This piece is posted in HPC Wire and discusses the hot topic of digital payments, but in the high speed processing environment that increasingly presents itself to companies in modern times. We have consistently been covering this topical area for readers and members and its mostly about a real-time environment. The posting is sponsored by the two organizations mentioned in the title and it basically goes through the need for speed these days, along with capabilities that can handle processing complexities in real time as well.
‘Traditional B2B transactions were processed by banks sending customer payment transactions through the automated clearing house computer service which could take up to three days to clear and be processed. When a customer uses a credit card, merchants must pay fees, and it can take anywhere from 24 hours to three days to show up in the merchant account. Card-not-present payments, such as those made online or over the phone, are costly for merchants, requiring manual entry and approval. All of these payment methods have disadvantages for the customer, financial institution, or merchant.…Digital disruption in the financial services industry is a having major impact on both payment systems and customer expectations. The swift rise in technologies such as mobile banking apps, online payment systems, and non-traditional FinTech companies has changed what customers expect. Financial institutions and merchants want to speed up the payment process to meet customer expectations.’
The piece goes on to cite some data around real-time payments, mobile, e-commerce and how the recognition is there for moving to these types of digital payments capabilities asap. The article also focuses on what is necessary to complement a faster payments environment in terms of associated decision making to reduce errors, combat fraud and so forth, all of which are enhanced (or perhaps require) machine learning and a cloud environment. The case is being made for GPU based (graphics processing unit) cloud computing, the latest generation solution set that adds brain power to servers. Worth a browse through for readers wishing to stay current or in the market for more payments excellence in the new world.
‘Many banks still use batch processing and older mainframe systems which can be complicated to update and maintain. Moving to the Microsoft Azure cloud solution provides financial institutions with a complete set of computing, networking, and storage resources integrated with workload orchestration services to aid in integrating a real-time processing solution. Microsoft Azure allows developers to build and train new AI models faster with automated machine learning, autoscaling cloud compute, and built-in DevOps….Microsoft solutions provide fast and affordable payment processing. For example, Clearent provides global credit card processing services for merchants of all sizes and wanted a data solution that could meet its ever-increasing demand. Clearent chose the Microsoft Azure SQL Database hyperscale service tier to support its workload of dozens of microservices, manage real-time data ingestion, and process millions of credit card transaction records every month. Clearent integrates data from dozens of different sources into an operational data store and enterprise data warehouse within Azure before it analyzes the information using Microsoft Power BI.’
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group