What is Payment Gateway?
- A Payment Gateway is a technology that facilitates online transactions between customers and businesses by securely transmitting payment data. It acts as an intermediary between the merchant and the financial institutions, ensuring that payments are processed seamlessly.
Payment Gateway Challenges
Security Threats - Despite encryption, the rise of cyberattacks and
fraud continues to be a challenge, making constant updates to security measures
critical.
Integration Complexity - Integrating payment gateways with existing
systems can be complicated and time-consuming.
Cross-Border Payments - Handling international payments involves
currency conversions, higher fees, and compliance with various regulations, adding
complexity.
Downtime & Technical Issues - Occasional outages or slow processing can
disrupt businesses, leading to potential revenue loss.
What is Fintech?
- Fintech, short for financial technology, refers to the integration of technology into financial services. It encompasses a wide range of innovations such as mobile banking, blockchain, digital currencies, and of course, payment gateways.
Why Fintech?
- Fintech is essential because it modernizes financial services, increases accessibility for underserved populations, and reduces costs through automation. It drives innovation, offering new financial products and personalized solutions, while improving overall efficiency in the financial sector.
BAY Financial Engine
BAY's Financial Engine is built on a robust debit/credit
journal system that supports various solutions including
accounting, tax, exchanges, e-wallets, and banking.
The system automatically generates journals from source
documents and manages a separate chart of accounts for
each organization, with up to four levels of custom accounts.
It is compliant with Malaysian GST/SST regulations and adaptable for
other regions. The system can map journal movements across different
sales, ERP, or accounting systems.
Additionally, it integrates seamlessly with Hyperledger blockchain as
an alternative to traditional databases. The Core Accounting & Finance
module connects directly with other operational modules,
ensuring efficient operations and providing a real-time financial
status.
This framework aligns with how fintech solutions enhance
payment gateways, offering a comprehensive approach to financial
management and integration.