Key Challenges in Adopting Payment Switch and Payment Processing
Incompatibility of the integrated payment solution with the existing business infrastructure and overarching business model requirements
Need to offer omnichannel support, multi-currency support, and cross-border payments.
Complex integration with dynamic routing through the payment switch to ensure maximum approval rates
Inadequate security measures to keep a check on fraudulent transactions, thereby limiting the impact of chargebacks on enrolled merchants
Inability to comply with PCI DSS protocols, offer necessary encryption, and support tokenization
Lack of deeper understanding with respect to payment processing fees, as hidden charges will spoil the customer experience.
Our payment switch and payment processing solutions include
Consulting on the right approach for switch modernization and private cloud infrastructure
Performing a detailed impact assessment to understand business, functional, and technical requirements for payment processing
Designing functional and technical service architecture and planning for data migration, device migration, and integrations for payment processing
Optimizing to achieve maximum transaction approval by dynamically routing payments across multiple acquiring banks based on well-defined parameters
Allowing continuous monitoring and reporting of devices and transactions across channels for payment switch
Enabling security and compliance in accordance with industry regulations to ensure optimal security and flexibility
Delivering managed services, such as application monitoring, incident management, support, and administration
Providing certification services, such as card scheme network certification, ATM/POS device certification, and PCI compliance audit
Opus ensures fast and reliable transaction processing with modern payment switches.
Enhances scalability, which allows banks to accommodate rapid growth in transaction volumes and channels.
Simplifies integration with core services and other payment systems by employing agile development methodologies.
Improves the customer experience by allowing hassle-free transaction processing and reducing the wait time for the arrival of funds.
Delivers a robust service infrastructure that ensures high availability, continuous processing of payments, and minimal downtime.
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Frequently asked questions
A payment switch is software that allows the dynamic routing of a transaction process across a host of acquirers and payment service providers based on a predefined set of rules. It enables the merchant to address acquirer outages or low approval rates by routing the transaction through other payment providers.
A payment gateway is software that acts as an intermediary between the merchant’s sales channel and the acquirer. It allows a merchant to collect transaction information, share it with the partnering acquirer, and revert with a confirmation of the payment status.
A payment switch accepts a transaction request that has been validated by the payment gateway. Based on the predefined set of rules and encrypted BIN allotments, it routes the transaction through a payment service provider to ensure a maximum approval rating. Once the service provider sends confirmation of the payment, the switch passes it to the gateway.
API stands for Application Programming Interface. In payment processing terms, an API connects the checkout module of a website or a digital sales channel with the payment gateway. Unlike hosted payment gateways, where a user is directed to an external page for completing the transaction, payment APIs allow the user to complete the transaction on the merchant’s website.
A payment processing service allows a merchant to sell products and services online and accept payments from its customers. As a mediator between the merchant, acquiring bank, cardholder, and issuing bank, a payment processing service facilitates the exchange of transaction data, authorises payments, and enables fund settlements.