In this featured article, our CEO, Jim Perry, shares strategic ways institutions can protect their payment systems.
Current payments systems are more sophisticated than their predecessors, with more functionality, higher transaction volumes and continuously operating, open environments. As banks and their partners have rapidly expanded these payments infrastructures, many have failed to incrementally grow their testing practices to keep up with the pace of change. Many are only testing a small portion of their code, leaving entirely too much to chance. The sheer volume of payments being processed suggests risk is at an all-time high. Bankers must improve their testing practices in order to secure the business outcomes they desire while providing customers with the services they need.
Here are three key steps bankers can take to lower risk and improve quality in their payments systems: