TECHNOLOGY TRENDS THAT ARE ALTERING THE TRADITIONAL POS INFRASTRUCTURE

Source: http://www.chetu.com/blogs/finance-2/how-payment-technology-trends-are-altering-the-traditional-pos-infrastructure.php

The payments industry is evolving to meet the demands of making payment information more secure and transactions more convenient. Businesses, banking entities, payment processors, and payment gateways are expanding their capabilities to accommodate emerging payment technologies. To keep pace with the consumer demand, upgrading the entire infrastructure is paramount to the continued success of players in the payments industry. Software providers have a unique opportunity to offer software platforms that help entities accommodate payment technology trends and ensure that the payments providers are at the forefront of the changes within the market. In 2015 there will be a revolution in the payment industry as it marks a shift toward the use of EMV chip card technology, mobile payments, and cryptocurrencies.

Traditional credit and debit cards are in the process of being phased out and replaced by EMV smart cards, which follow standards set forth by Europay, MasterCard, and Visa (EMV). The cards are the same dimensions as a conventional credit and debit card, but instead of the traditional magnetic stripe, it is equipped with a microprocessor chip. The chip is able to be used more dynamically to validate a transaction, which makes both the card and the transaction more secure. It employs a cryptography and tokenization feature making it far more advanced than a magnetic stripe that can become easily corrupted through use or poor storage. EMV smart cards have a contact function similar to an ATM or a contactless function that uses NFC technology. Although this technology is widely used abroad, it has yet to be implemented in the United States payments infrastructure. However, by October 2015 many major card networks including Visa, MasterCard, AmEx, and Discover are imposing fraud liabilities on parties that do not switch to the new EMV system. FIS reports that over 15 million POS systems and related software need to be augmented, which represents a $6.75 billion market.

Mobile payment technology enables consumers to use mobile devices to execute payment transactions. This is a result of Near-Field Communications (NFC), Quick Response (QR) codes, and cloud-based wallets. To complete payments using NFC capable devices at the Point-Of-Sale (POS), users touch their mobile accessory to a NFC device, and it sends secured payment information to the merchant, finalizing the sale. This hardware technology requires both parties, the buyer and the seller, to have NFC enabled devices. For devices not embedded with NFC hardware, QR codes can be utilized to make payments. Native QR applications are downloaded to a user’s smart device. A barcode matrix made up of black and white squares is generated by the merchant at the POS and the user employs the camera to capture the code. Once captured, the user confirms the payment to complete the payment function. Cloud-based wallets store accounts in a secure virtual cloud. Using Host Card Emulation (HCE) technology a mobile phone can use a contactless function similar to that of an EMV smart card to conduct a payment transaction. An infographic created by mobilepaymentstoday.com explains that in 2015 mobile payments can accumulate up to $1 trillion in transactions.

The evolution of standard cash is cryptocurrency; a pairing of customary “flat” money with cryptography to conceive a new monetary system. Cryptocurrencies are a type of digital money that use the latest advances in cryptography as a security measure. Cryptography takes information and transforms it into an unreadable format (encrypting). This information is then passed to the appropriate party who uses a code or key to render this encrypted information readable again (decrypting). Examples of the avant-garde cryptocurrencies available are Bitcoin, Litecoin, and Peercoin. Although smart cards and mobile payments will be primarily used as payment methods, crowdfundinsider.com reports that digital currencies are expected to be used 18% of the time by 2020.

Software providers for payments infrastructure technology must understand the direction of consumer and business interests. It will be imperative for every business big or small to adapt to the new payment technologies. Software providers can be on the ground floor of this development and capitalize on software to alleviate some of the hassles that merchants, retailers, and entities will face when trying to upgrade their payment systems. To accommodate this revolution it will be critical to take into account all the payment technologies that consumers are using. Although the afore mentioned technologies are all different in their own ways, producing all-encompassing payment gateway and payment processing software and hardware, that integrates seamlessly into legacy systems will be a huge selling point. Creating a software that embodies all three of these emerging technologies will be beneficial as businesses are looking to satiate consumer demands. Creating a product that can be smoothly integrated with existing software and hardware will allow retailers to augment their POS while keeping costs minimal.

MOBILE PAYMENT PLATFORMS: A SECURE AND CONVENIENT ALTERNATIVE TO TRADITIONAL PAYMENT PLATFORMS

Source: http://www.chetu.com/blogs/finance-2/mobile-payment-platforms-a-secure-and-convenient-alternative-to-traditional-payment-platforms.php

With advances in technology shaping the way society conducts business, it comes as no surprise that the traditional way of making standard purchases has evolved throughout the years. Innovative technology in payment platforms has given way to the emerging trend of mobile payments. Mobile payment technology allows consumers to use their smartphones to complete payment transactions. This is made possible by the use of near-field communications (NFC) and/or quick response (QR) codes.

