Trade finance is the financing of international trade flows, acting as an intermediary between importers and exporters to mitigate the risks involved in transactions and enhance working capital efficiency in businesses. It deals with activities related to financing of domestic and international trade. Trade finance includes issuing letters of credit (LCs), receivables and invoice finance, credit a...

Proximity payments are mobile payments in which the payer and the payee are in the same location and encompass payments that are both customer-to-business and person-to-person. In addition, while executing proximity payment, communication between devices takes place through a proximity technology such as Near Field Communication (NFC), Quick Response (QR) codes, and Bluetooth technology. Furthermo...

P2P payments or peer-to-peer payments are electronic money transfers made from one person to another through an intermediary. In addition, all P2P transactions happen electronically without the need for a middleman, which results in extremely low transaction fees ranging from 2–3%, thus providing better user experience and transparency. Furthermore, it is one of the most affordable and secure pa...

Fintech is a combination of the words “financial” and “technology,” which uses technology to enhance or automate financial services and processes. It is increasingly utilized by companies, business owners, and other financial operating sectors to better manage their financial operations & processes by utilizing specialized software and algorithms that are used on computers and smartphones....

A commercial insurance plan offers various types of insurance policies such as liability insurance, fire insurance, burglary insurance, plant & machinery insurance, business insurance, and others. Moreover, these insurance policies are specially designed to cover any type of risk associated with business. In addition, commercial insurance helps minimize the financial losses of businesses and promo...

Artificial intelligence (AI) in finance is transforming the BFSI industry, as AI is helping the financial industry to streamline and optimize processes ranging from credit decisions to quantitative trading and financial risk management. In addition, advanced machine learning technology is being used to help organizations to improve customer experience and to enhance their market share. Furthermore...

Prepaid transactions have transitioned from simple paper vouchers to multi-purpose prepaid cards. This trend is expected to continue during the forthcoming years, owing to liquidity issues. Multipurpose prepaid cards are gaining traction among consumers who do not have access to other forms of electronic payments such as debit or credit cards. Moreover, rise in demand for cash alternatives and ava...

Mobile device is one of the major categories of technology devices and often includes general term for any type of handheld computer. In addition, these devices are portable and easy to use and include tablets, e-readers, smartphones, and desktops or laptops. Furthermore, penetration of insurance for mobile devices & PCs has increased, as these technologies are mostly used by consumers on a large ...

A payday loan is a short-term unsecured loan, often characterized by high interest rates. The term "payday" in payday loan refers to when a borrower writes a postdated check to the lender for the payday salary, but receives part of that payday sum in immediate cash from the lender. In addition, payday loans have small loan limits, usually up to $500, and don’t require a credit check. Furthermore...

Personal loan is a form of credit that helps individuals to make a big purchase or consolidate high-interest debts. Personal loans generally include secured or unsecured loan. A secured personal loan requires some type of collateral as a condition of borrowing and an unsecured personal loan requires no collateral to borrow money. Moreover, banks, credit unions, and online lenders offer both secure...

QR (Quick Response) code is a two-dimensional barcode that contains information such as contact details, a website link, or payment information. It consists of a pattern in terms of black barcodes arranged in a square grid on a white background and these codes are scanned by consumers via their smartphones, making it an easier & faster than typing payment information manually into an application. ...

Wealth management is involved in providing specialized advisory services catering to the investment management needs of affluent clients. It maintains the confidentiality of information of the customers obtained during the course of financial planning and advisory services. Wealth management advisor utilizes the diverse financial disciplines such as financial & accounting, legal or estate planning...

Business travel insurance is an insurance product that offers coverage to corporate owners for unforeseeable incidences occurred during the travelling. It provides expenses for trip revocation, emergency medical treatment, flight suspensions, missing luggage, and public liability to minimize financial uncertainty during business travelling. Furthermore, increase in adoption of travel insurance pol...

Telematics involves using technologies such as OBD-II, smartphone, hybrid, and black-box to track vehicle movements and assess driving behavior of individuals. These connected devices & technology helps to collect sufficient data, which can be used as a determination factor in premium costs, rewarding better driving behavior with a lower rate to help new drivers learn more about safe-driving techn...

Business-to-business (B2B) payment facilitates safer transactions for merchants that require routine, periodic transactions and provides various functions to end users such as receivable accounts, accounts payable, payroll, and acquisition departments. It involves one time or recurring transaction depending on the contractual agreement made between the buyer and supplier. As B2B payment processing...

A credit card is a payment card issued to cardholders to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt. Credit card provides high security features for transferring payment from one account to another, which increases the demand for credit card among its users. Furthermore, credit card delivers numerous benefits to customers, which include pr...

Takaful is a system of insurance based on the Islamic principles of mutual assistance & donation and policyholders in a takaful arrangement agree to guarantee each other and make contributions to a pool or mutual fund instead of paying premiums. The pool of collected contributions creates the takaful fund and each participant's contribution is based on the type of coverage required and their perso...

Banking encryption software is an information protection technology which helps financial institution to protect their client’s information from cyber-attacks. The banking encryption software provide high security features while transferring payment from one account to another, which increases the demand for banking encryption software among its users. Furthermore, encryption software delivers n...

Specialty insurance provides coverages for special, unusual, difficult insurance needs, and for higher risk accounts. Events such as an unforeseen wedding postponement, trip cancellation, or identity theft and items such as jewelry, valuable collectibles, or guns are some of the major perils covered under specialty insurance. Directors & officers liability insurance, errors & omissions insurance, ...

A commercial insurance plan offers various types of insurance policies such as liability insurance, fire insurance, burglary insurance, plant & machinery insurance, business insurance, and others. Moreover, these insurance policies are specially designed to cover any type of risk associated with business. In addition, commercial insurance helps minimize the financial losses of businesses and promo...

Employment screening services include wide range of background verification checks, such as employment eligibility verifications, fingerprint screening, contractor screening, sex offender checks, motor vehicle checks, drug & alcohol screening, resident monitoring, and rental payment history. Furthermore, employment screening helps various organizations to screen potential employees by performing b...

A health insurance plan covers services such as treatment for chronic ailments, psychiatric care, diagnosis, dental care, emergency evacuation, and others. It generally charges a predefined amount from the individual and pays for surgical & medical expenses incurred by the policyholder. Moreover, medical expenses are incurred due to the physician consultation charges and received treatment for any...

BPO services enable banks to manage and automate their business processes. This service has been widely used for back-office operations, which include inventory control production, order management, accounting, human resource (HR), and others. A BPO system comprises several modules, and each BPO module is focused on a particular departmental area, such as inventory control, finance, material purch...

Discrete manufacturing is a type of manufacturing process that creates products differentiated by individual units and assembles parts in a prescribed process to produce a distinct item such as smartphones. Product lifecycle management helps improve product quality and reliability. In addition, PLM provides accurate bill of materials (BOM) to manufactures, which helps them to detect errors at a fa...

Marine insurance provides coverage for loss or damage of ships, cargo, terminals, and any other transport engaged in transferring & acquiring of goods held between the points of origin and the final destination. This insurance policy relies on the principle of utmost good faith. Furthermore, hull insurance, cargo insurance, marine liability insurance, and offshore/energy insurance are the major co...

NFC payments devices use near-field communication (NFC) technology to exchange data between payment device and readers. NFC payment devices provides high security features for transferring payment from one account to another, which increases the demand for NFC payments devices among its users. Furthermore, NFC payment devices delivers numerous benefits to customers, which include convenient paymen...

A trade surveillance system is a surveillance system that monitors and detects activities for market manipulation, fraud, behavioral pattern, and others. There is an increase in the adoption for proactive trade surveillance system among enterprises owing to provision of real-time monitoring of abusive, manipulative, or illegal trading practices in the securities markets. It is very easier to manip...

E-Passport Market Outlook - 2028 Global e-passport market size was valued at $24.57 billion in 2019, and is projected to reach $125.13 billion by 2028, growing at a CAGR of 27.5% from 2021 to 2028 E-passport is an electronic passport that contains identity details of travelers such as name, passport number, surname, date of birth, and nationality. In addition, e-passport is created with an electro...

Fire insurance is like property coverage that pays for damages to property and other losses caused due to fire. It not only covers the cost of repairing or replacing damaged property in home, but also covers the costs of accommodations for the houses that are vacant or not in usable form. Fire insurance is a type of insurance which is used to cover the residence and most of the household belonging...

BFSI crisis management solution is the innovation & advancement in financial technology, which helps in dealing various types of incidents & emergency situations in the BFSI industry. Crisis management includes several technologies such as artificial intelligence, cloud computing, machine learning, and big data. Furthermore, BFSI crisis management serves as a modern program that makes a new appro...