Data Backup Digest

Consumers are finally starting to warm up to the idea of electronic transactions. Although many were skeptical at first, revolutions like big data analytics and the Internet of Things have come together to ease the transition into the digital age. But we still have some work to do, especially amongst traditionalists who would prefer to stick to the older methods of doing business – and a recent partnership involving IBM and Dream Payments hopes to urge them along, too.

Pursuing an Ambitious Goal

The collaboration’s primary goal is clear: to address industry regulations and upgrade legacy systems that are restricting further development of e-payment solutions and digital services. If their venture is a success, IBM will likely win over some of those who have been hesitant to embrace financial technology up until now.

Frank Attaie, vice president of financial services with IBM Canada, explained how his company is stepping up to help those in the financial sector succeed in the 21st century. He was quoted as saying: “Financial service leaders and FinTechs recognize the need for digital reinvention to compete and win in the banking market. IBM provides clients the global cloud footprint and unified architecture they need to navigate regulatory and compliance demands while improving the customer experience.”

In fact, more than 140 billion non-cash payments – totaling $178 trillion in U.S. dollars – were made in 2015 alone. While the majority of these transactions were made with traditional credit cards, many were made with direct bank transfers, Paypal payments and other forms of digital currency. In either case, there is a big enough interest in electronic transactions that it’s time for everyone to put away their checkbooks and pull out their smartphones.

Finding The Ideal Partnership

Dream Payments might be the ideal partner for IBM in this endeavor. Not only do their mobile point-of-sale devices accept modern credit and debit cards, but they’re also compatible with contactless and chipped cards. They provide digital receipts to the customer and they’re even capable of generating detailed analytics and reports for the merchant.

Chad Whittaker, CIO with Dream Payments, spoke about the benefits offered by IBM. He was quoted as saying: “The combination of IBM’s banking and financial services expertise along with IBM Cloud has allowed Dream Payments to build and scale its cloud infrastructure, right down to bare metal hardware access, to maintain bank grade security, PCI compliance and data sovereignty.”

Moving Forward as Planned

The venture between IBM and Dream Payments is in full-swing. We’ve already seen Dream progress from a basic startup enterprise to a leader in cloud-based payment systems – and they’ve only just begun their partnership. With more brick-and-mortar stores embracing the digital model, and with some entrepreneurs building their entire brand around the online storefront, it’s safe to say that digital shopping and electronic transactions are here to stay.

For more information on IBM, please visit their official website at {{https://www.ibm.com/|www.ibm.com}}. If you’re interested in finding out more about Dream Payments, head over to their site at www.dreampayments.com