Iliad, the payment testing software company, is warning that the mobile payment industry is growing rapidly and changing, presenting risks for companies as they integrate these systems with their existing ones.
In a press release, U.K.-based Iliad’s chief executive, Anthony Walton, laid out what he thinks are the biggest risks for companies in the payment market, citing the quick speed of innovation for the increased risk. “I have never seen as much innovation as we have experienced over the past two years in payments. Integration is one of the biggest challenges facing the industry,” the executive said. “If you are layering dynamic new developments on top of legacy systems, you need to make sure that the system still works from end to end and not just the newly added component.”
According to the company, developers of payment services have to be prepared to handle increases in transactions, ensure the transaction process on both sides is proven and be prepared for how quickly immediate payments will move to become an accepted standard. That, the company said, creates an expectation on the part of the customer. If the service is not reliable, it will hurt the bank’s credibility.
What’s more, Iliad said companies need to ensure the customer has no problems making payments and should not launch a service until all the kinks are worked out. Finally, the company contends firms have to make testing a central part of their plans from the beginning rather than an afterthought after they launch the service. “No bank wants to be in the news,” said Walton. “Social media channels will be delighted to expose those whose systems couldn’t cope and whose management weren’t prepared.”
While U.S. banks have been taking a slower approach to mobile payments, many are on board or are getting on board with solutions.
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