PAYMENT TEST FACTORY: ENABLING PAYMENT ISVS TO MEET COMPLIANCE NEEDS AND FASTER USER ACCEPTANCE Payments systems enable th...
PAYM E N T T E ST FACT O RY: E NA B L I NG PAY M E NT I S V S TO M EET C O M P L I A N C E N EED S A N D FA S TER U S ER A...
PAYM E N T T E ST FACT O RY: E NA B L I NG PAY M E NT I S V S TO M EET C O M P L I A N C E N EED S A N D FA S TER U S ER A...
PAYM E N T T E ST FACT O RY: E NA B L I NG PAY M E NT I S V S TO M EET C O M P L I A N C E N EED S A N D FA S TER U S ER A...
PAYM E N T T E ST FACT O RY: E NA B L I NG PAY M E NT I S V S TO M EET C O M P L I A N C E N EED S A N D FA S TER U S ER A...
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Industry Report: Payment Test Factory – Enabling Payment ISVs to Meet Compliance Needs and Faster User Acceptance

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There’s no doubt that new technologies have brought rapid changes to the payment sector in the broader financial services industry. However on a global scale, the sector is more influenced by different government and industry regulations. ISVs, under severe pressure to adapt these changes are looking at new ways of product ideation and development. Symphony Teleca’s Payment Test Factory is such solution that leverages the global payment processes, guidelines, best practices and tools to help ISVs simulate their products on testing grounds before launch in marketplace. This is a Symphony Teleca produced industry report, to download a free copy, visit http://bit.ly/OBEbjp.

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Transcript of "Industry Report: Payment Test Factory – Enabling Payment ISVs to Meet Compliance Needs and Faster User Acceptance "

