Change in the landscape of payment switches due to emerging technologies, such as blockchain, alternate payments, and much more
Challenges in enabling real-time transactions due to inefficient integration capabilities and poor backward compatibility with legacy infrastructure
Ineffective risk strategy to mitigate multiplying security threats and fraud incidents due to open banking and decentralized financial economy
Lack of expertise to navigate the regulatory cobweb with proliferating cross-border and cross-mode payments
Inefficient use of massive data to gather valuable insights and drive business decisions to meet customer requirements ahead of the competition
Our Switch Modernization Services Include
Enabling open banking approach and modern decentralized payments, including card, digital, crypto, and mobile wallet variants
Strengthening security using cutting-edge security measures, such as biometric authentication, tokenization, decentralized ledgerization (blockchain), to reduce the risk of fraud with AI capabilities and minimize incidence impact
Facilitating IoT based, contactless, and reliable instant payments across platforms to enhance customer satisfaction and convenience
Developing smart solution strategies based on business assessment to identify adequate modernization requirements and right engagement model
Ensuring compliance through domestic and cross-border payments in the unified financial global ecosystem
Opus Delivers Transformative Benefits with Switch Modernization Solutions
Enables seamless integration of diverse financial systems with innovative application to deliver superior customer experience
Leverages customer-behavior data to improve decision making and brings agility to payment systems that can be updated at the speed of market
Embeds security and fraud detection mechanisms with the payments core model for enhanced protection against cyberattacks
Provides an edge over the competition with latest payment modes for anytime-anywhere transactions in real time through enhanced switch packaging
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Frequently asked questions
A switch, in a modern payments system, routes all the payments between customer interaction (ATM, POS) and the bank’s processing system in real-time. A network of switches forms the backbone of the modern digital banking and payments infrastructure.
Payment modernization enables merchants to offer best-in-class customer experience and improved propositions through secure digital environments. It streamlines costs, opening new streams of revenue.
A payment gateway takes care of the end-to-end completion of a transaction whereas a switch is a (software) component that integrates diverse payment methods, including debit cards, credit cards, and digital wallets, like a middleman between the gateway and financial institutions
A switch is a Payments Platform as a Service that allows merchants and business owners to outsource their entire payment infrastructure connecting to diverse stakeholders through a simple API integration.