Michael Livi, Director of SalesMobility has been proven to positively impact customer experience, operational efficiency, and profitability in the banking and financial services sector. It has transformed and streamlined the banking process for customers. Mobile wallets, tokenization and branchless innovations are few major transformations welcomed by customers with open arms in the banking space. The recent advancements in FINTECH have also increased engagement opportunities between banks and two growing consumer segments, the millennials and the underbanked. There is a rising demand from millennials for a complete digital banking experience, which is augmenting the competition for traditional banks from new entrants. “This creates concerns for traditional banks, challenging their ability to quickly adapt to changes in regulatory and customer demands,” states Michael Livi, Director of Sales, TAS Group USA.
The company delivers Cashless 3.0TM— an end-to-end payment platform with a modular approach for financial institutions, eliminating the need to outsource payment programs to third party vendors. Usually, the payment solutions are implemented according to the issuing, acquiring, and transaction processing segments. Cashless 3.0, however, can be incorporated for issuer, acquirer, and switching business, while its modular approach enables customers to integrate selected modules as per their specific requirements. It covers all the payment-cycle processes in one comprehensive system and has a flexible design with faster integration capabilities. At the same time, the platform can also be packaged into three verticals: Issuance, Acquiring, and Transaction Processing. The issuance solution can design, launch, and manage payment programs of any size or type—irrespective of the Issuer’s legacy environment. With the acquiring solution, customers can accept and transact any type, shape, and form of card products and payments. The third vertical solution for transaction processing, consists of modules like switch and key management system, which facilitate front-end acceptance capabilities. “Cashless 3.0 is definitely an end-to-end card payment and universal channel management solution with an extended database for storing card holder profiles and connecting to in-house systems or external payment partners,” states Livi.
We are successful because we know the payments ecosystem and its regulatory framework, and our solutions are based on this in-depth know-how
The company also addresses the most complex aspect of transaction banking—proliferation of network service providers and different financial messaging standards. “We have developed a comprehensive middleware solution for streamlining transactions between banks and their end-customers’ commercial counterparts. It decouples network protocol complexity from back-end applications, making it easier for a bank to integrate new channels and participate in new payment schemes,” says Livi.
With solutions focused on streamlining business processes for financial institutions, TAS Group enables its clients to overcome a variety of challenges and obtain fruitful results. For instance, the Italian Post Office, an issuer of various payment products, implemented Cashless 3.0 to remain competitive through the digitization of the payment industry. Post-implementation, the client was able to offer a slew of different payment cards and became the largest prepaid issuer in Europe. “They are issuing and managing in-house payment products with over 35 million cards in use throughout the globe,” says Livi.
“We are successful because we know the payments ecosystem and its regulatory framework, and our solutions are based on this in-depth know-how.”
TAS Group’s emphasis on tokenization, host card emulation, mobile POS acceptance and other innovative financial technologies is enabling them to stay relevant in the rapidly changing banking environment. Apart from banking, the company provides channel-oriented solutions to the education industry and retailers. “We are committed to developing a strong relationship and cultivating lasting alliances, not just executing deals with our clients,” concludes Livi.