Recently, I […]

A person sitting in one corner of the world able to control things at the other end of the world merely through the gadget in one’s possession and able to receive the response in real-time. Remotely switching on the tube lights, fan or a music system. Getting reminder about daily dose of medicine or getting […]

What is Block Chain????? Over the past decades technology has constantly upgraded itself and is reshaping to match the future. If we look back in time over last 5 decades we can clearly see the shift in technologies. Advent of Mainframes as computing machines in 1970s to evolution of personal computing machine i.e. PC in […]

What is RPA? Robotic process automation (RPA) is an emerging form of clerical process automation technology based on the notion of software robots or artificial intelligence (AI) workers. Robotic process automation (RPA) is the application of technology that allows employees in a company to configure computer software or a “robot” to capture and interpret existing […]

What are Small Finance Bank ??? The Small finance banks are a kind of niche banks which can provide basic banking services like accepting deposits and lending facility to customers. The focus is only on small businesses, marginal farmers and micro industries. The small finance bank can perform all kind of operations which normally commercial […]

Network is base of digital banking domain. The base should always be strong and updated. In Recent days Ransomeware attack was a very big problem. Due to confidential data, banking sector was under pressure of its major affect. Being a part of networking & security, it is our responsibility to face the challenges and search […]

Payment Banks:A payments bank is a bank, but operating on a smaller scale without involving any credit risk. In other words, it can carry out most banking operations but customer can’t take advance loans or issue credit cards.The Payment Banks is based on the concept of PPI that is to load cash into mobile and […]

It was Holi, I still remember that how colorful it was made by Verinite by a simple call and saying “Hello, Congratulations! Yogesh, you are selected”. I had been being under impression that I was selected as I have sufficient knowledge on how to test the system and gave each answer with required confidence in […]

Every day is a different experience, though it may be a normal day at work. We spend a lot of time at our work place and that’s why we also call it at times “Our second home”. Some people are quick to respond, some need to be pushed and some respond after the deadline. In […]

The big story this week is around the “alleged” Data breach of Qatar National Bank (QNB). The attack came as a bolt from the blue with the attackers releasing a massive data-dump of over 1.5GB on the open internet. The file was available for a short while as a zip file that could be downloaded […]

We are all aware that social media has had a tremendous impact on our culture, in business, on the world-at-large.  Social media websites are some of the most popular haunts on the Internet. They have revolutionized the way people communicate and socialize on the Web. Many employers today are looking at the social media accounts […]

Why is P2P Lending Ideal for Small Businesses? Small businesses are usually hard pressed for funds. Banks have most commonly been the borrowing platforms but now peer-to-peer (P2P) lending is gaining popularity. This is not without strong reasons. Let’s find out what exactly P2P lending is and why it is an ideal choice for small […]

“The trust of the innocent is the liar’s most useful tool.” – Stephen King I am writing this blogpost in the wake of the potentially earth-shattering discovery of security vulnerabilities in some key Java libraries. In case you are unaware of these security issues, you must 1. go through the link in the footnotes, 2. […]

“Revenue is vanity. Profit is sanity. Cash is reality.” – Who knows better about this other than an entrepreneur? Anyone who runs business will know that cash is like oxygen. Over last 4 years, I have been running Verinite as a lean start-up and one of the key focus areas has been maintaining a healthy […]

“In God we trust, the rest we test” is a very popular line in testing world. Testing team or testers are a very important cog in the wheel as far as product development life cycle is concerned. A tester essentially conducts prescribed tests on programs and applications for quality, design integrity, and functionality, before they […]

Banks are confronted with newer challenges every time the previous ones are overcome. Some of the major challenges faced by banks today are, heightened regulatory scrutiny, changing customer behaviour, cyber-crimes and cultural changes. One challenge that has been there, right from when the world economy slowed down in 2008, is the challenge of reduced liquidity. […]

One question that several people have asked me over the years is this “Which is the most secure development platform/programming language in the world?” It is an honest question. It is quite pertinent, given the state of application security across the globe. However, it is akin to asking the question “Which language allows me to […]

Now-a-days long queues at Bank’s Branch for Cash withdrawal are a rare sight. But not very long ago, before arrival of ATMs, it was the only way of getting cash out from Bank accounts. Well from then to now, Automated Teller Machines (ATMs) have definitely changed our ways of cash withdrawal. But we are not […]