To make payments using NFC hardware, at the point of sale (POS), users touch their phone to a NFC device, and the phone sends secured payment information to the vendor to complete the sale. This hardware based technology requires both the consumer and the merchant to have NFC enabled devices. For those that do not have devices embedded with NFC hardware, quick response codes can be used to make payments. QR code applications can be downloaded natively to a user's smart device. At the POS, a barcode matrix made up of black and white squares is generated by the merchant. The user then opens the QR application and uses the camera to capture the code. Once captured, the user confirms the amount and the payment is completed. Vice versa, the user can generate a QR code using an e-wallet application, and it can be scanned by the merchant to execute a payment.

The primary security platform that mobile payments are based on is the tokenization of payment data. Tokenization is the process of replacing sensitive payment information, such as names, primary account numbers (PAN), and expiration dates, with a unique identifying code generated at random. This technology is the best practice for risk reduction, when sending and receiving payment data. Tokenization is used by credit and debit card payment processors to intercept card data at the POS, and replace it with a randomly generated code, before it goes through the appropriate gateways. The downfall with the current method is that the sensitive account information is collected and stored by merchants at the POS.

Mobile payments differ from the traditional plastic cards by having these tokens stored on the mobile device. There will be no trace of the essential information that is used to complete the payment process. When paying at a merchant POS, the token is transferred from the mobile device to the merchant, then through the appropriate channels, without any actual account data attached. This leaves hackers and thieves with no valuable information to steal from a phone or merchants' databases. This is a breath of fresh air in the wake of big companies, like Target and Home Depot, who have had data breaches and customers' account information stolen.

Payments made through mobile devices are a definitive improvement on the security of account information, and the way we use them to make payments. Most fees attached to processing debit and credit card payments are to protect processing companies from damages resulting from fraud. Without the payouts for reimbursing fraudulent charges or the monetary resources used to rectify such situations, payment processors can reduce fees and increase profits. Forms of tokenization are already used, therefore, payment processors do not have to dramatically augment their legacy systems to accommodate a mobile payments platform. Integration of NFC devices and QR codes at the POS is a simple and painless process. Facilitating mobile payment platforms will be a manageable and profitable venture for payment processors.

Mainstream traction for mobile payment platforms is increasing due to the improvement of security and added convenience advantages. Apple, Inc. is encouraging the trend by including NFC and mobile payment technology in the latest installment of the iPhone, and their new product the Apple Watch. With sales exceeding their expectations it seems the new Apple Pay platform will give advocacy to the mobile payments industry. Also, PayPal, a major player in the payments industry, sees QR codes as a feasible avenue to pursue by allowing their users to make payments using this method. With the backing of popular companies, mobile payments become a logical platform for processors to adopt with viable benefits extending to consumers and merchants.

Applications that facilitate mobile payments are a convenient way to store and use all of the financial accounts at your disposal. They allow the user to securely cache all debit, credit, and merchant specific cards on one device. Having a mobile payments application eliminates the need to carry cash or multiple plastic cards. Using this technology not only cuts down on clutter, but it also truncates the length of POS transactions. Although many feel that the new technology platform may be difficult to learn and use, most applications have a user friendly interface that makes it effortless for even the least technologically adept individuals.

Mobile payment platforms are a more secure way to pay for any product. Unlike traditional plastic cards that use the same account information for every transaction, the mobile payments platforms have dynamic authentication protocols. Every purchase communication between the buyer and seller is tokenized, and uses multiple levels of identity authentication to protect against fraud and theft.  Smart phones also have the extra protection of requiring a passcode to access the phone directly and another for the payment PIN. In regards to cash, mobile payment users do not have to worry about losing physical money in the event the mobile device is stolen, lost, or destroyed.

Processing mobile payments have lower transaction fees compared to their cash and card counterparts. Although cash is a ubiquitous form of payment, it is important to realize that there are transaction fees attached to the exchange. A percentage for calculation, counting, verifying, securing, and storing physical monies equates to a certain proportion of transactional costs. At the same time the cost of accepting debit and credit cards decreases profits, and businesses accept the fee as an inevitable expense of conducting business. With mobile payments, transactional costs can be reduced to a fraction, saving businesses copious amounts of money in the long run.

Adopting a mobile payment platform can be extremely convenient for businesses. Businesses will be able to increase the speed of unique transactions helping reduce wait time for customers. This improves customer experience, and allows for more transactions per hour. Furthermore, it can maximize employee's use of time. Another convenience of mobile payments is that businesses can accept payments away from the brick and mortar location much easier. It would not be burdensome to collect a payment while making a delivery or attending outside events. Not only can it bring the POS to the consumer, it also has the ability to email the receipts and invoices to both parties.

