Helmy Ambotang

#Payments #Tokenization enhances security in payments by replacing sensitive payment information, like credit card numbers, with unique, non-sensitive tokens. This process prevents actual card / bank account details from being exposed during transactions, significantly reducing the risk of data breaches and enhancing ability of issuers to protect their customers from #fraud breaches. #Payment credentials tokenization as a concept was introduced 10 years ago, by Visa, Mastercard, American Express, and other major card schemes. It is equally applicable to bank accounts. Since its introduction, it has clearly demonstrated its value, with billions of tokens being issued and utilized, as this Visa announcement is celebrating, however, there is still lots of interesting / unrealized potential and #innovation work to be explored in the field https://lnkd.in/drBSwZ-7

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An interesting read on Card Fronting and why it is not allowed in Visa. Card fronting is when two or more different Payment Credentials or cards are linked together to complete a single Transaction using Back-to-Back Funding. For example, “front” card is funded transaction-by-transaction from one of the linked payment cards, issued by unrelated issuers. This is strictly prohibited by Visa Rules. Card-fronting is not permitted. No digital wallet operators can support “back-to- back funding” capability when combined with general-purpose payment network products at the “front” of the wallet.No Back-to-Back Funding with Fronting. Reference: https://lnkd.in/ggw54FFa

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#NFT Token serving as a secure, biometrically protected, cryptographic proof of ownership for an EMV card, and an offline / online PIN verification alternative? This novel, Cardholder Verification Method (CVM) concept, has the potential to revolutionize the payment experience at physical POS terminals, by making them always #contactless, fully #accessible and #touchless, regardless of the transaction amount. This TD patent pending concept can enable customers to make uninterrupted #contactless #payments, even for amounts above the contactless limit, without need to insert their EMV cards and enter PIN - simply by proving that they 'own' NFT Token, using biometrics (or mobile phone passkey as a fallback) on their personal, #WebAuthN / #FIDO-compatible mobile phone. The ERC-721 compliant NFT Token is created and linked to the card PAN, by the card issuer, when cardholder activates the card. #EMV #CVM #assistivetech #paymentinnovation #TDpatents #TDinventor #TDInvent #blockchain #ERC721

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The financial sector is considered critical infrastructure under Presidential Policy Directive/PPD-21. Two items of interest here: 1. The dwell time of this malicious actor was almost 1 year before detected. 2. Slim CD has no plan to offer free identity protection to affected individuals even though full names, physical address's and credit card numbers + expiration date were exfiltrated.

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Passwordless, biometric and cryptographically assured customer authentication is the foundation for frictionless & secure e-commerce experiences and journeys … no more passwords … no more card numbers either … biometrics, combined with just-in-time provisioning of payments tokens to the merchants … ten years back it was just a vision that some of us dreamed about … not anymore … enabling technologies have matured to the point where issuers and payment networks must move fast to embrace them https://lnkd.in/gzC4ixgK

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The Top 10 Emerging Technologies of 2024

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How to learn #SystemDesign 👇 📌 𝐒𝐲𝐬𝐭𝐞𝐦 𝐃𝐞𝐬𝐢𝐠𝐧 𝐊𝐞𝐲 𝐂𝐨𝐧𝐜𝐞𝐩𝐭𝐬 - Scalability: lnkd.in/gpge_z76 - Latency vs Throughput: lnkd.in/g_amhAtN - CAP Theorem: lnkd.in/g3hmVamx - ACID Transactions: lnkd.in/gMe2JqaF - Consistent Hashing: lnkd.in/gd3eAQKA - Rate Limiting: lnkd.in/gWsTDR3m - API Design: lnkd.in/ghYzrr8q - Strong vs Eventual Consistency: lnkd.in/gJ-uXQXZ - Synchronous vs. asynchronous communications: lnkd.in/g4EqcckR - REST vs RPC: lnkd.in/gN__zcAB - Batch Processing vs Stream Processing: lnkd.in/gaAnP_fT - Fault Tolerance: lnkd.in/dVJ6n3wA - Consensus Algorithms: lnkd.in/ggc3tFbr - Gossip Protocol: lnkd.in/gfPMtrJZ - Service Discovery: lnkd.in/gjnrYkyF - Disaster Recovery: lnkd.in/g8rnr3V3 - Distributed Tracing: lnkd.in/d6r5RdXG - Top 15 Tradeoffs: lnkd.in/gnM8QC-z 🛠️ 𝐒𝐲𝐬𝐭𝐞𝐦 𝐃𝐞𝐬𝐢𝐠𝐧 𝐁𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐁𝐥𝐨𝐜𝐤𝐬 - Horizontal vs Vertical Scaling: lnkd.in/gAH2e9du - Databases: lnkd.in/gti8gjpz - Content Delivery Network (CDN): lnkd.in/gjJrEJeH - Domain Name System (DNS): lnkd.in/gkMcZW8V - Caching: lnkd.in/gC9piQbJ - Distributed Caching: lnkd.in/g7WKydNg - Load Balancing: lnkd.in/gQaa8sXK - SQL vs NoSQL: lnkd.in/g3WC_yxn - Database Indexes: lnkd.in/dGnZiNmM - HeartBeats: lnkd.in/gfb9-hpN - Circuit Breaker: lnkd.in/gCxyFzKm - Idempotency: lnkd.in/gPm6EtKJ - Database Scaling: lnkd.in/gAXpSyWQ - Data Replication: lnkd.in/gVAJxTpS - Data Redundancy: lnkd.in/gNN7TF7n - Database Sharding: lnkd.in/gRHb-67m - Failover: lnkd.in/dihZ-cEG - Proxy Server: lnkd.in/gi8KnKS6 - Message Queues: lnkd.in/gTzY6uk8 - WebSockets: lnkd.in/g76Gv2KQ - Bloom Filters: lnkd.in/dt4QbSUz - API Gateway: lnkd.in/gnsJGJaM - Distributed Locking: lnkd.in/gRxNJwWE - Checksum: lnkd.in/gCTa4DrS 🖇️ 𝐒𝐲𝐬𝐭𝐞𝐦 𝐃𝐞𝐬𝐢𝐠𝐧 𝐀𝐫𝐜𝐡𝐢𝐭𝐞𝐜𝐭𝐮𝐫𝐚𝐥 𝐏𝐚𝐭𝐭𝐞𝐫𝐧𝐬 - Client-Server Architecture: lnkd.in/dAARQYzq - Microservices Architecture: lnkd.in/gFXUrz_T - Serverless Architecture: lnkd.in/gQNAXKkb - Event-Driven Architecture: lnkd.in/dp8CPvey - Peer-to-Peer (P2P) Architecture: lnkd.in/di32HDu3

