180 posts in the “Blogs” category

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, […]

Rapid digitization and fluctuating economic headwinds have created the perfect breeding ground for fraudsters to thrive. According to the recent State of Fraud Benchmark Report, financial institutions have lost over $500k to fraud in 2022 alone. As payments become increasingly digital, businesses across different sectors have become extremely vulnerable and susceptible to payment fraud. Continuous disruption brings with […]

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 […]

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 […]

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 […]

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 […]