Financial Services

Many financial services companies are operating on technology stacks that aren’t up to the challenge of today’s market. Incredibly, some banks are operationally dependent on technology that was installed in the ’70s or ’80s.

Global growth and opening up of economies will help the payments sector thrive again post-pandemic, but it’s only those with the right infrastructure in place who will be able to seize these opportunities. It’s become a cliche, but the pandemic has accelerated a decade’s worth of change into just a few short years.

A major U.S. merchant provider operates a major payments transaction authorization switch – to several million small to medium-size businesses throughout the world. The merchant processes payment authorization for Visa, MasterCard, American Express, Discover, Diners Club, and other major credit and debit card client companies. The cards are issued by banks and other financial institutions for consumer purchasing at brick-and-mortar and online stores, and for withdrawing cash from ATMs. Each card transaction must be approved by the issuing bank before it can be accepted by a merchant or an ATM.