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How Are Open Banking APIs Levelling the Playing Field for Traditional Banks? by Prajakta Ayade via GlobalFinTechSeries ([Global] Security Breach) URL: https://ift.tt/s0ypeWg The financial industry has seen significant disruption from fintech companies and neobanks, which benefit users by offering advanced technologies and customer-centric services. To keep pace, traditional banks are increasingly adopting Open Banking APIs (Application Programming Interfaces), a transformative technology that enables them to compete more effectively by fostering innovation, enhancing customer experiences, and creating new revenue streams. This shift is helping to level the playing field between established financial institutions and their more agile digital-first counterparts. Understanding Open Banking APIs Open Banking refers to the practice of allowing third-party developers to access a bank’s data and services through APIs, with the customer’s consent. These APIs act as intermediaries that facilitate secure data sharing between banks, third-party providers, and fintech companies. This approach not only empowers customers by giving them more control over their financial data but also enables banks to collaborate with external partners to develop new services and applications. Open Banking APIs are revolutionizing the banking sector by promoting transparency, competition, and innovation. They provide a platform for banks to build new digital services, offer personalized financial products, and enhance customer engagement. Moreover, by enabling third-party access to data, banks can integrate cutting-edge solutions such as budgeting apps, investment platforms, and payment services into their ecosystems, thus broadening their service offerings without the need for significant internal development. Enhancing Customer Experience and Engagement One of the primary ways Open Banking APIs level the playing field for traditional banks is by significantly enhancing customer experience. Fintechs and neobanks have set high standards with their user-friendly interfaces, personalized services, and quick response times. To meet these expectations, traditional banks can use Open Banking APIs to create similar or superior experiences. For instance, by integrating with third-party financial management apps, banks can provide customers with a holistic view of their finances, including accounts held with other institutions. This level of visibility and convenience helps to improve customer satisfaction and loyalty. Additionally, APIs can enable banks to offer personalized financial advice, tailored product recommendations, and real-time alerts, which are key differentiators in the highly competitive banking landscape. Read More : Winning the AI Race: How Payment Automation Prepares Financial Data for Machine Learning Driving Innovation and New Revenue Streams Open Banking APIs are also catalysts for innovation within traditional banks. By opening up their...

Is the era of specialized products coming to an end? We are witnessing a trend where products initially focused on one area are now expanding across their respective value chains, outpacing their competitors. This shift highlights the critical importance of an innovation mindset. For instance, platforms like Github and GitLab have evolved from mere code repositories to comprehensive CI/CD platforms with integrated security features. Similarly, Atlassian recent keynote demonstrated their innovative approach; with products like Jira Service Management that have connection to entire Atlassian suite of products. Confluence for whiteboarding and Compass for software development lifecycle management, they are positioning themselves as a one-stop shop from ideation to customer interaction, moving beyond just being known for Jira. We can expect to see more such examples of expansion and innovation in the future. If you are software product, what is your innovation team doing?