Background: As part of employee engagement, interaction and team building activities, Verinite yet again came up with fantastic event which ended September month on high note and left all verinitians spell bounding with the level of innovativeness shared during entire event. Massive efforts invested by technology staff as well equally supported by HR/operations and sales/marketing […]

Let me begin with a story. This is true story. However, I will be changing the names of people and the organization(s) affected, because what I am about to say is wildly embarrassing to any company that has a ‘passable’ Information Security practice. John works at an e-payment company. He handles customer information, payment queries and settlement information. […]

I have been leading Verinite Labs for 6 months now where the mandate has been to develop our own IP by building technology solutions for some of the problems faced by the financial institutions. Being from services background, these 6 months have given me an interesting perspective about lot of things and one of them […]

The service industry has been growing leaps and bounds in the last decade and is continuing to do so, steadily, the product industry too has been trying to steadily catch up. We have more and more business organizations coming up offering better products and better services and catering to larger customer base. The product industry […]

Right now, cyberspace has exploded with info, tweets, opinions and general discussion around the the Ashley Madison breach. For those who don’t know, AshleyMadison is the world’s largest “affair portal” where consenting adults can reach out (literally and figuratively) to others on the interwebs to have a casual fling. The tagline of their website is […]

I started my career with Kanbay as COBOL developer writing codes for the customization or support requests from business for their credit card system (VisionPLUS). This allowed me to learn and grasp nuances of the credit cards business. Then in year 2011, when we started with Verinite, it was always our vision that we would […]

Technology-wise, we have grown tremendously in the recent years. Today’s generation doesn’t even know what a floppy disk is! Talk to them about cassettes and they will look at you like you are mad. Who can blame them? Disks and cassettes are old technologies. No one even misses them anymore! Are we going to talk […]

It was this article which instigated me to write about an interesting experience that demonstrated and proved how right the popular quote is “Customer service is not a department, it’s an attitude!” What sets the best companies aside from the rest? The customer support. Everyone provides the same services. All companies know what to sell […]

In some companies, Information Security and Risk consists of a large team of hundreds of professionals handling security and compliance risks across many countries. In others, Information Security is one of the many responsibilities of an IT Manager who handles everything from IT management, staffing and Project Implementation. Either way, Information Security is a critical facet of the modern […]

Challenges in Testing the Banking Application In a continuous endeavor to leverage technology, improve Cost-to-Income ratio, and enhance the services offered to customers, banks keep upgrading their systems and introduce new customer touch points. Innovative products and solutions are launched to make banking even more safe, secure and convenient for customers. With increase in complexity […]

Test data helps us examine a software application and determine its functionality. The data used to test the features of a newly developed software program is simply, thus, called test data. It helps identify bugs provided it is properly designed. If the test data itself is faulty or of low quality, it will not do […]

It was a long time ago when I wrote my first program as a professional developer, but I still remember the requirement. The requirement was to write a program for generation of a report from the system with some credit card details for a business scenario and guess what, it was in COBOL. Now, I […]

When we sought a leader to manage couple of customer accounts with renewed vigor, we hadn’t expected someone who identifies herself with ‘Aishwarya Rai’ to be so firmly at the helm in just a month’s time. Verinite was going through a certain transition at that time, and we knew that we had to find a […]

Securing apps is a major challenge and achievement for any organization. For an app to be secure, it should not only be developed securely, but the entire lifecycle must have infusions of security. I use the word ‘infusions’ because the concept of ‘controls’ and ‘requirements’ seems highly cumbersome.Nevertheless, Security in Applications can be quite difficult […]

‘Phishing’ is a common word in the world of Internet Security. An attacker sends a victim an email or communication pretending to be a bank, or some other popular organization that the user potentially has a relationship with. The user clicks on a link, which opens up the attacker’s fake page (posing as the bank) […]

It is now 3.5 years since I started my first real “start-up” journey. I have been very entrepreneurial in my professional life but looking back in time, I feel I could have started one much earlier. Whenever I meet-up with my friends, ex-colleagues or acquaintances, the discussion eventually veers towards these last 3.5 years. Everyone […]

Do you really need Test Automation? Last week we were having a call with one of our Clients about some additional Quality Assurance services that our company has to offer. Test automation was also a part of it. After a fifteen – twenty minutes of detailed discussion on the additional testing services, they asked us […]

It was two weeks ago. I was chatting with the CFO of a major automobile manufacturing company. This is one of the largest companies in the world. I was waxing eloquent about new-age attacks that would affect companies like theirs. He listened intently for a time, flummoxed at how attackers were using every tool at […]