Businesses globally are challenged by legacy IT systems, particularly in payment mechanisms. Transitioning to modern systems is vital to meet customer expectations and safeguard against cyber threats.
Older payment systems not only fail to meet rising customer expectations but also present vulnerabilities to cyber attacks, which can have catastrophic effects on businesses.
Open banking principles, built on secure protocols like end-to-end encryption, offer a promising alternative. Innovations like NatWest's Payit™ aim to create secure, customer-focused payment experiences.
The evolution of financial services has seen outdated payment systems emerge, leaving them susceptible to various attacks, including Trojans, phishing, and denial of service, risking customer trust.
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