Argenta Solutions Fintech

2022-11-22 12:54:15 Have you joined Weststein already?
If No, then what are you waiting for?
Weststein has Everything you need for your finance
More info www.weststeincard.com Open / Comment

2022-11-21 13:26:50 𝗘𝘃𝗲𝗿 𝘄𝗼𝗻𝗱𝗲𝗿 𝘄𝗵𝗼 𝘄𝗶𝗻𝘀 𝗯𝗶𝗴 𝗶𝗻 𝘁𝗵𝗲 𝗨𝗞 𝗮𝗻𝗱 𝗘𝗨 𝗺𝗲𝗿𝗰𝗵𝗮𝗻𝘁 𝗮𝗰𝗾𝘂𝗶𝗿𝗶𝗻𝗴 𝘀𝗽𝗮𝗰𝗲
 
According to Research and Markets, the global merchant acquiring market was valued at around USD 24.91 billion in 2021 in terms of volume. In terms of transaction flow, the market reached 421.03 billion in 2021
 
Whilst #payments are becoming increasingly cashless, the industry's role in fostering inclusion has become a significant priority too. Merchant #acquiring has often been seen as a commodity, hence forcing players to compete on transactional volume and margins. Today however, new technology and agile players are now differentiating the acquiring offering by upgrading the game with greater ux, value added services, security products and other innovative layers etc...
  Open / Comment

2022-11-16 18:06:06 𝗜𝗻𝘀𝘁𝗮𝗻𝘁 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗖𝗵𝗲𝗮𝘁 𝗦𝗵𝗲𝗲𝘁
 
Peer-to-peer instant payments are becoming increasingly popular. Peer-to-peer payments let consumers use a #bank account or a credit or debit card to pay friends or family from their phone, to split a bill at a restaurant etc. Instant payments at a merchants’ #pointofsale are also increasing e.g. using a mobile app by the scanning of a QR code is an example of such use.
 
Like a bank transfer, instant payments directly transfer funds from one account to another. This is done instantly following the payment initiation. The funds become instantly available on the receiving party’s account .
 
Earlier this month, the European Union published a draft mandate, under which banks should make instant payment more affordable and accessible in the aim of making them mainstream, which is the case of classical ACHs today . Open / Comment

2022-11-15 14:48:26 Closed-loop #wallets aka stored-value wallets, allow users to top up a certain spending account that is linked to a #credit or #debitcard. These spending accounts are linked to specific merchants and can be used for in-store payments and online purchases via merchant platforms [ie ShopeePay or Alipay]

Open-loop wallets aka card-based wallets, allow users to link their credit and debit cards to their #mobilephones and make payments by tapping the phones onto any NFC-enabled payment terminal [i.e Google Pay, Apple Pay, and PayPal.

Semi-closed-loop wallets, allowing users to shop and transfer virtual funds to other accounts within the same wallet network and typically operating on a local or regional scale [i.e. Paytm and MobiKwik].
 #QRcode-based payments for example are identified as one of the rising popular transaction types, which should reach 380 billion transactions globally by 2026 and accounting for over 40% of all transactions by volume. Open / Comment

2022-11-15 14:48:09 Open / Comment

2022-11-13 12:38:35 𝐂𝐚𝐫𝐝 𝐈𝐬𝐬𝐮𝐢𝐧𝐠 𝐒𝐢𝐦𝐩𝐥𝐢𝐟𝐢𝐞𝐝

Traditionally, financial institutions were the primary users of card-issuing technology whilst non financial institutions found it difficult to launch new #card programmes because of the legacy issuer infrastructure and limited card functionality amongst top reasons. 
 
But this is now changing thanks to #OpenAPIs, which makes it easier to build complicated but customisable financial products . To launch a card product, issuers typically have to fulfil a range of regulatory and industry requirements depending on the card product and the markets they operate in, e.g.

 𝐂𝐚𝐫𝐝 𝐈𝐬𝐬𝐮𝐢𝐧𝐠 𝐒𝐢𝐦𝐩𝐥𝐢𝐟𝐢𝐞𝐝
 𝐄-𝐦𝐨𝐧𝐞𝐲 𝐥𝐢𝐜𝐞𝐧𝐬𝐞𝐬
 𝐏𝐒𝐏 𝐢𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐢𝐨𝐧𝐬
 𝐂𝐚𝐫𝐝 𝐩𝐫𝐨𝐠𝐫𝐚𝐦𝐦𝐞 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭
etc... Open / Comment

2022-11-08 20:10:41 Open / Comment

2022-11-08 12:57:22 Part(2) will cover 𝘄𝗵𝗮𝘁 𝗵𝗮𝗽𝗽𝗲𝗻𝘀 𝘄𝗵𝗲𝗻 𝘁𝗵𝗲 𝗔𝗽𝗽𝗹𝗲 𝗣𝗮𝘆 𝘄𝗮𝗹𝗹𝗲𝘁 𝗶𝘀 𝘂𝘀𝗲𝗱 𝘁𝗼 𝗽𝗮𝘆.