Worldwide adoption of mobile payment technology is a win-win for everyone involved. It makes the current use of debit and credit cards seem crude and hazardous. In this technological age, where all electronic information transmission comes with a risk, mobile payments are making it more convenient and secure to make transactions. It will be interesting to see the full potential of this technology as major players invest and consumers start to embrace the trend.

CFPB'S TILA/RESPA REGULATION AND THE IMPACT ON MORTGAGE SOFTWARE DEVELOPMENT

Source: http://www.chetu.com/blogs/finance-2/cfpbs-tilarespa-regulation-and-the-impact-on-mortgage-software-development.php

In the wake of the New Year, lenders are gearing up to adopt the latest protocols the Consumer Financial Protection Bureau (CFPB) enacted with the Truth in Lending Act / Real Estate Settlement Procedures Act (TILA/RESPA) integrated disclosure rule. Dubbed “know before you owe”, the revised document formats and accompanying regulations for closed-end credit transactions on real estate property will take effect Aug. 1st, 2015. The new policies put forth by the CFPB, in its fundamental state, consolidates the currently existing Good Faith Estimate (GFE) and Truth-in-Lending (TIL) disclosures into the “loan estimate” documents. The new loan estimate form must be prepared and sent to consumers no later than three business days after a lender receives the application information. Additionally, it unifies the HUD-1 and final TIL into the “closing disclosure” documents, which must be provided to the consumer three days prior to loan consummation. It is hypothesized that this will alleviate the overwhelming paper bundles borrowers receive when shopping for mortgages, and simplify mortgage disclosure documents to make it easier for the average consumer to examine, understand, and compare critical information such as costs of closing, payment schedules, and interest rates.

Although these new rules make it better for the borrowers, it represents a significant hurdle for lenders and their respective software vendors to overcome. It is a tremendous cost to upgrade the impending out of date software to abide by the new regulations, document formats, and calculations. There is a substantial opportunity for startups and software proprietors to enter the market and create a product that is specifically geared toward the “know what you owe” amendments. In an article titled CFPB Final Integrated Mortgage Disclosure Rule posted online at americanactionforum.org, the cost to implement the given augmentations will exceed $1 billion. Although this number includes associated costs of updating software like training employees and formulating new work processes, it does represent a significant market opportunity for software providers and developers who specialize in the lending and mortgage industries. A good portion of that cost is specifically dedicated to updating software concerns to be compliant with the modernized standards.

An entity can develop a loan origination, underwriting, amortization, and document parsing software from scratch to gain market share. This represents an opportunity to create a software that will be tailored to the specific regulations and be able to make an easy-to-use application that maximizes essential workflows. Lenders are looking to cut costs associated with the pre-qualification, origination, and processing procedures while adhering to the CFPB regulations and document formats.

Appropriate software needs to inherently automate the entirety of the lending disclosure process with proper data input fields, calculation functions, and document parsing plus formatting templates. With the new workflow timing of three days it may be advantageous to offer these services as a cloud-based platform. This will allow multiple departments within a lending branch to update information at the same time, thus enabling them to create the loan estimate within the required timeline.

Another viable option is to offer third-party updates and compliance solutions for those not looking to invest in a completely new software system. For lenders who only wish to be compliant to the new regulations, software developers and providers can create a patch for existing SaaS or native software applications. This provides lending entities with an inexpensive executable patch file for popular loan originating, underwriting, amortization, and parsing software can be a feasible monetization strategy for existing platforms. The patch should be programmed to precisely bridge any gaps in functionality where the application fails to meet any specific regulation requirements.

Furthermore, software providers can market an independent compliance audit software. This would run as a Qualitative Analysis (QA) program to ensure that all software is compliant with the requirements. This will enable lenders to identify where they would need to augment their current software. With regulations constantly changing and companies mandatorily keeping up with the pace, companies employ automated compliance tools to assess which processes need to be updated. This is an important tool lenders use to reduce time and money, giving internal operations a minimum recommendation to be compliant with new amendments to regulatory compliances.

With the regulations and red-tape surrounding the mortgage and finance industry, having the guidance of an industry specific back-end programmer is paramount. Amidst recursive revisions in the mortgage industry it is important to keep a lasting relationship with technology developers to update software to stay ahead of the curve. With Aug. 1st a mere seven months away, software proprietors need to act now to cash in on the market fueled by the necessity to conform. If you feel it is too soon to penetrate the finance and mortgage market at the current time, the regulation landscape is constantly being altered, and offers multiple opportunities for market entry with innovative mortgage software.

