Ram Chary Everi Shares a Clear View of Banking and the Payment Technologies

Technology is now a part and parcel of life. There is no place where there is no use of technology, not even in the banking sector. This technological shift is under continued enhancement with each passing day to make work more convenient and permit convenience of living. The majority of the banking transactions are now initiated online via the internet. Ram Chary Everi served as the Executive Vice President of Global Commercial services as well as led the technology department of Fidelity National Information Services, a banking and technology payment company.

Making payments is a very common phenomenon that almost everyone has to do daily, more than once. There is constant competition going on among merchants, networks, payment processors, and issuers to enhance their payment portal more customer friendly. It is because online payments are a thing in vogue, these service providers are continually investing large sums of money into enhancing these platforms and thereby trying to gain customer loyalty by providing them a satisfactory experience.

There are three primary areas where payment technology companies are trying to enhance the customer experience:

  1. The risks and analytics are monitored and improved. A middleware ecosystem is formed with these along with routing, instruments, and authorization.
  2. The system of maintaining records, switching, and data which are all parts of its infrastructure.
  3. The execution systems which include the user interface, the customer experience, and financial wellness are also taken care of.

All this according to Ram Chary Everi and people who are involved in this field, is the result of the regular disruptions in the flow of the current payment procedures. These disruptions take place in the following ways:

  1. Real-time payments
  2. Point-of-sale lending
  3. Purchase now and pay later which is changing the entire lending and upending scenario
  4. Scan or tap to pay options introduced by Google Pay, Apple Pay, and other similar apps.

A notable change has occurred since the dawn of the pandemic and the globalization of digitalization. Liquid cash seems to have taken a back seat. The payment structure holistically has undergone sea changes and continues to do so from the traditional monolithic system. The modern times saw it change to becoming a code and then swiftly moving on to the hands of the financial service providers.

The open-source technologies as informed by Ram Chary Everi are gaining popularity. This is the reason behind it becoming easier to apply them:

  1. to make credit decisions simpler
  2. reducing deadlines
  3. optimizing the stand-ins
  4. reducing the churn rates.

It is forecasted that very soon there will be fully automated services for payments known as PaaS or payments as a service.

A possibility of personalization of the PaaS is also being predicted, which will include token swapping, backward compatibility, and dynamic CVV. The inclusion of AI into the payment process is also not a thing too far away. Thus, the only thing every individual should be expecting of this is advancement in the standard of living for all classes of people.

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