Welcome to blog 2 of our 3-part series featuring top recommendations to help financial institutions (FIs) navigate the impact of COVID-19 on their payment business. Last week’s blog shared tips to manage the surge in online and mobile banking transactions. This week, we’ll focus on card-not-present fraud. As we inch closer to June, the coronavirus continues to affect consumer purchasing behaviors – including an immense payments shift towards digital banking and e-commerce.

As we head into Q3 of 2020, life is looking quite different for all of us around the world. With many governments beginning to implement plans to ease restrictions, economies are expected to slowly regain their footing. Even as brick and mortar businesses around the world gradually re-open, we will continue to see a trend towards contactless payments, digital banking, online orders and e-commerce.

With COVID-19 continuing to affect consumers and business of all sizes across every industry around the world, there has never been a more important time for financial institutions (FIs) to ensure that payment transactions complete as expected. In the next three weeks, we will release a blog a week discussing the top tips INETCO is recommending to customers in an effort to navigate the impact of COVID-19 on their payments business.

Over the past 12 months, INETCO’s flagship product, INETCO Insight 7, has gained recognition as the go-to solution for acquiring a level of detail within payment transaction data sets that is unprecedented, and extremely useful. Recently, INETCO caught the attention of Bank Director, an information resource to the financial community with a focus on the strategic issues most fundamental to a bank’s CEO, senior leadership team, chairman and independent directors.

For many banks, payment processors and card network providers, the main purpose of an active/active architecture is to achieve load balancing, improve throughput and guarantee response times.

As the Coronavirus (COVID-19) reality hits home, retail banks and credit unions all over the globe have been quick to respond to customer and employee safety concerns. In Canada last week, we witnessed the Big Six – Bank of Montreal, CIBC, National Bank of Canada, RBC, Scotiabank and TD – temporarily closing branches and encouraging customers to shift their interactions to ATMs, online and mobile banking channels.

In an early January post by Mohamed Dabo of Cards International, the CEO of INETCO and the Director of Barclaycard Payment Solutions shared their views on key payment fraud and security issues that will dominate the payments landscape in 2020. Both alluded to the delicate balance between delivering an amazing customer experience, meeting compliance such as the Strong Customer Authentication (SCA) legislation, and trying to keep one step ahead of the fraudsters.

Learn how INETCO helped banks, credit unions and payment service providers improve customer experience, detect fraud faster and optimize transaction performance in 2019.

The Greek philosopher Aristotle once said, “The whole is greater than the sum of its parts.” When it comes to guaranteeing that every payment transaction completes as expected, this statement could not be more accurate. For retail banks, independent ATM deployers (IADs) and payment processors, transactions are the lifeblood of their businesses.

This holiday season kicked off a couple weeks ago, with Black Friday and Cyber Monday showing a 14% increase in early holiday purchases from the same period during 2018, according to a report by Bank of America Merrill Lynch Global Research. With holiday sales projections showing similar numbers until the end of the year, there has never been a more vital time to ensure that consumer transactions are completing as expected.