The Infographic explains the flow, but let's explain the terminologies
𝗣𝗢𝗦: Point of sale.
𝗡𝗙𝗖: Near Field communication
𝗔𝗰𝗾𝘂𝗶𝗿𝗶𝗻𝗴 𝗕𝗮𝗻𝗸: The merchant's Bank.
𝗜𝘀𝘀𝘂𝗲𝗿 𝗕𝗮𝗻𝗸: The consumer's Bank (The bank that issued the card).
𝗧𝗦𝗣: Token Service Provider.
𝗣𝗔𝗡: Primary Account Number (short for the card number).

𝗪𝗵𝗮𝘁 𝗶𝘀 𝗗𝗣𝗔𝗡?
The market has many definitions for the term such as "Device Personal Account Number" or "Digital Primary Account Number" but anyway it has the shape of a normal card number while it actually represents the token value generated by the TSP/Issuer to your real card number.

𝗪𝗵𝗮𝘁 𝗶𝘀 𝗖𝗿𝘆𝗽𝘁𝗼𝗴𝗿𝗮𝗺?
a cryptogram is a single-use code that is specific to the device and unique to the single transaction and is used to validate the healthiness of the DPAN.

𝗪𝗵𝘆 𝗔𝗽𝗽𝗹𝗲 𝗣𝗮𝘆 𝗶𝘀 𝗦𝗲𝗰𝘂𝗿𝗲?
Transactions are always authenticated using biometrics (Touch-ID, Face-ID)
Your card number and identity aren’t shared with merchants or acquirers.
Your actual card numbers aren’t stored on your device or on Apple servers. (they claim )
Your information cannot be skimmed, Even if someone had access to your DPAN, they still need the correct cryptogram. Open / Comment

2022-11-06 13:42:50 𝗔𝗽𝗽𝗹𝗲 𝗣𝗮𝘆 - 𝗘𝘅𝗽𝗹𝗮𝗶𝗻𝗲𝗱

𝗣𝗮𝗿𝘁(𝟭) will cover what happens when the payment card is added to the apple wallet.

The user will open the wallet and scan a card .
The iPhone will send the user and the card info to Apple Servers.
Apple Servers will allocate the customer's issuer bank using the BIN, and send the user info requesting a token.
The Issuer bank sends the 𝗣𝗔𝗡 to be tokenized by the Token Service Provider (TSP)
TSP will tokenize the 𝗣𝗔𝗡 and generate a Payment token and Token Key and send it back to the Issuer Bank
The Issuer Bank will generate the 𝗖𝗩𝗩 𝗸𝗲𝘆 and send the Payment Token + Token Key + CVV Key to Apple
Apple provisions the 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗧𝗼𝗸𝗲𝗻 + 𝗧𝗼𝗸𝗲𝗻 𝗞𝗲𝘆 + 𝗖𝗩𝗩 𝗞𝗲𝘆 to Apple onto the iPhone 𝐒𝐞𝐜𝐮𝐫𝐞 𝐄𝐥𝐞𝐦𝐞𝐧𝐭.

𝗪𝗵𝗮𝘁 𝗶𝘀 𝗔𝗽𝗽𝗹𝗲 𝗦𝗲𝗰𝘂𝗿𝗲 𝗘𝗹𝗲𝗺𝗲𝗻𝘁
Secure Elements is typically a chip ▩ that is by design protected from unauthorized access and used to run a limited set of applications, as well as store confidential and cryptographic data. Open / Comment

2022-11-04 14:04:58 What is the difference between KYC and CDD?
ACAMS glossary provides the following definitions :

KYC - Anti-money laundering policies and procedures used to determine the true identity of a customer and the type of activity that is "normal and expected," and to detect activity that is "unusual" for a particular customer.

CDD - A set of internal controls that enable a financial institution to establish a customer's identity, predict with relative certainty the types of transactions in which the customer is likely to engage, and assess the extent to which the customer exposes it to a range of risks (i.e., money laundering and sanctions). Open / Comment