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Connecting Legacy Systems to Mobile and Social Media Applications

Connecting Legacy Systems to Mobile and Social Media Applications. David Luther General Manager, North America Distra. In the payments world increasingly there is a divide…. Between the Old Payments World…. …And the New Payments World. If we look back 20 years…. Financial Institution.

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Connecting Legacy Systems to Mobile and Social Media Applications

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  1. Connecting Legacy Systems to Mobile and Social Media Applications David Luther General Manager, North America Distra

  2. In the payments world increasingly there is a divide…. Between the Old Payments World… …And the New Payments World

  3. If we look back 20 years… Financial Institution Card Schemes EFTPos Merchant ATM

  4. Or even 5 years… Financial Institution Card Schemes EFTPos Merchant ATM Web

  5. Yet in the last couple of years the payments world has changed considerably… Merchant Financial Institution Card Schemes EFTPos ATM Mobile Paypal Facebook Google Web

  6. Google Glasses – coming Christmas 2012

  7. Google Glasses – coming Christmas 2012

  8. Times are changing… Quickly… • “I predict the next decade will bring more change in mainstream institutions than we have seen in the past decade or two. I think many of those changes will be in payments.” Jeffrey Neubert, President and CEO, New York Clearing House

  9. There are 4 drivers contributing to the payments divide

  10. New entrants are changing the game

  11. We have seen a mobile explosion • 4+ billion mobile phones globally • Global mobile payment transactions to reach $1.13 trillion in 2014 from $37.4 billion in 2009 • Biggest growth in mobile payments coming from non-bank providers Sources: IEMR Global Mobile Payment Market Forecast 2011 Aite Group

  12. Cloud is changing the way payments services are delivered

  13. New channels and developing markets are fueling payments volumes

  14. And with new players, channels and technologies come reliability, performance, and security concerns

  15. Legacy payment technologies can’t always keep up Financial Services Technology Consortium (FSTC) “"Existing payment systems that have long met the needs of an earlier generation of financial services users are now increasingly expensive to maintain and isolated from mainstream advances in technology.

  16. Innovation AND security/reliability/performance without the need to rip and replace or for costly infrastructure • “Forward-looking banks will adopt payment and architectural standards in their payments infrastructures to gain flexibility and provide value without having to completely replace legacy systems.”

  17. Australian medical benefits claims • Previously medical claims process was manual and paper-based • In 2007 Medicare implemented a process to automate medical claims and payments, enabling: • Instant Medicare claim • Instant Medicare payment • Instant gap payment • Greatly benefited insurers, doctors and patients “Easyclaim will allow patients to lodge a Medicare claim by swiping their Medicare card and debit card through their doctor's EFTPOS terminal. It will make claiming Medicare rebates easier and significantly more convenient, which can only be good news for doctors and patients alike.”

  18. UK Faster Payments U.K. Faster Payments • Faster Payments is a “same day” (real-time) clearing requirement, legislated by the U.K. Government for various ACH payments • Enables phone, internet and standing order payments to move within minutes • Launched in 2008 in the UK • VocaLink provides the Faster Payments Gateway (FPG) • Vocalink uses Distra for the Payment Switch and Direct Corporate Access • “We selected Distra’s technology as a key component of our [Faster Payments] solutions because its uniquely innovative architecture provides a combination of real-time performance, reliability and agility.”

  19. Barclays Pingit (P2P mobile payments) • Barclay’s P2P mobile payments app for Android, Blackberry & iPhone • Launched in UK in Feb 2012 • Barclays 11.9M customers can make payments instantly via mobile • Barclay’s Faster Payments Gateway, powered by the Distra Universal Payments Platform (UPP), processes PingIt transactions within 30 seconds so that money is moved instantly "Barclays' Pingit could revolutionize the way people send and receive money. …it is free, quick, convenient, secure, and easy to use. You can send and receive money in seconds without having to enter account details. I'm sure we'll soon be wondering what we did before it." Antony Jenkins, Chief Executive Barclays Retail and Business Banking

  20. Barclays Pingit brings together the old & new payment worlds Pingit Corporate Portal Person-to-Person VocaLink Domain Central Infrastructure Batches Voca Payment Switch ISO8583 ISO8583 Real-Time Switch ISO20022 Proprietary Direct Corp. Access ISO8583? ISO8583 ISO8583 Bank Bank Bank Bank VocaLink Settlement

  21. Distra is helping the payments industry bridge the payments divide • Old Payments World • Traditional players – banks, processors, schemes • ATM, POS, ACH • Batch Processing • Security & Reliability • New Payments World • New players – Google, Paypal, Facebook • Mobile, Social • Real-time Processing • Flexibility & Innovation • Convergence & Collaboration

  22. Questions?

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