8legs: Fiserv

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Payments processing pitfalls to avoid when going cloud-first

1) Security must be prioritized as cloud adoption expands, with encryption and data protection from collection to processing.
2) Performance risks arise from latency and outages; scalable, well-distributed architecture is essential for real-time payments.
3) Compliance remains a critical hurdle; non-compliance with payments regulations like PCI-DSS is a major pitfall.
4) Cloud-first payments should start with non-core systems and gradually migrate core functions as controls are established.
5) A centralized cloud platform can streamline all payment types and clearing schemes for better management.
6) Cloud enables global reach with data residency by locating data centers to meet regional requirements.
7) Cloud makes deployments faster, enabling new features and services with reduced time to market.
8) Cloud can reduce upfront costs but requires careful governance and performance monitoring.
9) Security features from cloud vendors support compliance with PCI-DSS and ISO standards.
10) The article notes the growing cloud-first trend across fintechs and PSPs as a catalyst for real-time payments.

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