Creating a “Culture of Resiliency” to Combat Increasing Payment System Outages
We‘ve all seen the headlines. Corporate giants with lots of resources experiencing system downtime with far-reaching effects. So, what is happening here?
The Federal Reserve system outage alone delayed hundreds of billions of dollars in transactions. What could downtime be costing you in transaction volume? Find out with the i2c Reliability Calculator!
A historic surge in digital banking and payments volume is putting underlying infrastructures to
the test and failing an untold number of customers daily. Exuberance around emerging payment technologies is driving industry-wide pressures to innovate quickly, often at the risk of compromising platform reliability.
According to reliability authority, Uptime Institute, three out of four organizations have had an outage in the past three years. Furthermore, a quarter of these outages have been categorized as severe, meaning they resulted in monetary loss or reputational damage. And the number of outages is rising steadily. What does this mean for consumers’ new-found dependency on and expectation for payments to “just work?”
“Nothing happens, whether in B2B or B2C, without payments, “says Jim McCarthy, president of i2c Inc. “It’s part and parcel of the entire commerce experience.”
Watch our insightful webinar – When Payments Fail: Sizing Up Downtime in the Digital Surge.
A “Culture of Resiliency”
|When choosing a partner for financial services, experts say that many decisions are made for the wrong reasons. “Too often people are enamored with a public cloud, a sandbox, or even fancy marketing,” says McCarthy. “Things like scale, reliability and security rise to the top after the decision has been made.”||A culture of resiliency isn‘t a moment-in-time, reactive approach to system uptime. It means organizations should “adequately resource, invest, train, check and test. And when they‘ve done all of that they do it again. And they do it again, and again.”|
Lawrence agreed and added “The biggest single thing that any organization can do is have a culture of resiliency, where they adequately resource, invest, train, check and test. And when they‘ve done all of that they do it again. And they do it again, and again.”
It’s critical to find a partner who has this “culture of resiliency” to ensure that reliability is at the core of everything they do. This is more than making sure data centers are in “safe” geographical locations away from hurricanes and earthquakes. And even today, companies are still not asking the right questions. In the webinar, Jim McCarthy explains how companies “need to peel back the onion and start to look at everything from the base foundation of where the data centers are hosted, to what software they are running on and what partners they are connected to. Unless you truly understand that, then you have no idea what type of service delivery and expectations you can set and deliver on.”
These are just a few insights from the session. Be sure to watch the webinar to learn more about:
- Common mistakes that cause unreliability in platforms
- Impact and consumer reaction to outages
- True costs associated with downtime
- Increasing need for regulation and compliance around resiliency in payments and banking
Click to watch! When Payments Fail: Sizing Up Downtime in the Digital Surge.