The payments industry is rapidly evolving with new regulations and systems to enhance security, competition, and user experience. One of the new payment systems, open banking, facilitates seamless bank switching and access to diverse financial products and services. It improves payment industry competition by making it easier for new entrants to compete with established banks.
Additionally, regulations like Payment Services Directive 2 (PSD2) improve security and reduce fraud by enforcing stricter customer identity verification for online payments. Furthermore, PSD2 mandates banks to offer standardized account information, easing bank switching and third-party payment application usage.
The ongoing evolution in the payments industry is designed to drive safety, competitiveness, and convenience. However, the complexities and distributed information across multiple applications cause payment operations such as authentication and clearing delays, leading to customer dissatisfaction.
The payment services offering provides solutions to clients across the payments value chain. This includes card networks, processors, merchant acquirers, service providers, clearing and settlement schemes, digital payment networks, and remittance providers.
Virtusa’s Intelligent Payment Operations combine human and chatbot integration to ensure quick results, providing an overview of the pending payments, identifying errors, providing root cause analysis, and prompt resolution.
- Reduced costs through automation, streamlined processes, and fraud identification and elimination
- Improved efficiency with payments, lesser errors, and real-time data visibility
- Enhanced security through protection against fraud, data breaches, and other security threats
- Improved customer experience with a convenient and seamless payment process
- Boost revenue by increasing sales, minimizing cart abandonment, and fostering customer loyalty