The rise of financial technology and digital payment solutions is helping the world go cashless. Cashless payment methods now cover a wide range of technologies – there are physical cards, online gateways, mobile apps, and digital wallets. Blockchain-enabled payments and cryptocurrencies are also on the rise.
Among these methods, it’s blockchain that’s driving the major disruption of financial services. At its core, blockchain is an immutable record book. It keeps a record of all transactions made on the system making it a fantastic tool for financial services. With regard to payments, these developments are creating new ways for people to pay for their transactions.
Blockchain is set to change the way we handle money. Cryptocurrencies are currently enjoying a boom which means services can ride the high and gain traction. It only takes one service to reach critical mass in order to legitimize a technology and many of these startups are already showing promise.
This article originally appeared on dataconomy.com. To read the full article, click here.
Transaction tracking can help banking groups tasked with providing situational analysis for banking applications. These applications often run in complex environments with a large number of applications, a high volume of messages and a diverse set of infrastructure. This can make it difficult for stakeholders such as: infrastructure, architecture and development and application owners to prevent operational forest fires and ensure all payments, wires and transfers are completed and reconciled by the Fed cut-off time. There are just too many moving parts. But, it is essential to do this in order to avoid fines and reputational impact.
Nastel AutoPilot can simplify this by tracking transactions and relating these to business milestones in order to acquire greater visibility, improve prioritization and reduce risk. To learn more, click here.