Real-Time Processing Demands
It is not uncommon for financial institutions to find themselves in a situation where accurate transaction processing and authorization are the most desirable, especially during action traffic.Thus, the following requirements needs to get fulfilled to meet the desired results:
Continuous Real-Time Processing
This keeps the turnaround of the transactions as fast as possible to help fully meet the customers’ expectations. OmniSwitch also maintains high efficiency in the system and enables financial institutions to handle the load in the age of digitalization.
Robust Security Measures
Security is one of the most critical issues for a financial company since fraudsters are always on the prowl, and data breaches are a constant possibility. Surprisingly, financial fraud was identified as the cause of incidents that would cost billions of dollars in 2022. OmniSwitch combines high and efficient security features, including OmniCrypto and FraudBlocker. OmniCrypto supports TLS 1. 3, tokenization, and critical exchange, all keeping in mind that the individual transaction should be secured. FraudBlocker troubleshoots fraud 24/7 for the institution and clients to protect them.
Continuous Availability and Scalability
Financial entities frequently need help to afford downtime when processing many transactions and performing system updates. Unlike other systems, OmniSwitch runs 24/7 nonstop and does not require halting systems or further reconfiguration.
Versatile Payment Solutions
Companies must cope with various payment options and guarantee compliance with the existing systems. OmniSwitch accepts many forms of payment such as ACH, mobile, ATM, POS terminals, and, more importantly, over 50 national and international interchanges. Open banking API allows for effective interaction with the multifunctional and fast-growing platforms of mobile and web applications, making payment systems more flexible.
Customizable and Modular Architecture
Businesses need solutions that can be customized according to the institution’s features and needs over time. OmniSwitch is based on the principle of SOA with LSBA to provide the necessary features in specific organizations. These process components can also be used to meet the needs of the business change, making the system an enduring optimal solution. Additional exits facilitate the adjustment of OmniSwitch to special operation needs, which makes this manufacturer’s products rather valuable for financial organizations.
Key Components of OmniSwitch
| Component | Description |
| OmniDirector | Efficient communication to conduct message transmission within the business components. It provides communication data transformation services based on structure and intelligent routing. |
| OmniAuth | It gives prior approval, which results in the reduction of calls to the engine and thus enhances the flow. |
| FraudBlocker | Real-time fraud checking and prevention are available, and, in addition, it generates complete reports when the system is not disconnected. |
| OmniATM/OmniPOS | It benefits bulk terminal driving for the widespread ATMs and POS gears, entails terminal download and monitoring, and dynamic/remote key exchange, among others. |
| OmniCrypto | Includes enhanced security features such as authentication and authorization based on the role and permission; the product meets the PCI DSS and EMVChip requirements. |
| OpenAPIs | Currently supports over 300 secure APIs to improve service delivery and interaction with other platforms. |
| OmniDash | It offers real-time transaction monitoring and flow statistics. |
| OmniSplunk | Helps with accurate real-time analysis, performance measurement, and decision-making-related activities. |
