payment - Blog - Global Risk Community2024-03-28T14:03:38Zhttps://globalriskcommunity.com/profiles/blogs/feed/tag/paymentPayment Monitoring Solutions For Emerging Industrieshttps://globalriskcommunity.com/profiles/blogs/payment-monitoring-solutions-for-emerging-industries2020-06-18T11:31:56.000Z2020-06-18T11:31:56.000ZKBV Researchhttps://globalriskcommunity.com/members/KBVResearch<div><p>Over the years, hackers have developed sophisticated tactics aimed at finding and exploiting vulnerabilities. Currently, the increasing losses arising from fraud account for 5 percent of the total revenue of the company. With the growing amount of data generated from various transactions, businesses are now taking proactive steps to minimize losses from cyber threats and fraud. As such, identification and prevention of fraud have become one of the top priorities across a range of industries.</p><p></p><p><a href="{{#staticFileLink}}8028320261,original{{/staticFileLink}}" target="_blank"><img src="{{#staticFileLink}}8028320261,original{{/staticFileLink}}" class="align-center" alt="8028320261?profile=original" /></a></p><p></p><p>In recent years, rising money laundering has become a problem for financial institutions and other industries. In order to commit fraud and commit ransomware attacks, Cybercriminals are studying scale organizations to explore potential vulnerabilities by demanded virtual currencies such as Bitcoin, Ether, and Ripple. Since these virtual currencies are not distributed or regulated by a central authority, the money laundering activities are the focus of this.</p><p></p><h2><strong>What is a payment monitoring system?</strong></h2><p><a href="https://www.kbvresearch.com/payment-monitoring-market/">Payment monitoring</a> is the process of tracking, handling, and evaluating transactions performed on a business application. The key role of payment monitoring is to track customer transactions, which include analyzing both current and historical customer information in order to provide a comprehensive view of customer behavior. It is primarily used to assess the overall efficiency of the transaction processing system and is used by organizations to handle various types of customer transactions effectively and efficiently.</p><p></p><p>While the payment industry continues to evolve, organizations are facing new competitors, emerging technologies, technological barriers, and rising consumer expectations, as well as an ever-growing possibility of fraud. Payments monitoring solutions give comprehensive, real-time access to the entire payment climate. It gives unparalleled insights into payment transactions and trends in real-time. With in-depth analysis and troubleshooting capabilities, you can proactively optimize the entire payment environment, improve customer experience, innovate quickly, minimize risk, and increase profitability.</p><p></p><h2><strong>Why is it important to monitor payment?</strong></h2><h3><strong>Anti-Money Laundering</strong></h3><p>Anti-money laundering (AML) payment tracking software helps banks and other financial entities to track consumer purchases on a daily basis or in real-time for threats. Through integrating this information with an overview of the customer's background details and account profile, the software will provide financial firms with a "whole picture" view of the customer's profile, risk levels, and expected future behaviors, and can also produce warnings and alerts of suspicious activity.</p><p></p><p>The transactions monitored can involve cash deposits and withdrawals, money transfers, and ACH activities. Broadly speaking, a risk-based approach requires financial firms to take intensive measures (such as improved due diligence) to manage risk for clients or scenarios deemed to be of higher risk, whereas for low-risk clients or scenarios, and where there is no evidence of money trafficking or terrorism activity, simplified measures can be permitted.</p><p></p><h3><strong>Fraud Detection & Prevention</strong></h3><p>Centralized fraud detection and integrated case management systems record every online bill payment and stop the processing of suspicious transactions until they have been reviewed by fraud specialists. Advanced payment monitoring solutions leverage advanced algorithms and proprietary negative file history, making it extremely accurate to detect fraudulent transactions before they are processed.</p><p></p><p>These payment monitoring solutions enable companies to proactively identify potential fraudulent threats, mitigate risks, and ensure compliance with regulations. Solutions analyze high-volume data streams, detect complex suspicious scenarios and examine behavior patterns, and provide the real-time intelligence needed to identify fraudulent transactions.</p><p></p><h2><strong>Industries that are contributing to the proliferation of technology:</strong></h2><h3><strong>Healthcare</strong></h3><p>When it comes to the patient collection, trends in healthcare payments tell us that providers are struggling. Although patients owe more to services, providers still rely on the same collection methods from decades ago – print and mail statements. Customers' demand for these outdated tools is growing less and less, as it demonstrates how effectively services are receiving payments from their customers. Providers have the potential to leverage industry developments to empower patients with new payment technologies and services for better payment experience.