Deploying Cloud Based Systems in the Payments Industry

Deploying Cloud Based Systems in the Payments Industry

October 17th, 2019 - Payments, POS

By Mark Collins, Managing Director of TNS’ Payments Business in EMEA

Cloud based systems are still relatively new to the payments industry and recent figures suggest that of the nearly 500 billion non-cash transactions around the world, more than 95% leverage legacy payment schemes which rely on point-to-point interconnectivity. That said, leveraging cloud technology is key to advancing any distributed business which relies on big data; therefore, it is a strategic consideration which cannot be ignored.

The virtual nature of the cloud enables speed, scale and efficiency, however, not all cloud services will be for every company. Like all technologies, use of cloud services are only as good and effective as the people deploying them.

Leveraging Secure, Resilient Cloud Services

The pace of leveraging the cloud will continue despite a recent large-scale data breach at one of the world’s largest banks where a hacker gained access to more than 100 million credit applications and accounts. This is because centralized computing services offer benefits that address scale and cost. Deciding to leverage the cloud and storage should be considered a strategic, cross-functional activity for any company.

Any organization that is going to store its customers data in some other companies’ systems must be diligent in its evaluation or they run the risk of ruining brand reputation.

The migration towards Internet of Things (IoT) offers the potential for improving many aspects of daily life, but more ports of entry mean more risk of bad actors. Any industry that is embracing mobile access but not hardening its defenses through monitoring and detection puts itself at greater risk.

Focusing on protecting machine-to-machine activity used for payments is different than deploying other business systems. Payment security is vital and requires constant collaboration to be effective. This is a capability that TNS excels and has the proper expertise in protecting machine-to-machine activity.

For example, in the case of potential employee sabotage, it is strategically important to implement machine learning to quickly identify patterns of misuse. Again, this is about methods and procedures, the obligation to protect sensitive data is the role of both the service provider and the technology partner they select to help them.

Cloud solutions like TNS’ Payment Application Managed Services are protected with robust security. The result is a full range of secure and resilient cloud services without the complexity of hosting and managing a payment application internally.

Future Proofing Your Cloud Based Solutions

The cloud will enable the industry to shift its focus on stronger verification and authentication models and leave the infrastructure to trusted partners like TNS.

Small and medium businesses (SMBs) are vulnerable to data breaches and can lack the resources to implement the proper solutions. But the cloud is an ideal solution for SMBs as they require little upfront cost and investment. With cyber-attacks on the rise SMBs must be prepared for security risks and, therefore, it is imperative that they find the right cloud service provider with experience and solutions that are highly scalable to meet growing business needs.  

Risk aversion is likely the biggest hurdle for growth of payment data in the cloud unless you have a partner who has led the way. At TNS, we have spent the last 30 years offering mission critical, managed data protection by offering real-time network awareness and monitoring 24x7x365. For consumer companies focused on the end-user experience, a big hurdle is limited expertise or appreciation for data security. The value of a private cloud like TNS is a balance of time, money and risk mitigation. In short, a managed private network remains the safest option in your cloud payments strategy.

 

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