When deciding on a new card payment platform, it’s crucial to consider the technical features that will ensure a seamless, convenient and secure experience. Here are five essential features to prioritise when evaluating card payment platforms.
Payment Platform Features
Integration with Digital Wallets:
As digital wallet platforms like Apple Pay, Google Pay, and Samsung Pay gain popularity, it’s important to choose a card payment platform that seamlessly integrates with these systems. This integration allows customers to make payments using their digital wallet, offering both convenience and enhanced security compared to traditional physical cards.
APIs for Mobile Development and Integration:
If you’re a developer or plan to incorporate the payment platform into your mobile or web-based application, look for a platform that provides robust APIs (Application Programming Interfaces). These APIs enable easy integration, allowing you to customise the payment experience and create a seamless connection within your app.
Cardholder Self-Service:
Empower cardholders with greater control and convenience by opting for a payment platform that offers self-service features:
- PIN Reset: Allow users to reset their PIN securely.
- Card Blocking: Enable cardholders to block a lost or stolen card immediately.
- Temporary Card Pausing: Let users lock their card temporarily—for those times when they need a break from card usage.
These features prove especially valuable during emergencies or when managing card security.
Security and Fraud Protection:
Prioritise a payment platform that goes the extra mile in safeguarding transactions. Key security measures include:
- 3D Secure (3DS): Implement this security protocol to protect online card transactions.
- Encrypted Data Transmission: Ensure that sensitive information remains confidential during communication.
- Secure Servers: Host transactions on secure servers to prevent unauthorised access.
- Regular Security Updates: Stay ahead of potential threats by keeping security protocols up to date.
Virtual Cards:
Another useful feature to consider is the ability to create virtual cards. Virtual cards are digital versions of physical cards that can be used for online transactions. Virtual cards have several advantages including:
- Organised Finances: Create separate virtual cards for different purposes (e.g., online shopping, family expenses).
- Loss and Theft Prevention: Virtual cards cannot be physically lost or stolen.
Discover Vertexon: Delivering Modern Card Payment Solutions
Vertexon, a Payment as a Service (PaaS) platform developed by Change Financial, stands out in delivering modern and digital payment experiences for both businesses and consumers.
Vertexon excels in its integration with digital wallets, supporting popular options like Apple Pay, Google Pay, and Samsung Pay, allowing end users to make payments online or in-store using their mobile device.
The platform also offers APIs for businesses to seamlessly integrate Vertexon into their systems, fostering customised payment experiences for their customers.
Cardholder self-service is a notable feature of Vertexon, empowering users to manage their cards and PINs while accessing their transaction history.
Security is a top priority, with Vertexon implementing multiple layers of protection, including encryption, secure authentication, and real-time monitoring to combat fraud and unauthorised transactions.
Adding to its versatility, Vertexon supports the use of virtual cards, catering to businesses with frequent online payment needs. These cards can be easily generated and managed through the Vertexon platform.
For businesses seeking to modernise their card platform with these essential features, our sales team is ready to assist.
Explore all the features of Vertexon by checking out our comprehensive roadmap and elevate your payment experience with Vertexon today!
Payment testing is a crucial aspect of payment system development, as it ensures your platforms and networks are reliable, secure, and scalable.
To guarantee the smooth operation of the payment transactions, you need to carry out comprehensive testing, but do you know the four Fs?
Feature
This testing focuses on verifying the features that have been added or changed in the payment systems. This could include new payment methods, security features, or improvements in the user interface. Feature testing checks if these features are working as expected, providing a seamless and secure user experience.
Functional
This type of testing examines the overall functionality of the payment systems, including the flow of transactions, the processing of payments, and the integration with other systems. The objective of functional testing is to identify any errors or bugs that could impact the payment process and to ensure that the payment systems are working as intended.
Flood
This testing involves simulating a high volume of transactions in a short period of time. The goal is to test the system’s ability to handle high traffic and to ensure that the payment systems can handle a large number of transactions without any problems. Flood testing is especially important for businesses that anticipate a high volume of transactions, such as during a busy holiday season or a major sale.
Future
Being able to continue to test as your team makes minor tweaks to your systems to provide your customers with the best possible product is also important. Regression testing is key to the ongoing success of any software and ensures that any changes you make don’t disturb your already trusted and testing good work.
PaySim can help you the 4 Fs
With PaySim you have cover of the four Fs in a scalable an automated fashion and leave manual payment testing in the past.
