Instant services, the Fintech world runs fast. With this post (and others that will follow, here on Ubiquity Blog) we will track the trends that will succeed, exploring and discussing topics such as artificial intelligence, cybernetic security and others.
In a world where the exchange of news and communications is done in seconds, tmaking an electronic payment in euros may still require an entire work day.
Soon this will no longer be the case: in November 2017, instant payments will be introduced at pan-European level.
In Europe we can already use SEPA (Single Euro Payments Area) to make payments in euros. SEPA allows us to make payments in euros without cash, in favor of any beneficiary located in a European country, for example by bank transfer, direct debit or debit card, claiming the same costs that would apply to a transfer of money within the borders of our country.
And what about Mobile? There are already solutions for P2P payments, implemented by private companies, credit institutions, central post offices, and social media.
According to a recent CETIF Research (INNOVATION IN PAYMENT SERVICES BY THE PSD2 SEPA, May 2016), 72% of banks think that instant payments will generate more opportunities in the payments market, regardless of the mode used (P2P, P2B or B2B)
We really are at the dawn of a new way of thinking about money, increasingly mediated by technology. Change will be systemic and will bring new entrants and technologies on stage.
Among the “instant” services, there is also messaging that is playing a more and more important role within Fintech area.
Ubiquity, for example, offers a multi-channel platform that manages Alert, Push Notification and E-Mail. Also it provides advisory services based on its many years of presence in the messaging sector, thanks to a consolidated approach and long experience alongside great companies.
Ubiquity handles both Alert Premium, paid for the end user, and Bulk Alert Services, free for the user who receives the message. In both cases, the services are provided through secure connections with the mobile network operators or other international partners.
Among the various cases of successful uses of the platform, we include the management of Alert, the One Time Password and PIN codes sent via SMS.
Alert SMS notifies banking customers about all transactions made with their cards and the movements on their bank accounts. Alert SMS is an effective communication channel connecting the bank with its clients, providing an important safety and anti-fraud function with the ability to alert bank customers in real time.
Ubiquity also manages OTP (One Time Password) functions via SMS to complete the secure authentication systems or for authorization of dispositive functions. The service can be arranged for the generation and the management of the life cycle of the OTP code or for the simple forwarding to the end user.
The OTP service via SMS is an effective and safe way to reach users directly on mobile phones, replacing the token with a text message that can be requested if necessary by the user, while also allowing companies to reach a wider number of contacts with a low cost of implementation and use.
The Push Notification is, a particular kind of notification available in the main smartphone platforms, specifically for: Apple iOS, Google Android, and Windows Mobile.
This channel, when used properly, reveals to be an extremely effective tool to enhance the involvement and communication with its users. Ubiquity multi-channel solution also supports Push Notification through a proprietary platform that integrates seamlessly with the Push Notification mechanisms of the main providers, hiding the complexities and enriching the functionality of notifications for their customers, such as multi-account & multi-device management and fallback to SMS.
Alea iacta est, however, there is no way back, and we will see this also in the insurance world (so much that we talk about insurtech), where it will be increasingly possible to make a quote for a policy and real-time pay…but we will speak about it in the coming posts.