Banks and credit unions must anticipate consumer needs and revamp their products in a way that brings about the most effective mix of capabilities, processes and people.
THE PAYMENTS EVOLUTION HAS BEEN, AND WILL CONTINUE TO BE, ONE OF THE MOST DYNAMIC DRIVERS OF INNOVATION IN BANKING
What defines an innovative payment transaction system and how is SOLANTEQ helping its clients to best position themselves in the constantly changing global payments world?
IMPORTANCE OF THE ONGOING BANKING EVOLUTION
Here are just a few significant developments in the world of payment digitalisation:
- In November 2016, Citibank in Australia decided to remove cash from all of its branches as well as all its cash machines.
- More than 900 of Sweden’s 1,600 bank branches no longer take cash deposits.
- In China people rely on the popular AliPay and WeChat Pay local systems which use QR Codes to make payments for almost everything.
- Apple Pay is now available in 40 countries and Google Pay covers 28 countries.
- Geneva – The International Air Transport Association (IATA) announced the successful completion of the first IATA Pay ticket purchase in a live test environment. This method offers direct debit transactions in which payments are made safely and instantaneously from the customer’s bank account directly into the bank account of the merchant.
- Large denomination notes were banned in India in the fight against the large backstreet economy and this benefits small businesses which can go digital much faster.
Digitalisation in banking exerts a huge positive influence on the global payments ecosystem. Innovative solutions such as contactless technology, tokenisation and peer-to-peer transactions have made sending and receiving money easier, allowing people to benefit from a smooth payment experience.
PUTTING THE PAST TO REST
Innovation software means offering a wide range of web service interfaces, a fast and easily integrated system, user friendly interfaces and functional mobile applications, providing solutions to secure transaction routing, and supporting a variety of payment protocols.
Our knowledge, experience and technology help us to develop important solutions for various aspects of transaction systems for individuals, businesses and society. We track the most recent trends and act accordingly so that people and organisations can gain the unique benefits of progress. We invented the SOLAR platform which simplifies complicated projects and provides powerful tools that enable our clients to ride the banking industry evolution.
STAYING PREFERRED REQUIRES BEING AHEAD OF THE CHANGE
The global payments world provides plenty of opportunities for modernisation and endless improvement. Equipped with the SOLAR platform, businesses can leave behind the difficulties caused by their legacy platforms and stay on the wave of progress.
The easy-to-integrate and smart SOLAR Retail Banking is a great example of an advanced payments back-office platform which allows our clients to harmonise multiple functions in one digital product. It has never been so easy to consolidate all types of agreements for retail banking services such as current accounts, deposits, instalments, credit products (consumer loan, car loan, mortgage), debit cards, cash management services, revolving credit cards with grace periods, and various combinations of these products. It is supplemented by SOLAR Switch and SOLAR Loyalty ,
SOLAR Mobile or other SOLAR family products – our team will create a perfect universal payment system. Regardless of the product type, every innovation needs to be fully tested, and we have created the SOLAR Testing Toolkit to address this demand. It helps customers to be constantly at the forefront while embedding new changes.
WITH OUR SOLAR PRODUCTS OUR CUSTOMERS BENEFIT FROM INNOVATION TRENDS, PREMIUM SOLUTIONS AND MUCH MORE