</p><p></p><h3><strong>Retail and Ecommerce</strong></h3><p>The evolving demands of traders, regulatory compliance requirements and declining interchange fee revenues are leading payment processors and acquirers to implement new payment monitoring initiatives aimed at successfully processing higher volumes of transactions and securing the payment infrastructure in a more cost-effective, operationally efficient manner. Real-time transaction tracking, data processing, and automation tools allow payment processors and service providers to and blind spots and efficiently handle front-end interaction devices, integrated payment technologies, and back-end banking links.</p><p></p><h3><strong>Banking, financial services and insurance (BFSI)</strong></h3><p>Payment monitoring concept in the financial/Fintech and banking sectors refers to the numerous electronic processes deployed as part of the company/institution's infrastructure and to the main aspect of their AML (Anti Money Laundering)/CFT (Counter-Terrorism Financing) methodology. These programs are crucial to the continuing control of the company's operations, i.e. throughout its lifetime as a client, both during the initial KYC (Know Your Customer) and on-boarding process.</p><p></p><p>The systems are installed at the top of the market and market data systems of companies, evaluated, and created "alerts" for research by compliance departments based on the customer's activity. "Alerts" are based on different customizable rules chosen by the company on the basis of its business and client profiles. Such guidelines are at the core of transaction management programs and have been developed on the basis of common practices for money laundering that have been defined worldwide.</p><p></p><p><strong>Free Valuable Insights:</strong> <a href="https://www.kbvresearch.com/news/payment-monitoring-market/">Global Payment Monitoring Market to reach a market size of USD 24.5 billion by 2026</a></p><p></p><h2><strong>To sum up</strong> </h2><p>The payment monitoring market is witnessing the emergence of creative technologies aimed at enhancing these solutions. Vendors are incorporating Artificial Intelligence (AI) into payment processing to make services more secure and smarter. Smart AI-enabled payment monitoring solutions are designed with features like network threat detection, intrusion detection, behavioral analysis, and object classification. Thus, the convergence of blockchain and AI technologies with payment management solutions would fuel industry growth over the years to come.</p></div>Payment Processing Solutions: The Top 5 Trendshttps://globalriskcommunity.com/profiles/blogs/payment-processing-solutions-the-top-5-trends2019-07-09T13:11:47.000Z2019-07-09T13:11:47.000ZKBV Researchhttps://globalriskcommunity.com/members/KBVResearch<div><p><a href="https://www.kbvresearch.com/payment-processing-solutions-market/">Payment processing solutions market</a> is highly vast and dynamic, as the developing countries focus on innovation and research & development. The developing countries are early adopters of technologies in different verticals. Out of various modes of payment, a credit card is the best mode of payment by consumers in both ways online and point-of-sale (POS) methods worldwide.</p><p><a href="{{#staticFileLink}}8028298693,original{{/staticFileLink}}" target="_blank"><img src="{{#staticFileLink}}8028298693,original{{/staticFileLink}}" class="align-center" alt="8028298693?profile=original" /></a></p><p><strong>What are payment processing solutions?</strong></p><p>Payment Processing Solutions can be defined as the process and service that mechanizes payment of transactions between the merchant and shopper. This is a third-party service which is in reality, a system of computer processes that accept, process and accept or reject the credit card transactions on account of merchants using a secure Internet connection.</p><p>Payment processing is a term that denotes how transactions are computerized between the merchant and the customer. In case of a third-party service, which is mainly a computer-based system like eMerchant Gateway, processes the customer’s payment information. It is set up in a way that it can accept or decline transactions on the merchant’s behalf based on the pre-set parameters. All the merchant accounts are business oriented and financial arrangements with credit card processors that enable a merchant in accepting payment cards - in such cases, over the internet. An internet merchant account permits users to run web-initiated transactions online.</p><p></p><p><strong>Payment processing solutions for the retail industry</strong></p><p>In real-time payments scenario, over 59% of businesses believed that payment processing solutions would improve their certainty and cash flow, as per the PYMNTS Real-Time Payments Innovation Playbook, prepared in partnership with MasterCard. Moreover, 70% of businesses believe in benefits from real-time payments’ instant funds' availability, and around 60% of companies interested in real-time payments pursue B2B innovations. According to the study, about one-third of businesses are forecasting to adopt real-time payments technology over the upcoming years. The operations were called as innovation leaders in the report, and these innovation leaders have witnessed a lucrative growth prospect with about 60% of the most innovative companies saying they would adopt the technology in the future.