Discover our journey with our thought leadership and news releases.
Opus Consulting Rejigs Executive Management
Marking the completion of twenty years as a technology services and solutions provider Opus Consulting Solutions unveiled a refreshed brand identity towards strengthening its position as a strategic solutions provider to the payments industry. As part of this, Opus launched a refreshed website and announced the launch of a new set of solutions for the payments industry.
Tech Talk Radio Interview with Anand Ramakrishnan
Technology Association of Georgia.
Learn more on what Anand Ramakrishnan, CEO of Opus Consulting Solutions has to say about the trends in payments technology for 2016, Banks vs Fintech disruptors , the impact of Blockchain, the growth of the Atlanta region in the payments sector?
New EMV Chip Card Transaction Solution Plugs Into Existing Card Payment Authorization Systems Used by Issuers, Acquirers and Processors
Opus Consulting today announced the release of a new solution – the Opus EMV Transactions Accelerator – that card issuers, acquirers and processors can use to process EMV chip card transactions with their existing core-authorization engine application. The EMV Transactions Accelerator can be used with all debit, credit and prepaid card authorization systems, and it supports all leading hardware security module (HSM) brands. Implementation and integration is quick and easy, and the solution has minimal impact on an authorization system’s performance.
“Retailers have purchased new POS card payment systems that can accept both EMV card-insert and card-swipe payments, only to find that their merchant provider isn’t able to process the EMV data efficiently,” said Anand Ramakrishnan, CEO of Opus Consulting. “Our EMV Transaction Accelerator solution, which consists of two plug-in modules inserted before and after the existing core-authorization engine, identifies and processes the EMV data so that the authorization engine can approve or reject the payment request. It’s a quick, cost-effective way of leveraging their existing system to speed processing of the new EMV chip card transactions.”
Opus’ Magnum Payments Challenge
Retail may be among the main attractions of payments players, with the most obvious lures including speed of transactions and the myriad of ways in which consumers can interact at the point of purchase, online or in-store.
But the transition is not an easy one for companies navigating the vagaries of having legacy systems in place — often with the pain points in place that keep consumers frustrated at the very last second of purchase — and which may keep sales from ever being tallied in the “sold” column.
To that end, many companies are in the midst of transferring to the digital age, with backend infrastructure in need of an overhaul – and it can be a process that might need an outside solutions provider.
Poor KYC Norms Fueling Money Laundering in India
How are the new forms of remittance – crypto currency and digital — impacting anti money laundering (AML) activities? How geared-up is India in countering their illegal use?
This has got to do with the concept of brick-and-mortar versus digital remittances. In the traditional brick-and-mortar model, there is cash involved– either at the time of receiving the money or at the time of sending the money. In the digital model, it is done through credit card, debit card or through a bank account. Digital makes AML compliance a little easy. Unfortunately, there are no regulations today on Bitcoin and Blockchain. Some regulations are coming in and we will be seeing more regulations over the next few years. In a global economy, regulations have to be done in a consultative manner. India can’t work on its own in framing regulations. As the proceeds of money laundering funds terrorism also, the regulations have to be done in a global context.
Cryptocurrency is the future
Can you provide a brief background about the company. Has it always been focused on the payments industry?
Opus was promoted by three founders, who used to work for IT majors like Wipro in the early 90s. Their roles revolved around the implementation of payment switches. While the IT majors were focused on selling those solutions to the US, Team Opus focused on the Indian market with HDFC Bank and a few other banks, and built the payment services business here. By the year 2003-04, the team decided to build products on new technology to drive the cost of payments down. That was Electra suite of card payment products. They sold it over to 150 licensees in about 40-50 countries, mostly in Africa, West Asia, India and Southeast Asia. As a result, it became a successful product business.
About 18 months ago, it was decided to separate Opus and Electra into two different companies and the management eventually decided to sell Electra to Mastercard. About four years ago, we started focusing on mobile payments, when no one was even talking about it, and started work on cryptocurrency, something akin to bitcoins. Cryptocurrency will be the key by 2020 and it will easily be mainstream by that time.