Developing EMV POS Solutions to Reduce Fraudulent Liabilities

Source: http://www.chetu.com/blogs/finance-2/developing-emv-pos-solutions-reduce-fraudulent-liabilities.php

The rapidly approaching EMV compliance deadline of October, 1st 2015 marks a liability shift to the least secure entity in the payments chain. To aid their customers in the quest to accommodate EMV standards, a transportation in-vehicle technology solutions company presented Chetu with the task to upgrade their Point-of-Sale (POS) offerings. They wanted EMV payment terminals with the applicable ISO standards to accept mag-stripe, EMV, and contactless card functions, programmed with all the appropriate AIDs and support for offline batch processing. Chetu’s software solutions allowed this proprietor to offer secure and reliable POS terminals to adapt to the changing payments infrastructure.

How the Payments Landscape is Changing

 Fraudulent charges using payment card information is rampant in the United States and around the world. To combat this dilemma traditional credit and debit cards are in the process of being phased out and replaced by Europay, MasterCard, and Visa (EMV) smart card standards. The cards, which have a contact function similar to an ATM or a contactless function that uses NFC technology, are equipped with a microprocessor chip in conjunction with the traditional magnetic stripe. The chip is able to be used more dynamically to validate a transaction by employing inherent cryptography and tokenization features, making it far more advanced than other card payment technology. The conventional mag-stripe uses a signature and visual inspection to safeguard the use of natively stored personal identifiers. Unfortunately, this data can be easily duplicated and reused. The “chip and pin” cards do not store personal data natively making them difficult to decrypt and counterfeit. They also employ a Personal Identification Number (PIN) validation making them a more secure option.

Although chip and pin cards are widely used abroad, they have yet to be mainstreamed in the United States payments infrastructure. By October 2015 major card networks including Visa, MasterCard, AmEx, and Discover will start imposing fraud liabilities on parties that do not switch to the new EMV standards. For merchants, financial institutions, and fuel dispensers, this means adding new payment technologies at the Point-of-Sale.

• U.S. fraudulent charges equates to 51% of the total global cost of $13.9 billion in 2013
• EMV chip and pin cards will be employed to mitigate fraud
• Shift in liability from payment processors to the least secure entity, those using mag-stripe only POS systems
• Compliance date for all merchant POS transactions is October 2015
• ATM owners will be liable for costs associated with counterfeit card fraud in 2016
• In 2017 the least secure entity for automated fuel dispensers will be held accountable
• Merchants need to invest in the new payments technology to avoid liabilities associated with fraudulent activity

Problems Overcoming the Liability Shift

 A client, who is a leading provider of global transportation in-vehicle technology solutions, wished to implement a POS EMV system, to be offered to independent merchant taxi service entities. The inherent problem was that they had to update their current POS systems to alleviate the liability shift from their customers. They wanted to integrate with a leading payment processor that they already associated with, and a certified hardware terminal that supports mag-stripe, EMV, and contactless, which conforms to the following ISO standards:

•  ISO 7816 for contact chip cards in which the chip card communicates with a reader through a contact plate for data exchange between card and reader
• ISO 14443 for contactless chip card functions in which the chip communicates with a reader over a radio frequency for data exchange between card and reader
• ISO 8583 to exchange card transaction data between processors, networks, and card issuers

Additionally, Chetu was tasked with the research to find a suitable mobile card reader device that supports mag-stripe, EMV, and contactless card types. The stipulations to be considered while choosing the card readers were:

• Cost factors
• Ease of integration (SDK/API availability)
• OS support (Windows, iOS, and Android)
• Connectivity (Serial, USB, Bluetooth, etc.)
• Certification and compatibility with processors to inject keys in order to support E2E (end-to-end) encryption

Furthermore, once the hardware is chosen the following issues needed to be addressed:

• Implementation of application Identifiers (AIDs)
• Enable support for offline features

Chetu’s Software Development Solutions

With the extensive research done by the Chetu team the following terminals were found to support the appropriate ISO standards for mag-stripe, EMV, and contactless card functions:

Following the research, it was subsequently decided to select the Ingenico iPP 320 device. With adherence to the aforementioned stipulations this device supports the necessary ISO functions, is First Data certified for supporting end-to-end encryption, is within the proposed budget, and has all necessary features.

 With the proper EMV terminal selected it was then imperative to program the AIDs. EMV chips are equipped with an Integrated Circuit Card (ICC) application. These applications hold the identifiers, or tags, that allow different proprietary card issuers, payment processors, and card networks to uniquely interact with different terminals. A card using EMV standards will contain one or more unique AIDs, as well as each payment terminal used will have one or more of the corresponding Identifiers to accept that card. Each merchant has their own payment partners hence terminals offered were programmed with all available AIDs as to be ready to accept a transportation merchant’s payment network partner’s cards.

