200 posts in the “All Articles” category

IndiaStack – What You Need to Know?January 09, 2023 - posted by Ashish Katkar

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 […]

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5 Payment Trends to Watch in The Year 2023January 02, 2023 - posted by Abhishek Mithal

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 […]

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Top Retail Banking Trends and Predictions for the Year 2023December 28, 2022 - posted by Sankhadeep Chakraborty

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 […]

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Crypto Credit Cards – What They Are, and How They Work?November 29, 2022 - posted by Debasis Mohanty

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 […]

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Instant Payments Around the WorldNovember 29, 2022 - posted by Sankhadeep Chakraborty

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 […]

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Voice Payments – The Future of Payment Technology?November 29, 2022 - posted by Ashish Katkar

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 […]

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Is P2P Lending Here to Stay?November 29, 2022 - posted by Abhishek Mithal

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 […]

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Open Banking & APIs – Regulatory Compulsion or Catalyst for InnovationNovember 16, 2022 - posted by Debasis Mohanty

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 […]

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Appreciation – A Key to Team SuccessJune 29, 2022 - posted by nikhil kadu

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 […]

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How Banks are Embracing Biometrics Technology to Improve SecurityJune 02, 2022 - posted by Abhishek Mithal

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 […]

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Will Cryptocurrency Ever Become Mainstream?May 17, 2022 - posted by Sankhadeep Chakraborty

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 […]

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Is Digitization an Endgame – What’s Next for Banks?May 17, 2022 - posted by Magesh Ramanathan

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, […]

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How Banks and Financial Institutions are Embracing Fintech Strategies to Stay Relevant and Grow?April 29, 2022 - posted by Abhishek Mithal

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 […]

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Low-Code No-Code Platforms – The Future of Software DevelopmentApril 18, 2022 - posted by Magesh Ramanathan

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 […]

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Low-Code No-Code Platforms – The Future of Software DevelopmentApril 18, 2022 - posted by Magesh Ramanathan

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 […]

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Is it the Year of the Virtual Card?March 31, 2022 - posted by Sankhadeep Chakraborty

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 […]

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What Are The 3 Credit Card Trends to Watch for in 2022?March 28, 2022 - posted by Magesh Ramanathan

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 […]

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“Work is Changing” – Are you Ready?March 01, 2022 - posted by nikhil kadu

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 […]

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Top Payment Trends in 2022February 25, 2022 - posted by Ashish Katkar

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 […]

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Is the Rise of the “Super-app” an Opportunity or Threat for Banks?February 25, 2022 - posted by Sankhadeep Chakraborty

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 […]

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Learning For Project Managers From COVID-19 PandemicFebruary 25, 2022 - posted by Ashish Sherlekar

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 […]

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Is Payment Network Adopting Cryptocurrencies a Clear Indicator of the Increasing Acceptance?January 14, 2022 - posted by Sankhadeep Chakraborty

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 […]

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What Do You Need to Know About Card Tokenization?January 14, 2022 - posted by Magesh Ramanathan

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 […]

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Zeta Interest Application DevelopmentJanuary 06, 2022 - posted by web-admin

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 […]

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Future of Payments – My Top 3 PredictionsDecember 15, 2021 - posted by Ashish Katkar

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 […]

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The Team That Grows Together Stays TogetherDecember 03, 2021 - posted by Shruti Warke

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 […]

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Is Embedded Finance the Future?December 03, 2021 - posted by Debasis Mohanty

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 […]

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Why Integrated DevOps is Critical for Payments InnovationNovember 17, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Buy Now Pay Later (BNPL) Frauds – Risks & PreventionNovember 17, 2021 - posted by Debasis Mohanty

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, […]

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Know All About e-RUPI – The New Digital Payment InstrumentOctober 21, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Which Is the Right Approach for Payments – Modernization Vs. Digital Transformation?October 05, 2021 - posted by Ashish Katkar

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 […]

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What is the Future of Invisible Payments?October 01, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Do “Buy Now, Pay Later” Programs Threaten Banks / Credit Card Issuers?September 29, 2021 - posted by Debasis Mohanty

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 […]

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Guide to Card Management System implementation for Banks in AsiaAugust 30, 2021 - posted by Sankhadeep Chakraborty

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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CMS Implementations for banks in AsiaAugust 24, 2021 - posted by Sankhadeep Chakraborty

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Is Teen Banking the New Way to Extending Banking Frontiers?August 22, 2021 - posted by Ashish Sherlekar

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 […]