Whether you’re using scripted tests for regression or stress testing or integrating our API directly into your software development lifecycle (SDLC), PaySim can help the stability and quality of your payment services.
For more information on PaySim or to arrange a demo, reach out to our sales team.
To see all the features of PaySim, check out our roadmap.
Having just returned from my first international vacation since COVID, I’m sharing my views on the changing cashless payments in Japan.
It’s my sixth trip to the Land of the Rising Sun since 2004 and it’s been interesting to see how the country and society has developed over those years.
- I used to feel like the tallest person on the Tokyo Metro, but the younger generation are growing taller
- I still marvel at the infrastructure and technology, especially their highspeed Shinkansen railway and innovative car scene
- Their ability to intertwine other cultures and yet remain quintessentially Japanese, is amazing to witness
Despite the advanced nature of their society, Japan curiously lags in digital payments.
The Japanese Ministry of Economy, Trade and Industry (METI) released a plan in 2018 called the “Cashless Vision,” which outlines measures to increase the use of digital payments in the country. The goal of the plan is to increase cashless transactions to 40% by 2025 in an effort to move Japan towards becoming a cashless society. Yet Australia was already sitting at less 63% cashless transactions back in 2019. It’s a strange situation.
So, on my travels through Japan’s major metropolises, regional cities and small towns, I made note of my payment experiences. Maybe COVID had accelerated cashless options, like it had in Australia.
Cash is king
I did not find one venue, store, vending machine or hotel where I couldn’t pay in cash. At one of the large US coffee chains stores, they refused to take any card payment, cash only!
There was not a day where didn’t get cash out of my wallet or fish through my pockets for loose change. Compared to Australia, where many venues are cashless, it’s a jarring experience.
Card payments abound – but it’s inconsistent
Card payments (my weapon of choice was Mastercard plastic) were widely available, with swipe and insert the preferred method.
Most transactions were auto approved but some required signatures, which I haven’t used in Australia for more than a year. I don’t remember using my PIN but signed at least 5 receipts. Thankfully I had no rejected card payments over during my travels.
EMV and NFC – sort of, sometimes
The EMV symbol was visible at most point of sales, however it often wasn’t working or not offered as an option. I’d usually be ushered to insert the card, or they’d simply say it wasn’t available.
I tried to use my Mastercard via Apple Pay and shocked some retail assistants when it worked. I’d show them my card on the phone, just to confirm it was a legitimate card payment. Suffice to say, they aren’t big on digital pays. The Japanese love their signage at POS but there were very few that had the Apple Pay, Google Pay or Samsung Pay logos.
Alternative payments – IC a future here.
I started to use my transport card PASMO card for some payments. PASMO is one of the many regional options for IC (integrated circuit) cards, which are RFID based cards that dominate the transport payment space. The acceptance levels were high, especially in vending machines and retail chains.
Whereas Australian public transport is moving towards open loop card payments, Japan’s existing transport payment infrastructure could help drive cashless payments in the medium term.
There were a variety of other payment options too, but again no dominate method had the consistency of acceptance quite like cash.
Cash and coins still required
Unfortunately, those wanting a completely cashless experience in Japan, you’ll be waiting a while.
You could navigate a path without using cash, but it’s just easier to have a couple of 1000s and a fistful of coins to ensure you can always transact.
PaySim is Change Financial’s payment testing and simulation tool. With PaySim, you can easily and accurately test your payment systems to ensure that they are working properly and compliant with industry regulations.
Here we’ll explore why PaySim is an essential tool for optimising your payment systems and processes.
Automation
Automation has become an increasingly important part of the financial industry, and payment testing tools are a key aspect of this trend. Banks and fintech companies are using these tools to streamline their payment processes, improve efficiency, and reduce the risk of errors and fraud.
Payment testing tools are software programs that automate the testing of payment systems. This includes everything from the initial transaction request to the final confirmation that the payment has been completed successfully. These tools can simulate a wide range of payment scenarios, allowing banks and fintech companies to test their systems thoroughly and ensure that they are working properly.
Compliance and scheme tools generally operate on a single transaction at a time, however using PaySim allows you to automate thousands of transactions.
Automated testing allows organizations to run more tests in less time, giving them a more comprehensive view of their payment systems and allowing them to identify and fix any issues more quickly.
Return on Investment (ROI)
One of the key benefits of using payment testing tools is that they can help banks and fintech companies to save time and money. Traditional payment testing methods are often time-consuming and labour-intensive, requiring teams of testers to manually carry out tests and analyse the results. This can be a costly and inefficient process, especially for large organizations with complex payment systems.
