Fintechs – Products, Community, News
Fintechs – Products, Community, News
In the fast-paced world of finance, the backbone of modern banking lies in sophisticated technological infrastructure known as Core Banking Systems (CBS). These systems serve as the nerve center of a bank, facilitating a seamless and integrated approach to various banking operations. This article explores the intricacies of Core Banking Systems, their evolution, functionalities, and […]
Cross-border payments refer to financial transactions that occur between parties in different countries. These transactions can involve individuals, businesses, and financial institutions and are crucial for international trade, remittances, and various financial services. As globalization increases and more people engage in international commerce, the demand for efficient and secure cross-border payment solutions continues to grow. […]
ISO 8583 is a widely adopted international standard for financial transaction messaging. It was established by the International Organization for Standardization (ISO) and serves as a framework for electronic financial transactions, primarily in the banking and payment card industries. The standard defines a format for messages that convey transaction data between various entities involved in […]
HDFC Bank’s PayZapp is a mobile payment application that offers a wide range of financial services and solutions, aiming to enhance the digital payment experience for its users. Launched in 2014, PayZapp allows customers to make transactions, pay bills, recharge mobile numbers, and shop online seamlessly. Below is an in-depth look at the features, functionalities, […]
Launching a credit card is a complex process that involves numerous technical, regulatory, and operational aspects. Below is a step-by-step guide to help understand the technicalities, timeline, compliance requirements, and key challenges. 1. Technicalities Involved in Launching a Credit Card Step 1: Conceptualization and Market Research • Target Audience: Identify the customer segment (e.g., retail, […]
1. What is BIN Migration? BIN (Bank Identification Number) is the first part of a credit, debit, or prepaid card number, traditionally 6 digits long, that identifies the issuing institution. BIN Migration refers to the process of updating or transitioning BINs to accommodate industry changes, such as the introduction of 8-digit BINs or migration from […]
1. What is a Prepaid Payment Instrument (PPI)? Prepaid Payment Instruments (PPIs) are payment tools that facilitate the purchase of goods and services, the transfer of funds, and access to a range of financial services. They are preloaded with a specific amount of money, which can be spent within limits imposed by the issuing entity. […]
A Forex Card (Foreign Exchange Card) is a prepaid card that travelers can use to carry multiple foreign currencies. These cards are designed for convenience, eliminating the need for carrying large amounts of cash while traveling abroad. Like debit or credit cards, Forex Cards can be used for purchases, ATM withdrawals, and online transactions in […]
3D-Secure (Three-Domain Secure) is a security protocol that provides an additional layer of authentication for online card transactions. Introduced by Visa (as Verified by Visa) and later adopted by other major card networks like MasterCard (MasterCard SecureCode) and American Express (SafeKey), the purpose of 3D-Secure is to reduce fraud and increase the security of e-commerce […]
Introduction In today’s fast-paced world, financial needs can arise unexpectedly, and not everyone has the means to cope with sudden expenses. This is where “early salary” or “salary advance” services come into play. These services allow employees to access a portion of their salary before their regular payday to manage urgent financial needs. The concept […]