 Additionally, the terminals were programed for offline batch processing for areas where internet infrastructure is unreliable and slow. Static Data Authentication (SDA) allows for offline validation by signature and a batch processing function when a solid connection to the internet is maintained.

 Benefits as a Result of Upgrading their Payment Offerings

• This entity can offer their customers a secure, reliable, and cost effective POS terminal for the transportation industry
• Allows this company to offer a payments solution that relieves customers from the liability shift
• Support and receive transactions from multiple payment options including mag-stripe, EMV chip-and-pin / sign, and contactless
• Allows the proprietor to offer mobile, Bluetooth, and USB connectivity for motility within the transportation industry
• Allows this entity to offer offline support and batch processing for areas with unreliable internet infrastructure

 About Chetu

 Chetu is a 16-year old software development provider that delivers world-class software solutions serving entrepreneurs to Fortune 500 clients. With a growing team of highly skilled engineers spread across nine global locations, it is able to provide a modular approach that fits customers’ budgets, yet does not compromise on local interaction or real time collaboration. Beyond providing software resources, Chetu excels in providing industry specific and niche technology solutions for healthcare, retail, finance, telecom, gaming, hospitality, travel, e-learning, supply chain, and many others. Its services include process and systems design, custom application development, business intelligence and reporting, systems integration, mobile plus tablet applications, wearable tech software, as well as testing, maintenance, and support. Chetu’s expertise spans across the entire software technology spectrum.

 Contact Information:

Phone: (954) 342-5676 / Email: Sales@chetu.com / Web: www.Chetu.com

HOW WEARABLE TECHNOLOGY CAN BE AN INDUSTRY GAME CHANGER

Source: http://www.chetu.com/blogs/wearable-technology/how-wearable-technology-can-be-an-industry-game-changer.php

Wearable technology is the growing trend of fusing electronics with standard accessories such as watches, glasses, and bracelets. Wearable tech has reached a tipping point for mainstream adoption as developers tap into the devices full potential to find innovative ways to incorporate wearable devices into day-to-day business operations. These devices can offer numerous benefits to businesses by increasing efficiency, improving customer experiences, and reducing human error. These innovations can be used across multiple industries including healthcare, retail, education, finance, insurance, and gaming.

Healthcare:
The healthcare industry has long used wearable devices like blood glucose meters and pacemakers, to improve the quality of care and survivability in patients with arrhythmia and diabetes. In an industry where improving patient outcomes is vital to the continued success of the provider, it comes as no surprise that the healthcare industry has been quick to bring externally worn medical devices into the patient care continuum. Devices called fit bands can provide real-time monitoring of heart rate, glucose levels, calorie counts, distances ran, walked, or biked, blood oxygen levels, and sleep cycles. Patients who wear these devices can have their health stats immediately integrated with their Electronic Medical Records (EMR). In addition to EMR integration, these devices can be interfaced with customized mobile applications to track the progression of treatment and help patients meet wellness goals to avoid a relapse in illness. Health and lifestyle fitness bands can be integrated with first response software to provide patients with critical emergency services during health crises that may leave them unable to contact EMT services. Google Glass has also been embraced by healthcare practitioners for use in patient examination, surgical quality assurances, recovery monitoring, and recording physical plus psychological therapy.

Retail:
Although there is a market for creating customer facing applications that integrate with wearable devices such as smart watches and glasses to provide a more complete brand immersion experience, the real game changer for the retail industry is how wearable devices can improve inventory control and employee productivity. Smart glasses and smart watches with RFID or barcode reading capabilities integrated to inventory control software applications and back-office analytics provide a more convenient solution to inventory management. Additionally, these devices can be used for quality control by allowing the wearer to use image capture capabilities to produce real-time evidence of damaged inventory directly to the inventory control application. Wearable devices can also substitute as mobile payment platforms that allow merchants, suppliers, and retailers to process payments without being tied to a static point-of-sale system.

Education:
Educational software comes with the overarching goal of making learning more accessible, interactive, and successful for students of all ages. Therefore, it is only natural that educators would be interested in technology that can improve learning outcomes for their students. Wearable tech in the classroom  can give students a safer, more highly interactive learning experience while providing educators with the ability to record and track student performance in real-time.

Finance and Insurance:
Wearable computers can also have a significant effect on the financial services industry. In addition to adaptable client-facing banking applications and voice activated payment transaction platforms, field agents can use smart devices for real-time appraisals and on-site damage claims verification. These applications, when integrated with claims management systems, can increase employee efficiency and speed the claims process. However, it is important to note that security in financial applications is just as important as functionality and appearance, so those looking to build a financial application for wearable devices should take care to ensure their software adheres to the same strict standards that apply to other applications within the industry.

