Sorting fact from fiction: how innovators can put platform claims to the test

In this year of pivotal elections around the world, pundits have been working overtime to scrutinise the claims made by politicians on all sides of the debate.

That’s why the ‘fact checker’ has become a key feature on many news shows. Typical questions include ‘do so-and-so’s spending plans add up?’ and ‘can they really solve this or that societal problem in such a short timeframe?’

Untangling hyperbolic assertions from honest assessments is no mean feat even for the most seasoned politics nerds.

Yet information minefields aren’t confined to the world of government. Deciphering fact from fiction in the business space can be a challenge too.

So, to help financial institutions make sense of the common performance metrics tech businesses use to woo floating buyers, we’ve created our very own Iliad Fact Checker.

The Iliad Fact Checker: what platform claims really mean

Here are some of the typical boasts you’re likely to come across when researching third-party payment systems:

Claim #1: our platform is resilient with a world-class uptime of 99.95%.

Iliad fact check says: if a piece of software is operating at 99.95% uptime each month, that means it’s likely there are 20 minutes every 30 or so days where it isn’t working as it should. This can lead to failed transactions, missed security breaches, lost revenue and unhappy customers. That 0.05% downtime could be worth hundreds of thousands of pounds or dollars to your business.

Claim #2. With us, you can make changes quickly.

Iliad fact check says: it’s all relative. You need to be able to make changes as fast as, if not faster than, your competitors. If that’s not possible, there’s a risk customers will flock to other providers. A good payments platform will ensure you have the ability to keep up with innovation demands.

Claim #3. Our system allows you to scale up rapidly.

Iliad fact check says: a platform might be able to handle volume increases. But what does an uptick in transactions do to response times? If a 10% increase slows response times by 15%, there’s a good chance that sudden growth could have a damaging effect on your business.

Claim #4. We are fully future proofed.

Iliad fact check says: future proofed against what? If enhanced fraud and anti-money laundering checks reduce the number of transactions per second (TPS) from 95 to 80 – and your current load is 75 TPS – you might be looking at a growth-constrained future.

Claim #5. We have a large testing team.

Iliad fact check says: but are they working efficiently? If they spend half their time collating results from three separate testing tools, the answer to that question is a resounding no. It would suggest that the platform is hamstringing itself with entirely avoidable bottlenecks.

Integrating with new payments tech: don’t leave it to guesswork

The above claims are fairly standard fare in innovation circles. And it’s true that, when armed with a bit of knowledge, buyers can make a good evaluation of a fintech’s potential before signing on the dotted line.

But to arrive at a truly informed decision, it’s essential to deploy the right tools. Just as a carpenter would use a quality tape measure rather than guesswork to size up a piece of wood, so a developer can call upon simulation software to accurately assess a payment system’s capabilities.

On that note, Iliad’s t3 solution is not just great for testing new financial services protocols and products. It’s also well suited to checking whether a prospective platform can truly live up to its creator’s claims.

A number of our customers are doing exactly this – and have embedded t3 into their procurement processes. The software is particularly powerful at demonstrating how payment technology performs when transaction volumes rise significantly.

And this enables financial institutions to choose technologies that actually deliver against their promises.

Now, if only we had such a device for vetting claims made during election campaigns…

To find out how t3 can become your payments innovation fact checker contact info@iliad-solutions.com.

Anthony Walton, CEO Iliad Solutions

 

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Thoughts from the frontline: operating with 99.95% uptime