  1. 1. PAYMENT TEST FACTORY: ENABLING PAYMENT ISVS TO MEET COMPLIANCE NEEDS AND FASTER USER ACCEPTANCE Payments systems enable the transfer of funds, underpin all trade and market liquidity and are a crucial building block of the global financial services system. Rapid changes introduced by the new technologies and regulatory changes are also impacting the operational, technological and competitive models of payments globally. The pace at which regulations change, ISVs are under severe pressure to release product changes to enable financial institutions to meet regulatory dates, impacting revenue flow and market share. Technology & Innovation - Drivers for Change in Payment Systems Key drivers for change in payments systems are regulation, greater standardization and new competition. According to Symphony Teleca, these are the 4 top drivers for change: • The combination of SEPA and, in the UK, the findings of the Independent Banking Commission (IBC) is encouraging competition in payments systems. February 2014 marks the anxiously awaited single euro payments area (SEPA) end date for migrating to SEPA Credit Transfers (SCTs) and Direct Debits (SDDs). • On standards, ISO20022 is viewed as the “Holy Grail” of message standardization for the future. Standards will extend to areas such as identity management and KYC norms as information of both parties involved in a transaction is critical. • The number of new entrants to the world of payments infrastructures is growing and many are here to stay. PayPal for example is openly challenging the Banks as a global payment system and so are numerous other players in the space. • On technologies, mobile is viewed as a game changer. The Person-to-Person (P2P) and Business to Consumer (B2C) payments space is expected to be shaken up radically by a mix of mobile, Near Field Communications (NFC), contactless, mobile payment acceptance and social payment structures. 1SYMPHONY TELECA CORPORATION © 2012
  2. 2. PAYM E N T T E ST FACT O RY: E NA B L I NG PAY M E NT I S V S TO M EET C O M P L I A N C E N EED S A N D FA S TER U S ER A C C EP TA N C EPayment Test FactorySymphony Teleca’s Payment test factory is a client engagement model incorporating globalpayment processes, guidelines, best practices and tools which are leveraged to help clientssimulate their numerous payment solutions on testing grounds before launching them in themarket. The Payment test Factory incorporates re-usable processes and existing best practicesin test framework libraries, test automation, clubbed with Symphony Teleca’s extensive domainexpertise, our clients have a head-start to meet the market challenges.Payment Test Factory is offered as a basket of services to choose from, each customized withbest practices, Symphony IP and reusable components.Engineering focused Services:Symphony Teleca’s engineering focused services are targeted towards delivering the engineeringgoals, and implementing best practices for our customers around test preparation, execution,reporting etc. Customization Sustenance Agile Testing Automation Testing Testing NFT Testing Model Driven Compliance Mobile Testing Testing TestingCustomer focused services: Customer focused services are targeted towards services providedto clients such as user acceptance, collaboration within client teams among others for faster UATcompletion UAT Services NFT Testing Model Driven Testing 2SYMPHONY TELECA CORPORATION © 2012
  3. 3. PAYM E N T T E ST FACT O RY: E NA B L I NG PAY M E NT I S V S TO M EET C O M P L I A N C E N EED S A N D FA S TER U S ER A C C EP TA N C EThe need for a Payment Test FactoryPayment ISV’s and processors are looking for partners who can help them release their prod-ucts faster with certainty in quality and delivery on time. Using Symphony Teleca’s test facto-ry model can help them achieve their objectives using numerous well defined processes suchas continuous health check, test process standardization and efficient resource utilization,resulting in reduction of cost of setup, increase in quality of offerings and reduced defectleakage by the use of enhancements tools and frameworks that speed up automation. Some ofthe challenges faced by payment ISV’s and their relevant impact are:• Payment Systems Changes (Impact– 15-20% Revenue Loss due to delayed renewal and new license sales)• Regulatory Pressures (Impact– Inability to address market needs and lose market share)• Efficiency and Scale (Impact– Customer dissatisfaction and customer switch)Payment Test Factory – Engagement Approach Goals and Planning and Objectives Strategy • Define business objectives • Test Planning • Define Quality Goals • Test Strategy Training and • Define Key Metrics • Mobile Testing Ramp-up User • Train the Trainer Acceptance • Process Training • Knowledge base update • B • Scenario Review and update • Change management • Model Driven Testing • SME Reviews • Continuous improvement • Risk based testing • Automation testing • Defect Analytics • Performance & load testing g Continuous Test Engineering ImprovementQualifications to setup Payment test factoryPayments test factory can be setup as a complete end to end process or as a pick and chooseservice. Symphony Teleca would implement the best practices and align the factory towardsattaining the business goals of payment ISVs. Some of the factors which help payment ISVsscale up and launch their solutions and the associated benefits are listed as below. 3SYMPHONY TELECA CORPORATION © 2012
  4. 4. PAYM E N T T E ST FACT O RY: E NA B L I NG PAY M E NT I S V S TO M EET C O M P L I A N C E N EED S A N D FA S TER U S ER A C C EP TA N C E• Proven Methodology around setting up Test Factory (Impact - ROI in 12 to 18 months; 10-15% effort reduction and; 20% reduction in automation effort) • Mobile Test expertise • Symphony IP driven Test optimization • Business Scenario review framework • Domain Expertise (Impact - Delivery and Quality Assurance) • Business scenarios for different payment systems • Message repository • Multiple payment engagements for SEPA, SWIFT, ACH, Wire Transfers• Accelerators (Impact - Faster time to market - 30% cycle time reduction through automation) • Automation platform with scripts in XML for execution on Selenium • Reusable scripts for SWIFT, SEPA, BACS, CARDS, message repository • Supports reconciliation, bulk payments, message upload and verification • Partnerships (Impact - Delivery and Quality Assurance) • HP, Microsoft, Oracle, and Smartesting • Model Based Testing COE • Access to latest tools and market research dataCase Study – Managed Test Factory for Global leader in Payment solutionsEstablished and managed a ‘Test Factory’ to provide testing activities for core product qualityand customer project delivery for multiple geography delivery center, with transparent andclear project and program visibility at multiple levels. • Settlement before interchange enhancement for a bank in NZ • SEPA SDD and SEPA SCT enhancement for a Bank in NL • BACS, Faster Payments enhancement for a bank in UK • ACH enhancement for a major financial leader in the USA • SWIFT based enhancement for bank in NL • Multiple payment channel integration for AustraliaIn today’s world, the issues and technological pain points faced by Payment ISVs revolvearound creating profitable service value to their customers, which would mean establishingclear visibility into client projects, improving service delivery by aligning with the deliveryobjectives of customers and enhancing business visibility by gaining insight into elementsof the project delivery processes of clients. The technological pain points faced would be anever expanding and growing IT infrastructures and requirements, dealing with constantly 4
  5. 5. PAYM E N T T E ST FACT O RY: E NA B L I NG PAY M E NT I S V S TO M EET C O M P L I A N C E N EED S A N D FA S TER U S ER A C C EP TA N C Echanging policies and regulations involving building additional functionalities, Mobility,scalability and Business Continuity.Symphony Teleca’s test factory model helps Payment ISVs solve their technological andbusiness challenges and ensures a better ROI for their investments by leveraging various welldefined processes such as continuous health check, test process standardization and efficientresource utilization, resulting in reduction of cost of setup, increase in quality of offeringsand reduced defect leakage by the use of enhancements tools and frameworks that speed upautomation. With over 42 successful major releases, 150 patches delivered and more than 10releases running live in customer environments, Payment ISVs need not look beyond.ABOUT SYMPHONY TELECA CORPORATIONSymphony Teleca Corporation, headquartered in Palo Alto, Calif., is the world’s first servicescompany dedicated exclusively to helping clients manage the global convergence of software,the cloud and connected devices. The company delivers innovative products combined withcontemporary product development, systems integration, analytics and managed services tohundreds of organizations around the world. Symphony Teleca’s 6,100 employees supportcustomers from 35 offices globally, including delivery centers in Asia, Australia, Europe andthe Americas.www.symphonyteleca.com© 2012 Symphony Teleca Corporation. All rights reserved. 5

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