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The Main Drivers Behind Payments Infrastructure ModernizationAugust 22, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Why Adopting API-First Approach in Payment Has Become Critical?August 22, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Preparing For the Migration to 8-Digit BINsAugust 22, 2021 - posted by Debasis Mohanty

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? […]

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How Verinite Managed Remote Teams and Kept them Engaged – The HR’s PerspectiveAugust 22, 2021 - posted by Shruti Warke

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 […]

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Wearable Payment – Will it Just Continue to Remain a Trend or See a Serious Adoption?August 22, 2021 - posted by Sankhadeep Chakraborty

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 […]

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A Primer on Non-Fungible Tokens – Everything you Need to Know!August 22, 2021 - posted by Prasanna Chitale

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 […]

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Verinite Hackathon 2021- An Event full of Innovation & LearningAugust 22, 2021 - posted by Ajay Wadbudhe

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. […]

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Is Open Banking the Future? Why Is It Significant, What Drives It Forward and Who Is Not Comfortable in Adopting It?August 22, 2021 - posted by Debasis Mohanty

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 […]

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How the Pandemic Has Forged Collaboration Between Financial Institutions and Fintech SectorAugust 21, 2021 - posted by Ashish Katkar

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: Ever since the beginning of the global COVID-19 pandemic, banks, and financial institutions have borne the brunt […]

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CS I and M BANK Migration onto Way4August 18, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Verinite Success story IDFC BankAugust 18, 2021 - posted by Sankhadeep Chakraborty

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 […]

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KMBL FirstVision Platform MigrationJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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IDFC_Credit Card Launch on PRIME4 – TestingJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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IDFC First Bank SFDC TestingJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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CS FirstVision Migration TestingJune 28, 2021 - posted by Sankhadeep Chakraborty

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, […]

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RPA Process DiscoveryJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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SBC Credit Card and Switch Migration onto TSYS Prime4 Success StoryJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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ElectraCard to FirstVision Migration Success StoryJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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QIB: Application Integration DevelopmentJune 28, 2021 - posted by Sankhadeep Chakraborty

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, […]

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YBL Credit Card ImplementationJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Success Story Auto DEJune 28, 2021 - posted by Sankhadeep Chakraborty

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.

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SBC Credit Switch Migration Program ManagementJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Robo-Lending Mobile App TestingJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Peoples Bank PRIME 2 to PRIME 4 UpgradeJune 28, 2021 - posted by Sankhadeep Chakraborty

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.

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Peoples Bank PRIME 2 Debit Card MigrationJune 28, 2021 - posted by Sankhadeep Chakraborty

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.

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Ahli Bank Performance TestingJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Acquiring POS, mPOS UATJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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SBC Data Migration and Conversion TestingJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Host Prime4 UAT and Functional Regression TestingJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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FH MDES Certification and UATJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Finance House Cards UATJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Cards Migration and ReconciliationJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Inhouse Cards Personalization UATJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Issuing Host MasterCard CertificationJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Credit Card ImplementationJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Security Code ReviewJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Cards BAU SupportJune 28, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Penetration TestingJune 28, 2021 - posted by Sankhadeep Chakraborty

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.

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Card ConsultingJune 21, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Project ManagementJune 21, 2021 - posted by Sankhadeep Chakraborty

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…….

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FirstVision Platform MigrationJune 21, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Success Story Card MigrationJune 21, 2021 - posted by Sankhadeep Chakraborty

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 […]

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How Banks Can Fight Commoditization in a Highly Changed Digital WorldJune 15, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Are Digital Banks Becoming the New Norm?June 15, 2021 - posted by Sankhadeep Chakraborty

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 […]

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5 books that every Project Management Professional should ReadJune 15, 2021 - posted by Ashish Katkar

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 […]

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Key Considerations While Selecting A Card Payment ProcessorJune 15, 2021 - posted by Debasis Mohanty

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 […]

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Are Contactless Payments Finally Here To Stay?June 15, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Will CBDC be the Future of Finance Globally?June 15, 2021 - posted by Debasis Mohanty

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 […]

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Banking CIO Priorities For 2021June 15, 2021 - posted by Prasanna Chitale

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 […]

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What Is Banking-as-a-Service? (And What it is Not)June 15, 2021 - posted by Sankhadeep Chakraborty

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 […]

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What 2020 Taught Me as an Entrepreneur?June 15, 2021 - posted by Ashish Katkar

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 […]

