Blog Details

June 13 , 2017

Payments revolution at Money 20/20 Europe 2017!

In today's connected world there are several opportunities for banks and financial institutions to increase the level of engagement with the end customers and businesses. The role of mobile and social media is significant, driven largely by the millennial generation while followed by the rest of us.  Periodic regulatory changes and impending PSD2/ISO 20022 in the EU calls for European financial institutions to address their existing payments ecosystem, processes, engagement models and product features.

Today, continuous change is the only constant. The rapid introduction of disruptive business models, innovative payment channels like mobile/wallets and next generation retail/ecommerce/omnichannel technology, there is now an opportunity to bridge the divide between the traditional institutions and the new entrants thereby levelling the playing field.

The Money2020 Europe 2017 is an excellent opportunity for all the relevant stakeholders to discuss and ideate on the above themes. The Renovite team with our pedigree in digital payments is excited to be exhibiting at the event, demonstrating our 21st century payment processing platform “Reno-Switch” and end to end lifecycle test automation suite Reno-Test.

The need of the hour is a fintech revolution, one where banks and financial intuitions can discard the legacy thinking that underpins existing architectures, dispensing with historic assumptions about payment tokens, transaction routing and proprietary systems. “Reno-Switch” is a next generation switching software, that enables consumer and business payments and financial services moving from closed, monolithic and batch processed to open, distributed and real-time, thereby providing an interoperable commercial and social experience.

As a step in adapting to this “continuous change” banks, retailers, payment networks, mobile network operators, OEMs and internet and technology companies have launched a wide range of mobile payments and wallet initiatives, representing their diverse business models, core competences and objectives. The number of new channels with respect to hardware and software is always on the rise and there requires a smart test automation suite to expedite the time to market. Our next generation independent test automation suite “Reno-Test”, can be leveraged across multiple platforms, domains & technologies. The tool addresses accurate end to end automation of acquirer & hosts, with inbuilt pre-certification test suites and can easily be used by the SME team or business team, thereby expediting the whole testing function without losing out on efficiency.

Having given the details of our products, the thing that sets us apart is our tightly knit visionary team. Our team, which has a combined experience of more than 100 years in the payments domain would be present at the event and would cherish to interact with fellow banking, finance and retail experts on key issues that are shaping the payments industry.

Visit us @ Europe Money 20/20 Copenhagen, Booth #G8 and know more about our products and services by visiting our website