Other alternatives such as reliance on compliance and scheme tools which are designed for one off certification and to test transactions one at a time is also time consuming and costly compared to automating your day to day transactions via payments testing tools.
Fraud Prevention
Another important benefit of payment testing tools is that they can help banks and fintech companies to reduce the risk of errors and fraud. Payment systems are vulnerable to a wide range of potential issues, from technical glitches to malicious attacks. By using payment testing tools to simulate different scenarios, banks and fintech companies can identify potential vulnerabilities and take steps to fix them before they cause any problems.
Regulatory Compliance
In addition to improving efficiency and reducing the risk of errors and fraud, payment testing tools can also help banks and fintech companies to stay compliant with industry regulations as well as up to date with ever changing scheme mandates. Payment systems are subject to a wide range of rules and regulations, and it is important for organizations to ensure that their systems are compliant with these rules.
On top of the regulations are the various mandated specifications required by banks and fintechs to adhere to. By using PaySim, banks and fintech companies can test their systems to ensure that they are compliant with the latest regulations and using the latest scheme mandates, helping them to avoid transaction failures, costly fines and other penalties.
Summary
Overall, PaySim is essential for banks and fintech companies looking to improve their payment processes and reduce the risk of errors and fraud. By automating the testing process, PaySim can help organizations to save time and money, improve their efficiency, and stay compliant with industry regulations.
For more information on PaySim or to arrange a demo, reach out to our sales team.
To see all the features of PaySim, check out our roadmap.
When it comes to choosing a new card payment platform, there are certain technical features that are essential for ensuring a smooth, convenient, and secure experience. Here are the five essential technical features to look for in a card payment platform:
Features
- Integration with digital wallets: Digital wallet platforms like Apple Pay, Google Pay, and Samsung Pay are becoming increasingly popular, and it’s important to choose a card payment platform that can integrate with these systems. This will allow you to make payments using your digital wallet, which can be more convenient and secure than using a physical card.
- APIs for mobile development and integration: If you’re a developer or you plan to integrate the payment platform into your own mobile or web-based application, it’s important to choose a platform that offers APIs (Application Programming Interfaces) for easy integration. This will allow you to customize the payment experience and build a seamless integration into your application.
- Cardholder self-service: To give cardholders more control and convenience, look for a card payment platform that offers self-service features such as the ability to reset a PIN, block a lost or stolen card, or pause a card temporarily. These features can be especially useful in the event of a lost or stolen card, or if you need to take a break from using your card for a while.
- Security and fraud protection: Finally, it’s essential to choose a card payment platform that offers robust security and fraud protection measures. This can include features like 3D Secure (3DS), which is a security protocol that helps to protect online card transactions, as well as encrypted data transmission, secure servers, and regular security updates.
- Virtual cards: Another useful feature to look for is the ability to create virtual cards. Virtual cards are digital versions of physical cards that can be used for online transactions, and they offer a number of benefits. For example, you can create separate virtual cards for different types of purchases or for different family members, which can help to keep your finances organized and separate. Virtual cards also offer an extra layer of security, as they can’t be lost or stolen like physical cards can.
Vertexon: delivering modern card payment solutions
Vertexon is a Payment as a Service (PaaS) platform developed by Change Financial. It is designed to provide modern and digital payment experiences for businesses and consumers.
One of the key features of Vertexon is its integration with digital wallets. This allows users to store and manage their payment information in a digital wallet, such as Apple Pay, Google Pay or Samsung, and make payments online or in-store using their mobile device.
Vertexon also includes APIs (Application Programming Interfaces) that allow businesses to integrate the platform into their own systems and processes. This can enable them to create customised payment experiences for their customers.
Cardholder self-service is another feature of Vertexon. This allows cardholders to manage their own card and PIN, and check their transaction history.
Security and fraud protection are also important considerations for any payment platform. Vertexon includes multiple layers of security to protect against fraud and unauthorized transactions, including encryption, secure authentication, and real-time monitoring.
Finally, Vertexon supports the use of virtual cards. Virtual cards can be especially useful for businesses that need to make frequent online payments, as they can be easily generated and managed through the Vertexon platform.
Are you looking for these essential features to modernise your card platform, reach out to our sales team.
To see all the features of Vertexon, check out our roadmap.
Having attended my first Customer Owned Banking Association conference (COBA) with Change Financial, I was hoping for a positive experience after such a long break between in person conferences and my expectations were far exceeded.