</p><p></p><p><strong>5 Payment Processing Solutions Trends surfacing in 2019</strong></p><ol><li><strong>The Explosion of Mobile Payment Industry</strong></li></ol><p>Formerly, the awareness of paying with mobile devices looked as a Science Fiction scenario. Currently, with the endless use of smartphones in our daily lives, mobile payments have totally changed the way we shop. If a business doesn’t accept mobile payments, then it should be worked upon as this how it will happen near future. The mobile payments, popularly called as mobile wallets, are very convenient both for the consumer and the merchant. Mobile transactions are very popular, accepted locally at many locations, but some of the consumers still believe in using physical cards. The well-established mobile wallets are Apple Pay, Google Wallet, Samsung Pay, and Android Pay.</p><ol start="2"><li><strong>FinTechs & Financial Companies will Find Harmony</strong></li></ol><p>As competitors, financial institutions and FinTech companies are predicted to work in collaboration. The startup organizations are drawing agility and the way of deploying the technology. On the contrary, financial institutions offer resources and intellect that has been polished over the last few years. Among the established financial institutions with their experience for security and significance in the modern digital world, 30% of Millennials claim that they do not need banks. This stands true for the credit unions as they have an upper hand in stable member relationships & trust and is considered crucial for FinTech companies. The balance between credit unions and technology organizations allows everyone to think about why they tried to operate without each other.</p><p></p><p><strong>Click Here For Free Insights:</strong> <a href="https://www.kbvresearch.com/news/payment-processing-solutions-market/">https://www.kbvresearch.com/news/payment-processing-solutions-market/</a></p><p></p><ol start="3"><li><strong>Credit Card Processing Infrastructure is Evolving</strong></li></ol><p>At present, consumers continue to trust mostly on mobile wallets and mobile payments. The payment infrastructure since the beginning is not for the digital world. To maintain the changes in the payment industry, merchants invest in new technologies which provide multiple payment types. The beneficiary of all these trends is for sure the consumers. But the businesses focus on digital innovation that gives a chance in using these trends to create new and innovative experiences for consumers. The future assures great opportunities for merchants, thus they need to follow and trust these new trends that would reshape the payment modes across the world.</p><ol start="4"><li><strong>Making Purchases with Bitcoin</strong></li></ol><p>Another area where there may be progress within this year is the ability to pay for goods and services using bitcoin and other cryptocurrencies. Till date, the bitcoin technology has proven to be less than easy to use in making retail purchases, due to lengthy processing times and major security challenges. But solutions allowing a customer to pay with bitcoin without the retailer having to accept bitcoin could ease out the way it would be widely used in retail settings. Flip is a device that uses near-field communications to efficiently turn cryptocurrency into real currency at retailers. It is a tap-to-pay technology and works using the device store a pre-loaded quantity of US dollars, which are exchanged automatically from existing cryptocurrency account. To make a retailer accept bitcoin, the Flip system fundamentally handles a quick sale, transfers the quantity through the system, and pays off the merchant accordingly.</p><ol start="5"><li><strong>The Improved Customer Experience</strong></li></ol><p>Perhaps the most significant of all payment processing trends is the transformed emphasis on the customer experience. Today’s substitute payment options are not replacements, but rather developments on previous methods. Younger generations believe that more than 60 percent of millennial and Generation Z customers are willing to share their bank account details with third-party vendors. That total will increase as customers become familiar with alternative payment options. A business owner, looking forward to the future and staying informed about the latest payment processing trends is an invaluable element of increasing sales and improving customer satisfaction. In this ever-changing environment, there’s much to look forward to as the world approaches 2019.</p><p></p><p><strong>The bottom line</strong></p><p>The payment processing solutions market is proliferating at a rapid pace owing to several factors. The major factors influencing this boost are the growth initiatives for the promotion of digital and online payments, high proliferation of smartphones, emphasis on improving customer experience, and customers’ demand for immediacy of payments and settlements. Over the coming years, in-store mobile payments are expected to overtake credit cards. Furthermore, as a private equity investment and industry consolidation prosper, new payments technologies are constantly being introduced to the market, enabling broader payment acceptance across the ecosystem and giving a multitude of new opportunities. Additionally, the Global Payment Processing Solutions Market is predicted to rise at a market growth of 9.9% CAGR during the forecast period.