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 […]
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 […]
Reconciliation is the process of ensuring that financial records from different sources (such as bank statements, payment gateways, or internal systems) match and are accurate. It ensures that transactions are properly recorded, balances are correct, and there are no discrepancies between the systems. For banks and fintechs, it involves verifying that incoming payments, expenses, and […]
India is emerging as a global leader in fintech, surpassing many foreign nations in innovation, accessibility, and growth. Several key factors contribute to this phenomenon: 1. Robust Digital Infrastructure India’s digital payments landscape has been transformed by the Unified Payments Interface (UPI), launched in 2016. UPI allows users to make instant, seamless payments through mobile […]
What is a Credit Line on UPI? A credit line on UPI is a financial service that allows users to borrow funds up to a pre-approved limit directly through the UPI framework. This feature integrates seamlessly with existing UPI apps, providing users with a convenient way to manage short-term expenses without requiring traditional loans. Key […]
A Merchant Management System (MMS) is a comprehensive platform designed to manage the relationship between acquirers (payment processors) and merchants. It enables acquiring banks or financial institutions to onboard, monitor, and manage their merchant accounts efficiently. The system serves as a backbone for managing contracts, processing fees, disputes, risk assessment, and transaction monitoring. It serves […]
A Virtual Private Network (VPN) is a technology that creates a secure, encrypted connection over the internet between a user’s device and a remote server. This connection hides the user’s IP address and encrypts data transmitted between the device and the server, enhancing privacy and security. Detailed Analysis of VPN: Application of VPNs in Fintechs […]
Open banking refers to a financial concept and practice that allows third-party financial service providers to access and use financial data from banks and other financial institutions through Application Programming Interfaces (APIs). This data sharing enables these third-party providers to develop new financial products and services, often tailored to meet specific consumer needs. Key aspects […]