The Customer Owned Banking Association put on a wonderful event , one of the best I’ve attended in my career. Aside from the professionally executed conference, panels, sessions, food, and entertainment, it was the COBA members that had the greatest impact on me. They were open, positive, engaging, and curious.
The COBA 2022 conference panels, sessions and workshops centred around three key themes; Smart. Strong and Sustainable.
Whilst that is an accurate description of COBA member banks, I took away a different set of themes from the members in attendance: Enhance, Compete and Grow.
Enhance: Not surprisingly, COBA members were focused on their customer experience, it was central to almost every conversation I came across. There was an acceptance from members that their products and services needed to be enhanced. COVID has been a catalyst for greater investment in remote and digital bank services and COBA2022 showcased many of these new capabilities that banks can deliver to their customers.
Compete: COBA members are often competing for the same customers as the big 4 and larger tier 2 banks. Customer owned banks can’t compete with the big guys in terms of budgets, but through partners and SaaS offerings, there is an opportunity to match their services and provide a better customer value proposition. A great comment from one of our customers I spoke to was “I want to own my own destiny for card payments, but I don’t have to do it all on my own”.
Grow: Nearly every bank I spoke to wanted to grow their customer base. In particular, focus on new, younger customers to drive a sustainable future. Whilst murmurs of mergers and acquisitions continue, COBA members are keen to enhance their services, compete with the bigger players and ultimately grow their customer base.
The Change team was both encouraged and inspired by the energy, enthusiasm and positivity from the COBA team and their members. We’re looking forward to supporting the transformation journey for customer owned banks as they continue to enhance, compete, and grow to better rival the major banks in the future.
Change Financial has been announced as a finalist for the sixth Annual Edition of FinTech Australia’s most prestigious fintech business awards, the Finnies.
FinTech Australia hosts the annual Finnies Awards which recognises excellence in financial services and technology in Australia. Change has been selected as a finalist for the Excellent in Payments category for 2022.
This is the second year in a row that Change being selected as a finalist, having made the finals for Deal of the Year award in 2021.
Change’s Chief Product Officer, Vinnie D’Alessandro, celebrated the announcement. “We are thrilled that Change has been recognised by FinTech Australia and the Finnies judges for the Excellence in Payments award. It’s recognition for the effort and investment our team has put into our Vertexon and PaySim products.”
The full list of finalists are available here. The Finnies Awards ceremony June 23rd at a gala event at the Forum Theater in Melbourne. Tickets will be available from the Finnies website https://www.thefinnies.org.au/
Showcasing the features and future development of our Payments as a Service Platform, Change is proud to launch the Vertexon Roadmap.
Senior Vice President of Payment Solutions, Nick Beach, celebrated the release of the roadmap to Change’s website. “Our Product and Technology teams have been investing a huge amount of effort into our product roadmap for Vertexon. Now we can clearly show our broad feature set as well as our current future development plans. I’m excited to share the Vertexon Roadmap on our new website for our Payments as a Service offerings for Oceania, Southeast Asia, LATAM and North America. “
Chief Product Officer, Vinnie D’Alessandro, explains the importance of Change publishing its product roadmaps. “With the release of the Vertexon Roadmap, we now have complete transparency around the Change product strategy. Vertexon offers a wide range of card issuing and transaction processing capability and it can be difficult to articulate just how many features we can offer our clients. The Vertexon Roadmap gives us an elegant method of representing the power of our Payments as a Service platform and our upcoming features.
The roadmaps will be regularly updated as features are released, and new items are added to the development pipeline.
The Vertexon Roadmap is available on the Change website, along side our PaySim Roadmap for the payment testing solutions.
Showcasing the features and future development of our payment testing and simulation solution, Change is proud to launch the PaySim Roadmap.
Our Senior Vice President of Testing Solutions, Ewan Wilson, celebrated the release of the roadmap to Change’s new website. “I’m proud to be able to publish our roadmap for PaySim to our clients and payments industry. Our Product and Technology teams have been focused on delivering new capabilities for our testing solution and it is exciting for us to share our journey with the world.”
Chief Product Office, Vinnie D’Alessandro, explains the importance of Change publishing its product roadmaps. “At Change, we believe in having open and transparent communications. We engage with our clients and partners to help plan and prioritise our new feature development. Sharing our progress and achievements plays a significant driver to deliver transparency to the market.
“Shortly we will be releasing our Vertexon Roadmap to share our Payments as a Service development activities.”
The roadmaps will be regularly updated as features are released and new items are added to the development pipeline.
The PaySim Roadmap is available on the Change website.