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🚀 The future of payments processing lies in microservices architecture! Banks need to evolve to meet rising real-time payment volumes and regulatory demands. Transitioning from monolithic systems to cloud-native microservices offers agility, scalability, and smoother migrations. Join Finextra, Diebold Nixdorf and Red Hat's Ramon Villarreal as experts explore: 🔍 Benefits of microservices in payments 🔍 Ideal migration paths 🔍 Future-proofing for regulations & compliance Don’t miss this opportunity to learn how to modernize without disruptions! 📅 Register now #FinTech #FinancialServices #Banking #Microservices #Payments #RealTimePayments #PaymentsProcessing

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Ada Lovelace imagined a future where machines could do more than calculations - a vision that sparked the beginnings of modern computing and opened up new worlds of possibility. As we celebrate Ada Lovelace Day next week, which falls on the second Tuesday of October each year, I’m reminded how important it is to share her story, especially for women in tech finding their path. When I look back at this photo from my teenage years, I see a girl finding her own path. This was my spot - tucked away with my Pentium 166, 32MB of RAM, a 28.8k modem, and all the curiosity in the world. The screen real estate was tiny, the internet was terribly slow, and I can't help but wonder what that massive error was about. But this little setup unlocked a whole universe for me - one where I chatted and scripted with friends on mIRC, played games like Doom, and explored everything the Internet had to offer. I feel incredibly fortunate that what started as a childhood fascination became a lifelong career for me. Ada’s legacy is a reminder that, with curiosity and a willingness to explore, there are always new possibilities to chase. I hope more girls and women who feel that spark of excitement for technology know that they belong, and that their contributions matter. If you’re interested in joining, I’ll be sharing my story alongside some remarkable women in tech at two Ada Lovelace Day events in Auckland, NZ, next week: 🎤 Ada Lovelace Day 2024 - October 8 - Celebrating Female Tech Leaders Panel at Westpac New Zealand - https://lnkd.in/gEixCsZ8 💡 Ada Lovelace Day 2024, Breakfast Event - October 9 - Quantum Computing 101: An Easy Introduction to a Hard Topic - https://lnkd.in/gHk7JhgZ

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Understanding Synchronous vs Asynchronous Execution and Blocking vs Non-Blocking Operations This is a good read https://lnkd.in/dWb45Hrx Takeaway for Developers: For practical development purposes, focusing on understanding the characteristics of Sync Blocking and Async Non-Blocking can be significantly beneficial. These two models represent the extremes of task execution and can shape the approach to concurrent processing in application development. In essence, choosing between these models depends on the specific requirements of the application, the desired responsiveness, and the interdependence of tasks. Understanding and applying the right combination can lead to software that is both efficient and capable of handling the demands of concurrent operations effectively.

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Thanks to help from all of you, we recently set a Guinness World Record for the most users to take an online financial literacy course in 24 hours. Find out how we did it and why we take financial literacy so seriously. https://bit.ly/3YmjemS

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#NatWest Bank Personalizes the Customer Experience using AWS #NAB accelerates digital transformation and improves processes leveraging AWS #BMO Market Risk Uses AWS to Optimize Computational Capacity #WaFd Bank transforms contact centers using conversational AI #CapitalOne, Enhancing Fraud Protection With Machine Learning This list is big but the message here is : Banks have been using legacy systems for their core banking applications, such as lending, payments, and deposits. However, these systems are monolithic, expensive, and lack open architecture, impacting the bank’s agility to deploy changes based on market demands. Its high time for modernisation of Core banking solution from monolithic to microservices . Banks can replace these costly legacy systems with core applications based on open APIs. With these solutions, banks can reduce system costs, improve their agility, and pursue opportunities for innovation to serve their customers better. I found #capitalone quite innovate in terms of modernization Capital One has been a disrupter in the financial services industry since 1994, using technology to transform banking and payments. Today, the “digital bank” is all in on AWS, embracing data analytics, microservices, AI/ML, and other solutions to continue to innovate. #Cloud is the solution if right cloud provider with highest security guardrails is chosen

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Having implemented caching first time in 2004, caching is one of the best ways you can improve the response time of the application and also reduce the load to your OLTP. Cache aside is an easy pattern to implement…. Have fun

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What is Observab-ility? Is it a part of 'ility' family (most Non Functional Requirements are ilities e.g. availability, reliability etc). Do you still need monitoring if you have implemented observability. The answer to these questions is a resounding yes. Monitoring is the practice of measuring signals that tell about the status of critical resources needed by a software system to continue to function e.g. CPU usage, memory usage. If a system is out of CPU or Memory, it will deviate from its expected behavior. Monitoring is proactive. It will help you take actions, such as scaling out. Sometimes, there is a memory leak. Scaling up or scaling out does not help with memory leaks. Someone has to find the code leaking memory and fix it. Fixing it requires logs, traces, dumps, and many internals stats. This is where observability comes in. When something goes wrong, an observable system provides the tools to find what is really happening. Observability is reactive. If you are unable to find the root cause of an issue, you probably don't have observability in your system. You will resort to restarting the system, adding more resources, and other similar hacks. Monitoring is relatively easy to implement. Observability is hard to implement because you need to understand internals of the tech stack. Remember most of us have a thermometer, but we go to an expert for the blood test. Blood testing is observability, while temperature measurement is monitoring. Monitoring captures the symptoms and Observability leads to diagnosis. A developer cures it. #observability #monitoring #alerting #logging #softwareengineering #software #systemdesign

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