Considerations for creating Real Time Transaction solutions
A SEEBURGER best practice approach
What do we mean by Real Time Transaction solutions?
In recent years the demand for business to be conducted almost instantly (or in Real Time) has increased and continues to increase significantly, particularly in the context of financial transactions. For consumers and businesses it is increasingly unacceptable to wait until the next day or longer to know that their transaction (e.g. purchase, payment) was successful.
Real world examples of Real Time Transactions would be things like:
- Tapping a credit or debit card at a terminal in a store and expecting an “Approved” or a “Declined” response almost instantly
- Using online banking to move funds between your savings account and your current or checking account and being able to see it happen within seconds
- Using online banking to move funds to an individual or a company within seconds
- Clicking the “Pay Now” or “Checkout” button on a website to purchase something
- Requesting a taxi on something like Lyft or Uber
In ALL of these examples the customer experience is critical. Failure to respond to the customer in a timely manner will result in confusion and dissatisfaction.
Read more in this whitepaper
The objective with this white paper is to discuss what to consider and how to design a framework for creating Real Time (and Near Real Time (NRT)) Transaction solutions based on industry best practice and many years of experience of architecting, designing, building, supporting and running global real time solutions. This paper is the first one in a series of papers that will describe a best practice approach to designing and implementing solutions to support real time transactions, independent of industry.