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CONSIDERING ACCOUNT-BASED TICKETING? HERE’S 5 THINGS YOU SHOULD KNOW…

Myung-Hwa Calais, Director of Transport Unit at FIME

Account-based ticketing, or ABT, is high on the transport industry’s agenda. It offers travelers choice and flexibility in the fare media they use – whether that be a smartphone, wearable, smartcard, a bank card… or a combination. Plus, with data hosted remotely, operators can realize several operational efficiencies and benefit from stacks of new data.

Sounds great, right? But for the transport agencies considering an ABT system, whether that integrates EMV®* acceptance or not, several key considerations are required to ensure projects are secure, compliant with new standards and crucially, in-line with local market requirements. So, what should be top of the check list?

1. Security

Secure authentication is central to the successful implementation of ABT. With more data stored in the back office, transport agencies need to ensure they get to grips with industry standard cryptography from the start of projects to ensure systems are resilient to attacks from the get-go. A layered approach, integrating multiple technologies, is undoubtedly best practice.

2. Quality assurance

Championing quality throughout any significant infrastructure deployment or upgrade is fundamental to long-term success, operational soundness and traveler satisfaction. As each implementation raises unique integration and interoperability challenges, technical knowledge and guidance to select the best technology for solutions are key. Getting these first critical choices right not only ensure a positive launch but minimize challenges and repair costs in the future.

3. Standards, accreditations and compliance

Transport agencies must also take into consideration global and regional standards as for some, compliance is crucial. Other ticketing technologies such as Mifare, Calypso and the CIPURSE™ open standard can be utilized optionally as an advanced foundation for developing new projects, providing instant security and flexibility. Expert consultancy can help ensure agencies are up to date with the latest regulatory requirements, as well as decide whether additional standards or testing would add value to the project in question. Each market is unique, so a tailored, well-informed plan is important.

4. The right form factors, at the right time

One of the great benefits of ABT is that acceptance of multiple form factors can easily be integrated into solutions, including wearables, smartcards, EMV bank cards and smartphones. However, not every form factor is appropriate for every market. Transport agencies need to ensure that they are taking the needs of their customers into account to ensure a cost-effective and user-friendly solution. This may be scrutinizing the country’s level of contactless usage, the number of tourists utilizing the network or smartphone penetration.

5. EMV

With the success of Transport for London’s implementation, integrating EMV payment card acceptance is viewed by many transport agencies as the pièce de résistance. But the world of EMV is a complex unknown for transport agencies to master. Partnering with an expert in the payments world can help transport agencies navigate the multiple players, technologies, guidelines and testing requirements on the path to compliance and end certification.

Selecting a trusted compliance and digital transformation partner can ensure transport agencies develop a solution that’s not only secure and compliant technically, but one that best meets the needs of its travelers. With over twenty years’ experience in the payments and transport industry, FIME is supporting transport agencies to innovate in the new age of digital transport payments. From initial consultancy, training services with key industry partners all the way through to technical testing and certification support, FIME can support at any stage of your project.

Keen to learn more about ABT? Download our eBook.

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Business

6 STEPS FOR BUSINESSES TO ENSURE THAT THEY ARE DATA COMPLIANT

By Alex Hazell, Acxiom UK head of legal

Data compliance can be a complex – and ever changing – consideration for marketers in all sectors.

And today, where a data-driven, personalised approach is the answer to create outstanding customer experiences that beat those of competitors – as well as a crucial governance consideration – it has never been more critical to understand data compliance, and get it right. This is particularly true in financial services, where neobanks and fintechs are using data-driven approaches to gain more and more ground in the sector.

GDPR, CCPA – understanding the acronyms and regulations that apply

With the volume of consumer data of all kinds growing exponentially, understanding how to use it effectively is critical to business performance; and a growing number of governance rules is in force to ensure legal, ethical and responsible use of personal data.

Ultimately these regulations are in place to compel organisations to review and improve how they collect, store and utilise personal data, and to place greater emphasis on ethical practice and individual rights.

For example, in the UK and the EU, the General Data Protection Regulation (GDPR) came into force in 2018 to accompany the e-Privacy Directive that sits alongside it, and is focused on protecting individuals from the unlawful and unfair use of their personal data. Note that the EU is in the process of replacing the current e-privacy Directive with the e-Privacy Regulation.

Equally, the California Consumer Privacy Act (CCPA) came into force as of January 2020 and is a state statute designed to enhance privacy rights and consumer protection for residents of California, USA.

Of course there are many other regulations to consider. For example, when in heavily regulated industries such as finance, firms may have a requirement to comply with other sector-specific regulations and codes such as FCRA, HIPAA, PCI – as well as CCPA or GDPR. Or, they may need to know how to manage sensitive or special category personal data which often requires a higher level of compliance.

And because of the breadth and complexity of these ever-evolving considerations – including, but not limited to eye-watering maximum level fines for non-compliance – data compliance can seem overwhelming. So, how can marketers truly understand what’s required, and stay on top of the rich tapestry of governance and regulations that applies to their organisation?

Six steps to ensure compliant customer data use

At a top level, data compliance requires marketers to take a transparent, considered approach to consumer data, based for the most part on providing varying degrees of notice and choice; for example, in the case of the GDPR, that may be via the consent or legitimate interest grounds.

With this in mind, and a focus on driving relevancy, value and impressive experiences, aimed to surprise and delight, both marketers and consumers can benefit from data compliance – it’s the ticket to better data driven experiences on all sides!