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Top Trends to Watch for in Retail Banking in 2021June 15, 2021 - posted by Prasanna Chitale

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 […]

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Why Banks Must Consider Independent Reviews of their Licensing and Processing ContractsJune 15, 2021 - posted by Ashish Katkar

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 […]

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Banking Reimagined: Digital 2021 Post The COVID-19 PandemicJune 15, 2021 - posted by Debasis Mohanty

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 […]

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RPA Process Discovery – The Most Important Step to Realizing Automations ImpactJune 15, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Why Banks Must Engage Experts to Choose Their CMS/Switch Systems?June 15, 2021 - posted by Ashish Katkar

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 […]

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Why Small Is Beautiful and Right?June 15, 2021 - posted by Sankhadeep Chakraborty

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 […]

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What Makes the Buy Now, Pay Later Trend So Popular ?June 15, 2021 - posted by Prasanna Chitale

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 […]

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Tech Trends Retail Banks Need to Keep an Eye on In the Post-COVID EraJune 15, 2021 - posted by Ashish Katkar

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 […]

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Numberless Cards – Is It the Future?June 15, 2021 - posted by Debasis Mohanty

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 […]

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Delivering High Value Through Sharp Focus on Cards and PaymentsJune 15, 2021 - posted by Ashish Katkar

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 […]

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COVID Has Accelerated Digitization In Banking – 3 Areas Where You Can Leverage The Power Of Digital TechnologiesJune 15, 2021 - posted by Debasis Mohanty

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 […]

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The Accelerating Popularity of Automation in Banking Due to COVID-19June 15, 2021 - posted by Sankhadeep Chakraborty

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, […]

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Confession of a Program Manager (Part IV):Dress Rehearsal and Go-LiveJune 15, 2021 - posted by Prasanna Chitale

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 […]

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What are the unique challenges and considerations while conducting Performance Testing for Payment Switches / Applications?June 15, 2021 - posted by Abhishek Mhaske

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 […]

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Manual and Automation Testing ChallengesJune 15, 2021 - posted by Kuldeep Patil

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 […]

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Confession of a Program Manager (Part III) –First Install and Testing PhaseJune 15, 2021 - posted by Prasanna Chitale

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 […]

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Thoughts reflecting the Verinite journey of 9 years!June 15, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Do you want to know the Top Most Attributes of a Great Recruiter?June 15, 2021 - posted by Shruti Warke

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 […]

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Are challenger banks or fintech’s transforming the lending market or just providing digital makeup?June 15, 2021 - posted by Sankhadeep Chakraborty

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 […]

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My first experience at working from home on extensive basis: Do’s and Dont’sJune 15, 2021 - posted by Ashish Sherlekar

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 […]

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Confession of a Program Manager (Part II) – Elaboration PhaseJune 15, 2021 - posted by Prasanna Chitale

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 […]

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Verinite Premier League : Cricket ka MahaYuddh!June 15, 2021 - posted by Pradip Patil

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 […]

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Card-less Cash withdrawal cash transactions: the new prospect of ATMs?June 15, 2021 - posted by Kunal kapoor

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 […]

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Confession of a Program Manager(Part 1)– Inception PhaseJune 15, 2021 - posted by Prasanna Chitale

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 […]

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The Debutants of 2019- A year of new beginnings for VerinitiansJune 15, 2021 - posted by Shruti Warke

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 […]

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Need of a Dedicated Program Manager to Deliver a Transformation ProjectJune 15, 2021 - posted by Prasanna Chitale

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 […]

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Myths of Contactless Payment Security!June 15, 2021 - posted by Ajay Wadbudhe

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 […]

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Digital world of Payment Wallets and TokenizationJune 15, 2021 - posted by Amit Kumar

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 […]

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My First Experience of Onsite being a Fresher at Verinite!June 15, 2021 - posted by Kunal kapoor

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 […]

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What needs to be tested during CMS Migration Project? How and Why?June 14, 2021 - posted by Nitin Sharma

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. […]

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Instant Merchant Payments in India – What can other emerging countries learn from it?June 14, 2021 - posted by Abhishek Mhaske

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 […]

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Intangible Potential of Employee Engagement !!June 14, 2021 - posted by Shruti Warke

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 […]

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Are Payment Cards Under Threat from other Digital Payment Options?June 14, 2021 - posted by Sankhadeep Chakraborty

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 […]

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Role of Data Science and AI in Improving Test Automation!!June 14, 2021 - posted by Kuldeep Patil

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 […]

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