Gaming:
There is an unprecedented opportunity for game developers to create apps designed specifically for wearable devices that produce an elaborate gaming experience for users. Gaming applications for wearable devices can incorporate built in elements from the devices such as gesture tracking and gyroscopic motion sensing to create a highly interactive, complex game experience.

As wearable tech devices become more popular among consumers and businesses, there will be an increased demand for applications that can operate on them. The practicality and convenience of wearable devices will provide a distinct advantage for any business seeking to capitalize on the latest technological trends. Many industries have already seen the potential for practical use of wearable computers and have embraced this growing trend out of the desire to save lives, save money, increase efficiency, or create more interactive user experiences.

CHETU WEIGHS IN ON THE IMPACT OF WEARABLE TECHNOLOGY IN RETAIL

Source: http://www.chetu.com/blogs/retail/chetu-weighs-impact-wearable-technology-retail.php

Wearable technology is slowly becoming a must have for consumers, and innovative retailers are beginning to implement wearable technology to enhance the omni-channel customer experience.But competition is necessary to fuel innovation and bring a product to mainstream.

Q: It’s been suggested that wearables could prove to be revolutionary for retail. What are some of the enhancements wearables can make possible for retailers down the road?

We at Chetu are very interested to see how the future of wearable technology will shape every industry, but within the realms of the retail landscape we believe that retailers can leverage location-based marketing services on wearable devices by using geo-fencing and beaconing technology to facilitate customer engagement. Geo-fencing is a technology that enables contextual marketing to users within a certain external perimeter. While geo-fencing is mainly concerned with externally creating a demand and bringing consumers in, it is supplemented with on-site proximity services called beaconing. Integrating location aware marketing mediums with CRM platforms helps deliver highly targeted contextual messages to users precisely at the right time. Although this tactic is not exactly the cutting edge in technology nor marketing, making use of the Heads-Up Display (HUD) seems promising. We do believe that retailers should plan ahead and target wearable innovators with a pilot program to refine a strategy for when there is mass adoption.

Q: Realistically, what can retailers expect to gain from integrating wearables over the next year or two?

The overall benefit retailers can expect to gain by incorporating wearable technology is strengthening customer experience through streamlined interactions, and giving the customer access to more relevant information at the right time. With the challenge of separating oneself from the competition, retailers are looking to leverage a better customer experience and brand interaction. Streamlining payment processing and customer product inquiries, plus using timely, contextual alerts about new products, promotions, and other related data by utilizing wearables will increase the user experience a consumer receives when interacting with a certain brand.

 Q: Do you see a future for Google Glass in general? What do you think its future is in retail?

At the time when Google Glass was making a solid buzz no one really saw a viable need to buy the expensive glasses beyond being an early adopter of innovative technology. We at Chetu are still remaining optimistic about the mainstream use of smart glasses. As a technology software provider we cannot help but wonder of all the possibilities that can become, if only it was embraced by the masses, and was seen as a lucrative venture by application proprietors. In retail specifically we believe in the augmented reality applications that can help retailers. The fundamental idea is superimposing computer generated graphics over the environment, as a consumer sees it, by using the camera function. It gives consumers a virtual “hands on approach” to shopping by manipulating reality to show how a need or want will be fulfilled.

Q: What about Sony’s SmartEyeglass? Do you think the tepid response to Google Glass will hurt it? Could it succeed in any ways that Google Glass has failed so far?

Unfortunately we do not see Sony’s SmartEyeglass going above and beyond the impact of Google Glass in terms of demand. We do like the idea of the augmented reality applications, but the bulky and unseemly look will likely throw off casual technology adopters. That may have been the fallacy with Google Glass, that people did not feel the glasses were aesthetically pleasing. Even if they were satisfied with the functionality, they had to be inclined to wearing the style that Google offered. Hence, we believe Sony has a solid idea with the SmartEyeglass Attach, which is hardware that adheres to a consumers own glasses. Although it is a single lens display, offering a product which snaps to glasses that consumers already find visually appealing may be the key. We are always curious which technologies are to gain mass appeal and we welcome the challenge to create innovative application solutions that will lend a hand to their continued success.

Q: The Apple Watch seems most likely to take hold in the mainstream. What impact do you think it will have on retailers?

The market for smart watches is still in its infancy, and it is unclear how much of an impact the Apple Watch will make. One thing is for sure, that if anyone is going to create a product that will give a certain technology a push in the right direction it will be Apple. Chetu cannot wait to develop a diversity of practical applications from software proprietors, who wish to make a mark on the retail industry. As previously mentioned we see location-based marketing being significant. Also, creating apps that facilitate operational functions, like Human Capital Management (HCM) applications are beneficial. For example, integrating alert and task setting modules, could utilizing an employee base more efficiently.

Q: Can the increase in popularity for mobile payments help drive adoption of wearables by shoppers?

