Features
Combatting fraud with centralized data
By Stacy Gorkoff
T
he Greek philosopher Aristotle once said, “The whole is greater than the sum of its parts.� When it comes to guaranteeing that every payment transaction completes as expected, this statement could not be more accurate. For retail banks, independent ATM deployers (IADs) and payment processors, transactions are the lifeblood of their businesses. Mission-critical functions, such as ATM driving, card issuing and merchant acquiring, require that every transaction gets routed and processed as expected. Any disruptions in payment service level delivery can have a significant impact on the customer experience (CX), reputation and profitability. But ongoing mergers, acquisitions and the expansion of alternative and card-not-present payment services have made end-to-end visibility across the payments infrastructure challenging. Today’s 20
PAYMENTSBUSINESS
transactions often traverse multiple systems, networks, switches, real-time card rails and payments channels: with each piece being managed in individual silos. A fragmented management approach makes it tougher to isolate fraud attacks before major damage is done, and almost impossible to efficiently, and effectively, maintain enterprise-wide operational control.
Breaking down the silos This is why we are starting to see more financial organizations looking to adopt solutions that help to break down the barriers of operational and infrastructure silos. In an effort to combat increasing complexity in payment ecosystems, there is a major trend towards network operations, application support, channel systems management, fraud and security teams collaborating on everything from infrastructure design to incident response. The Network Management Megatrends 2018: Exploring NetSecOps November/December 2019