Newsroom

July, 2019

News Room

The Art of Contextual Commerce

Consumer expectations around the purchase experience continue to rise. Merchants who embrace technology and personalization will be poised to win big with consumers by providing personalized contextual commerce options.Frictionless purchasing options have become the name of the game.

June, 2019

News Room

Moving Digital Payments to the Cloud: The Modern Era of Transformation

The shift in the relationship between consumers and the digital world has resulted in an era of digital transformation and innovation, which businesses are trying to keep up with.For the last decade, organizations have steadily been building infrastructure for the future and financial institutions have been the pioneers in this digitalization journey.

June, 2019

News Room

Consolidation in FinTech: The New Paradigm

FinTech start-ups moved quickly and armed with their innovative business models, embraced digital innovation to provide the very best experiences to their users As a relatively young entrant, the Financial Technology sector has had a significant impact on the financial industry. As a rapidly growing area that offers swift, cost – effective and transparent financial services, FinTech has entered a new phase in its evolution.

June, 2019

News Room

AI and ML are Key to Digital Transformation for Enterprise in the Payments Space; Opus

According to Mckinsey Global Payments Report 2018, there has been a steady growth in the global payments revenue, with transaction-based revenue accounting for 40 percent of the total payments sector, which is expected to show a steady growth over the next few years. This is driven by the shifting digital landscape – the growing popularity of alternative payments solutions and digital commerce.

June, 2019

News Room

We are leveraging our vast experience in disruptive technologies like ML and Cloud Computing

TM Praveen, CEO - Opus Consulting Solutions in a chat with VARINDIA speaks of how his company has leveraged the latest technologies to bring various innovations in the BFSI industry and the milestones & achievements it has seen in the India and the global market -Can you share about various innovations you bring for the BFSI industry?

April, 2019

News Room

FinTech V/S Banks: The Road Ahead

The new age Financial Technology sector aka the FinTech sector stormed into the financial services industry post the 2008 crisis with modernised, efficient, personalised and extremely quick services. This caused a large-scale disruption in the sector and threatened the customer base of traditional banks. Some of the biggest breakthroughs in the financial services industry have been driven by FinTech organisations.

March, 2019

News Room

Role of machine learning and AI in changing the payments landscape

“We are surrounded by computers that can see, hear and learn. Welcome to the future.” – David Waters.
With Machine Learning as the medium, systems are analyzing vast amounts of data over time to carry out tasks independently; leading to better insights.

January, 2019

News Room

Opus Consulting Solutions appoints TM Praveen as CEO

Opus Consulting Solutions has appointed TM Praveen as CEO, nine months after former CEO Nitin Kulkarni quit the firm. Praveen was previously the Chief Sales Officer at the firm and the appointment is effective from January 2019. Ramesh Mengawade, Executive Chairman was functioning as the CEO in the interim period.

April, 2016

News Room

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.”

March, 2016

News Room

Opus Consulting Solutions ® 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.

Dec, 2015

News Room

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.

Dec, 2015

News Room

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.

Dec 22, 2016


Chicago, IL (PRWEB)

Press Release

Opus Consulting Solutions ® brings its payments technology expertise to FinXTech

Opus Consulting Solutions ®, a technology services and solutions company focused exclusively on meeting the needs of the payments industry, today announced that it has become a trusted member of FinXTech, a division of Bank Director, which connects qualified fintech service firms with forward-looking bank leaders of today.

CHICAGO, IL (PRWEB)

“Technology firms don’t have to be in the ‘banking business’ to provide superior payment and money-transfer services, credit-debit accounts, digital wallets, and other consumer conveniences that today are the ‘bread and butter’ of traditional retail banks,” notes Anand Ramakrishnan, President and CEO of Opus Consulting. “Over the next 5-10 years, we believe the backend infrastructure for payments will go real time, so we are working on things that will enable a real-time payments architecture. In addition to real-time payments, we believe that a huge transformation is still required on the retail side of the house, where the checkout experience needs to be improved. We are doing everything including intelligent POS, intelligent ATM and intelligent retailer ecommerce experiences, which is all enabled by taking out the intelligence from hardware and putting it out in the form of APIs. We are one of the few companies who have actually done it.”

Kelsey Weaver, President of FinXTech said, “We are happy to have Opus Consulting as a member of FinXTech. We look forward to the payments innovations and solutions Opus delivers to help banks and financial services firms deliver speedy and convenient payment services to customers.”

August 27, 2016


Chicago

Press Release

New EMV Chip Card Transaction Solution Plugs Into Existing Card Payment Authorization Systems Used by Issuers, Acquirers and Processors

CHICAGO – 04/29/2016 (PRESS RELEASE JET) —Opus Consulting Solutions ® 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 pre-paid 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 authorization-system 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.”

August 27, 2016


Chicago

Press Release

Opus Consulting Solutions ® Acquires MasterCard Emerging Payments Support Accreditation

CHICAGO, August 27, 2015 PRNewswireOpus Consulting Solutions ®, a leading provider of software solutions to the payments industry, today announced that it has reached another milestone in its growth journey by acquiring the prestigious MasterCard Emerging Payments Support Accreditation (MEPSA). The accreditation has been awarded as an acknowledgment for Opus expertise in general consulting, issuer and acquirer technical support activities.

MasterCard accredits third party companies to help their customers identify knowledgeable suppliers that can support them during and after migration to contact EMV, contactless chip products, deployment of new chip-enabled cards and terminals, mobile pay applications, cloud based payments, and digital enablement services.

On this recognition, Mr. Anand Ramakrishnan, President & CEO, Opus Consulting, said, “This accreditation is a testimony of our deep domain knowledge and expertise in enabling our customers move to next generation payment systems seamlessly. With switchover to EMV becoming a norm, this development will play a crucial role in helping Opus increase its market share tremendously.”

Acquiring MasterCard Emerging Payments Support Accreditation is a stringent process and includes training of service provider’s staff, vetting their domain expertise and effectiveness in implementing software. The contenders were judged on all these parameters.

About Opus Consulting Solutions ® is a leading payments domain focused technology services provider headquartered in the US with solution delivery centers in Pune and Chennai. Our 800+ professionals combine a wealth of experience, domain expertise, technology capabilities and mature processes to deliver market-leading solutions in the service lines of platform transformation, digital, analytics, compliance and testing. Opus has provided innovative solutions for clients in more than 25 countries that include millions of sub-second stock transactions, prepaid card programs, card-less ATM withdrawals and integration of multiple channels such as traditional, web, mobile and kiosks for seamless service delivery.