Absolutely. Since Apple has come out with NFC inherent devices, we have seen mobile payments gaining some promising momentum. The ubiquity of smart phones and endorsement by popular retailers’ use of mobile payment ready POS devices in stores has created a strong current. Consumers who see the benefits of an all-digital wallet may be more prone to adopting wearables.

 Q: How do you see retailers using wearables differently than they’re currently using mobile?                   

What we believe is that it is not how to use wearables differently than mobile devices, but rather how to synergize mobile with a proper wearable application. Obviously, there are some inherent limitations on wearable technologies. Creating applications that use the convenience, portability, and the HUD of wearable tech devices with the functionality of a mobile phone or tablet is the best way to maximize an applications potential.

Do you see wearable devices shaking up the retail space? Share your comments with us below or talk to us on Twitter @ChetuInc 

ONLINE CASINO WEBSITES EMPLOY SOPHISTICATED SOFTWARE TO QUELL CYBERCRIMES

Source: http://www.chetu.com/blogs/gaming/how-online-casino-websites-employ-software-to-quell-cybercrimes.php

An online casino's success, credibility, and prestige are directly proportionate to the security of the site. These websites host immense amounts of financial transactions, and users will only trust those that are conscious about providing their clients with a safe space to play digital versions of traditional casino games. There are many inherent threats to the integrity of an online casino website and entities must take advantage of the most up-to-date technologies to combat them. Cheaters, hackers, and financial criminals are constantly evolving their strategies to get away with illegal activities. It is this reason that online casino websites employ sophisticated software to quell cybercrimes, protect customer information, prevent cheating, and improve the profitability of the website.

The Direct Threats

Online casinos represent a prime opportunity for cyber criminals to launder money. They disguise themselves behind high volumes of financial transactions using intangible currencies. Launderers cycle misappropriated monies through an online casino to receive clean money in the form of gambling winnings. Online casinos offer money launderers the perfect cover to commit their cyber-crimes. Online gambling was coined in a response to gambling jurisdictions, hence, most casino websites offer users the choice to be completely anonymous. Presently, there are so many options available to credit an account without having personal information attached through online gaming sites including player to player transfers, prepaid cards, and cryptocurrencies. Digital currencies can flow across the world and through multiple entities in the blink of an eye, leaving no money trails. This makes using cryptocurrencies and online casinos a viable option for those trying to launder money. Furthermore, more and more online casinos keep popping up every day. The sheer number of available avenues for laundering money paired with no money trails and complete anonymity presents a difficult landscape for regulators to control and quell cyber money laundering.

Another major concern for any casino regardless of whether that casino is one of the many on the Las Vegas strip or operates entirely on the Internet is cheating. Cheating can cost a casino millions in potential revenue and unfortunately, cyber-criminals are continuously creating inventive ways to cheat the system and steal money from online casinos and their users. Some choose to create counterfeit chips or coins, which allows the cheater to win money without risking losing any of their own. Another method favored by cheaters is to hack into the database that stores past hand data and execute statistical analysis programs to analyze opponent patterns. Cyber criminals also automate the aforementioned cheating tactics with bots to play on their behalf. Bots can handle multiple accounts and leverage player statistics in real time to give an unfair advantage to the hacker. A final security risk for online casinos comes in the form of unscrupulous employees using administrative information obtained as part of their job to siphon money, harvest consumer information for reselling, and other duplicitous actions that can cause serious problems for the casinos and the players who trust their information is safe.

Safeguarding Your Online Casino

An article published by ibj.com, which expands on a report by MacAfee, a security software manufacturer, establishes that hacking causes the global economy upwards to $575 billion. With the amount of money passing through a gambling website, these sites are prime targets for malicious attacks from hackers to obtain pertinent financial data. A strong firewall can be a deterrent for some hackers, but this will not be enough to keep the most determined hackers out of your site.

Online casinos are a data warehouse for a plethora of financial information including clients bank accounts, routing numbers, debit/credit card numbers, and account balances that puts operators and users at risk if not properly secure. Rendering payment information unreadable by Secure Sockets Layer (SSL) data encryption protocols so only authorized recipients can receive the information is the industry standard. SSL encryption is security technology for the exchange of sensitive information from a client browser to a web server.

One of the ways to safeguard an online casino is to employ countermeasures similar to those used by cheaters looking to hack the system. Many will use bots as a way to automate the search for vulnerabilities. Therefore, the online casino must be prepared to counter this through tactics intended to slow down the attacks by limiting the number of failed logins and other methods that trip up bots. These tactics stall the potential hackers and bot attacks, but do not stop tricksters who use bots to place bets on multiple accounts or those using counterfeit chips. Instead, it is vital that the online casino have built in safeguards that flag unusual betting activity, verify the identity of the account owner, and monitoring whether there is a difference between the payment account and the cash-out account.