</p></div>Mondragon: A Company Without Ownershttps://globalriskcommunity.com/profiles/blogs/mondragon-a-company-without-owners2016-06-28T17:24:25.000Z2016-06-28T17:24:25.000ZEnrique Raul Suarezhttps://globalriskcommunity.com/members/EnriqueRaulSuarez<div><p></p><p></p><p><a href="{{#staticFileLink}}8028248280,original{{/staticFileLink}}"><img width="453" class="align-center" src="{{#staticFileLink}}8028248280,original{{/staticFileLink}}" alt="8028248280?profile=original" /></a></p><p></p><div class="prose"><h2 style="text-align:center;" class="center"><strong>We Don't Need Leaders, We Need Good Ideas</strong></h2><p style="text-align:center;" class="center"> </p><p style="text-align:center;" class="center"><em>Enrique Suarez Presenting:</em></p><p style="text-align:center;" class="center"></p><p style="text-align:center;" class="center"><strong>Mondragon: A Company Without Owners</strong></p><p style="text-align:center;" class="center"></p><p>The Basic Principles of the MONDRAGON Co-operative Experience were approved at our first Co-operative Congress held in October 1987. They include a set of ideas forged over more than 30 years of operation as a co-operative, and are set out below in a condensed version:</p><p><a href="http://www.mondragon-corporation.com/eng/co-operative-experience/our-principles/#collapsePrincipios0" target="_blank">Open admission</a><br /> The MONDRAGON co-operative experience is open to all men and women who accept these Basic Principles without any type of discrimination.</p><p><a href="http://www.mondragon-corporation.com/eng/co-operative-experience/our-principles/#collapsePrincipios1" target="_blank">Democratic organization</a><br /> The basic equality of worker-members in terms of their rights to be, possess and know, which implies acceptance of a democratically organized company based on the sovereignty of the General Assembly, electing governing bodies and collaborating with managerial bodies.</p><p><a href="http://www.mondragon-corporation.com/eng/co-operative-experience/our-principles/#collapsePrincipios2" target="_blank">Sovereignty of labor</a><br /> Labor is the main factor for transforming nature, society and human beings themselves. As a result, the systematic recruitment of salaried workers has been abandoned, full sovereignty is attached to labor, the wealth created is distributed in terms of the labor provided and there is a will to extend the job options available to all members of society.</p><p><a href="http://www.mondragon-corporation.com/eng/co-operative-experience/our-principles/#collapsePrincipios3" target="_blank">Instrumental and subordinate nature of capital</a><br /> Capital is considered to be an instrument subordinate to labor, which is necessary for business development. Therefore it is understood to be worthy of fair and suitable remuneration, which is limited and not directly linked to the profits obtained, and availability subordinate to the continuity and development of the co-operative.</p><p><a href="http://www.mondragon-corporation.com/eng/co-operative-experience/our-principles/#collapsePrincipios4" target="_blank">Participatory management</a><br /> The steady development of self-management and, consequently, of member participation in the area of company management which, in turn, requires the development of adequate mechanisms for participation, transparent information, consultation and negotiation, the application of training plans and internal promotion.</p><p><a href="http://www.mondragon-corporation.com/eng/co-operative-experience/our-principles/#collapsePrincipios5" target="_blank">Payment solidarity</a><br /> Sufficient and fair pay for work as a basic principle of its management, based on the permanent vocation for sufficient collective social promotion in accordance with the real possibilities the co-operative has, and fair on an internal, external and MCC level.</p><p><a href="http://www.mondragon-corporation.com/eng/co-operative-experience/our-principles/#collapsePrincipios6" target="_blank">Inter-cooperation</a><br /> As the specific application of solidarity and as a requirement for business efficiency, the Principle of Inter-cooperation should be evident: between individual co-operatives, between subgroups and between the Mondragón co-operative experience and Basque co-operative organizations, and co-operative movements in Spain, Europe and the rest of the world.</p><p><a href="http://www.mondragon-corporation.com/eng/co-operative-experience/our-principles/#collapsePrincipios7" target="_blank">Social transformation</a><br /> The willingness to ensure fair social transformation with other peoples by being involved in an expansion process that helps towards their economic and social reconstruction and with the construction of a freer, fairer and more caring Basque society.</p><p><a href="http://www.mondragon-corporation.com/eng/co-operative-experience/our-principles/#collapsePrincipios8" target="_blank">Universality</a><br /> Its solidarity with all those who work for economic democracy in the area of the Social Economy by adopting the objectives of Peace, Justice and Development which are inherent to the International Co-operative Movement.</p><p><a href="http://www.mondragon-corporation.com/eng/co-operative-experience/our-principles/#collapsePrincipios9" target="_blank">Education</a><br /> To promote the establishment of the principles stated above, it is essential to set aside sufficient human and financial resources for co-operative, professional and youth education.</p><p></p><p></p></div></div>