New Technologies in Finance Joseph Wilk on Banking Technology
Joseph Wilk, credit card and debit card transaction specialist and owner of Millennium Merchant Services, has seen rapid changes in the credit card processing industry recently. Joseph Wilk works primarily with countertop credit and debit processing terminals, wireless satellite terminals, and electronic check readers, but these are only the tip of the iceberg when it comes to financial technology. Companies around the world are working to take finance related practices digital and to mainstream those technologies.
Currently, financial companies are jumping to adopt digital wallet technologies. Digital wallets, Joseph Wilk NJ explains, can be used both to purchase items online and in stores. They also can serve as verification devices in situations where identification is needed, such as when purchasing alcohol. Digital wallets can best be understood as multi-part systems, consisting of an individual device, an application that is run on it, and the supporting infrastructure. Joseph Wilk knows that the devices that support digital wallets are often things like smart phones. Various digital wallets are currently being marketed by Visa, Apple, MasterCard, PayPal, and others. Consumers are so far less eager than banks to adopt this new technology, although one does sometimes see someone paying for a product by using a phone.
Digital check guarantee and conversion through the use of electronic check readers is a form of technology of which Joseph Wilk NJ is much more certain. Also known as remote deposit, these check readers allow a check to be electronically scanned and deposited into any checking account. This process was hesitantly adopted and only made legal in 2004 through what is known at the Check 21 act. After a slow start, remote deposit is frequently used by businesses today with the wide availability of digital check scanning technology.
Joseph Wilk NJ knows that, with all of the changes going on in digital banking, banks are looking for ways to keep their customers safer. Citibank, for examples, has replaced the magnetic strip on its cards with a smart chip for increased security. Most banks devote a significant amount of their web presence to addressing security concerns. The has government even stepped in, requiring that banks use a two-step authentication process to verify online banking log-ins. Banks also largely use a process of encryption or scrambling any time there is a transfer of personal or financial data. With banking rated as the second most common activity performed online, it is critical to take extra security steps.
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