 

So how should data-driven marketers act to be certain of best practice data use, post GDPR and CCPA?

  1. Always put the consumer first. Consumer interests and customer value must always shape how marketers collect, use and protect data, to ensure trust, transparency and compliance.
  2. Work to communicate value. Keep data use balanced across the business, not just in marketing. Always orient toward driving consumer value – to demonstrate and explain the value return that consumers will achieve from a data exchange.
  3. Build trust through transparency. Clear, simple explanations are important to ensure understanding and build trust. So be open and transparent – data used for marketing is a far cry from personal data being used for other more intrusive purposes – and those doing the right thing have nothing to hide.
  4. Ensure responsible, balanced use of data. Organisations need to make sure it has clear internal policies around data ethics, privacy and work to ensure balanced data use everywhere, for true trust. Note that in the case of GDPR, firms need to be able to demonstrate accountability, and data protection impact assessments are often required to ensure the correct safeguards and balances are in place.
  5. Remove data silos. A fragmented tech stack with disparate data makes it hard to truly see what data a company has, where it is, and how compliant it is. Creating a unified data layer and removing silos is the best way to connect the data, ensure data accuracy and hygiene – and unlock seamless customer experiences through greater personalisation. This data combination also needs to be done in a compliant and ethical way.
  6. Prioritise data protection and compliance. Adhering to data privacy legislation is a ‘must-have’ consideration, not a ‘nice-to-have’. As such, it’s critical that marketers put in place a set of accountability measures to ensure responsible and compliant handling, whether they choose to do this alone, or with the guidance of a trusted data partner.

A compliant approach to consumer data and privacy is a critical part of any business strategy – not an optional one – so it’s important to have a roadmap to compliance for the business.

Of course, knowing how to assess, consider, and (where needed) adjust how an organisation hosts, manages and uses data to remain compliant can be a challenge. For this reason, many organisations choose to seek external expertise and advice, and understand the assistance and competitive advantage that a data partnership can provide.

Ultimately, from providing clarity over governance and legislation, to ensuring data processes and technologies are compliant, secure and futureproofed – working with a data partner can help organisations understand and navigate regulations to execute ethical, legal and responsible compliance for seamless, trusted marketing.

 

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Business

FIVE REASONS WHY YOUR BUSINESS’ PROCUREMENT TEAM SHOULD BE USING A CONTRACT MANAGEMENT SYSTEM

By Daniel Ball, business development director at Wax Digital

 

Even in today’s digital-first environment some businesses are still storing documents, such as contracts, in filing cabinets making it labour intensive to retrieve, manage and even identify important paperwork. In fact, it is calculated that poor contract management practices are costing companies an average of nine percent of their annual revenues.

Moving to a contract management system online can speed up the retrieval process and help decrease the amount of time and resources required to manage contracts. Using a CMS companies can create an online database to centralise information and store documents. Not only does this help ensure contracts are well managed and kept up-to-date, but it can also help businesses save up to 20 percent of overall costs per year.

From legal departments overseeing regulation compliance to finance teams ensuring payment deadlines are met, contract management technology benefits many areas of an organisation. So, how can a good CMS help your procurement team?

 

Daniel Ball

How will a good CMS help your procurement team?

The number of suppliers your procurement team must oversee varies depending on the size of your business. It’s not uncommon for large enterprises to be working with thousands of suppliers at one time. A CMS will use automation to record, manage and streamline data, providing procurement teams with important contract details including time and location information, as well as real time alerts such as contract breaches.

Here are five reasons why your business should be using an online contract management platform:

  1. Increased spend visibility

Using a CMS can give procurement professionals full visibility of suppliers, including the company name and location of where a product is coming from and in what quantity. This transparency will also help contribute to the risk management strategy of your business as it enables you to spot vendors who may be prone to environmental, economic and political uncertainty. In the current environment, for example, suppliers’ may have decreased or ceased production due to COVID-19 or could have been heavily impacted by the negative price of oil, making visibility increasingly important for businesses.

 

  1. Eliminates maverick spend

Centralising and streamlining contract documents will ensure that buyers can instantly access up-to-date information to see if a contract already exists. This helps buyers avoid simple and common mistakes that often occur when using manual filing systems, such as onboarding new vendors when existing agreements are in place with another supplier.

 

  1. Keeps track of contract renewals

It’s easy to forget about contract renewals or sign up for another term without ending an existing agreement, especially when using a traditional filing system. Businesses using an online CMS can set up renewal alerts in advance, allowing buyers sufficient time to source new vendors or negotiate better prices.

 

  1. Improves spend management

A centralised database means that all negotiated prices, contract conditions and other important transactions can be accessed in one place, making it easier to analyse spend. A CMS can help identify discrepancies, find where contract violations have occurred and deal with any associated problems.

 

  1. Adhering to regulatory and legislative compliance

It’s important to ensure that all suppliers are meeting the terms of their contracts. A CMS will automatically audit supplier information, meaning that any failures are immediately raised to procurement teams. The platform will also provide notifications if any new data is required or updates need to be made, avoiding potential legal issues.

It’s clear that using an online CMS will benefit your business and procurement teams by increasing spend visibility, enabling access to up to date information, ensuring contracts are closely monitored while contributing to the reduction of unnecessary spend. So, now’s the time to stop relying on those dusty old filing cabinets and start using a CMS.

 

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