Online casino operators have an intrinsic obligation to put forth an effort to halt financial crimes. Using money laundering detection software can help entities identify illicit financial activities. Employing an automated system for risk assessment will be beneficial. Analysis of financial transactions including large and repetitious deposits will be flagged for review. Additionally, patterns in smurfing, or transactions kept under amounts of detection, will also be reviewed and analyzed juxtaposed player statistics to create a risk assessment. This software will help websites block accounts and IP addresses that are high risks and may be using the site for illegal purposes.

Internally, online casinos can implement fraud detection software that requires appropriate credentials to execute specific actions including transferring chips from one account to another and accessing customer information. Such software flags suspicious behavior, allowing companies to catch the perpetrator in the act by recording subsequent action during the same period or by the same user, further safeguarding consumer's privacy.

As a final note, although regulations and licensing requirements vary dependent on location, many agencies require proof that you have taken appropriate action to protect your online casino from internal and external threats. Beyond the licensing perspective, ensuring you have a safe, reliable online casino improves the odds that customers will continue to spend money at your online casino.

TECHNOLOGY'S IMPACT ON GROCERY SUPPLY CHAINS

Source: http://www.chetu.com/blogs/retail/impact-of-technology-on-grocery-supply-chains.php

There is a contemporary trend of food retailers looking to software solutions to expand beyond their brick-and-mortar channels. Technologies are being leveraged to allow for a completely web-based ordering and procurement system, revolutionizing the way consumers obtain goods. Forward-thinking entities in the grocery retail sector are reaping tremendous rewards by offering convenient online ordering and same-day delivery of grocery items at no or minimal extra costs to the consumer.

There are myriad software solutions used in supply chain, retail and grocery sectors that can be used to enhance and refine operations to accommodate this new trend. Specifically, developing, integrating and implementing custom software solutions including but not limited to custom mobile applications, Order Management Systems (OMS), Inventory Management Systems (IMS), Warehouse Management Systems (WMS), fleet management platforms, plus business intelligence and analytics allow entities to gain a competitive edge in the market.

The aforementioned technology virtually eliminates unnecessary overhead associated with meeting demand by creating a well-oiled, autonomous system. As advancements are made in software technology for supply chain and logistics, retailers and grocers will be able to enhance customer experiences by having an omni-channel presence. As supply chains become more lean grocery retailers can utilize online channels to increase sales. The online grocery trend is best exploited by employing mobile apps with features that allow consumers to generate running grocery lists through the week. When a consumer needs to procure groceries they can place an order, settle payments and opt pick-up / delivery times through the app, altering the final stage in the grocery supply chain.

There are also wearable and mobile based software intended for use by the grocers to aggregate, route and manage orders. For example, software allowing a product picker to use a handheld or wearable device to pick orders more efficiently, by employing a more effective automated process in a warehouse or store environment. By scanning barcodes, QR codes, or SKU numbers, entities can ensure more accurate traceability. Orders can be downloaded to a specific device, then when picking is complete, uploaded back to the software platform, thus reducing clerical errors and efforts to complete the orders.

Track and trace software by means of a robust fleet management platform is imperative to improving supply chain visibility and traceability. Through specific development and implementation the software determines the GPS geocoordinates of multiple shipments and displays the actual location plus ETA through a defined User Interface (UI) integrated with a mapping API like Google Maps. Having a platform for viewing on mobile devices through optimized programing of web-based technologies is imperative. Integrating a two way communication platform with SMS messaging and push notification modules increases the scope of the application.

Additionally, utilizing custom software that effectively integrates with hardware for Radio Frequency Identification (RFID), barcode, and Quick Response (QR) code scanning helps entities obtain crucial event data at all points within the supply chain. Having this data translated onto real-time reporting dashboards gives insights into the complete journey of specific products through the supply chain. The real-time analytics provided help entities refine their supply operations, which can translate to quicker delivery times to the end-user.

Furthermore, digital technology surrounding big data and analytics will continue to impact grocers in a big way. Companies strive to gather and analyze internal and external data to get a snapshot of how to improve productivity, streamline processes, reduce costs and improve accuracy across all facets of the supply chain. Predictive analytics is a hot button issue in the food retailer industry. Forecasting software is of paramount concern to all businesses, but with perishable goods, having the insight to anticipate future sales based on existing trends is pivotal to ensuring supply of each item is high enough to meet demand without incurring a loss due to the expiration of goods. At its fundamentals a basic forecasting software ties inventory management software to the point-of-sale to automatically account for each item as it is sold, allowing grocers to view real-time and historical data to predict when orders should be placed and how much of each item must be ordered.