For the past several years, the concept of sharing transaction data between merchants, processors and issuers has been considered a good security measure to curb fraud. But someone has to compile and compare that data in such a way to not only stop fraud, but assure legitimate transactions are not declined.
Nandan Sheth, Fiserv's global head of digital commerce, talks to PaymentsSource Associate Editor David Heun about the unprecedented challenge of bringing businesses into the digital age in an environment where many are adapting only out of necessity.
South African investigators' revelation last week that fraudsters stole more than $3.2 million from the banking division of the country's post office more than a year ago served as a stark reminder that encryption doesn't mean a thing if the key is left unprotected.
Even the independent sales organizations that heeded the warnings of colleagues and experts for the past decade about not letting advancing payments technology pass them by weren't fully prepared for what the coronavirus pandemic would throw at them.
While a business seeking payments and business management services could piece together what it needs from a few different providers, it's increasingly easier to find fintechs and startups demonstrating how all services can funnel through one platform.