Verticals

OMNICHANNEL AND BANKING – MAKING THE SWITCH

The first credit card was issued just after WW2, and Diner’s Club became popular a little while afterwards. The challenge was that you couldn’t interconnect all the banks and their cards, you could only use the allocated card at the specific bank, but the solution to that essentially was the birth of payment systems.

31 May 2021

The Bank of America were the first to put this into practice, calling it the Bank of America System Experiments, which eventually became what we know as Visa today. Visa started coming up with a standard on integrating payments systems, but ACI Worldwide in the USA was the first company that brought to market commercially available payment platforms. “Their first switch was made available in about 1982,” says Liam Mc Dermott, Pre-Sales Manager for Payment Platforms at Altron Managed Solutions.

“The most predominant protocol in the payments world for the last few decades is a protocol called ISO8583:1987, and that came out five years after the first switch became available up until that point, but the concern here is that everyone was speaking different languages (message protocols).”

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