Secure payment method for accounts

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Reference no: EM133362823

In answering the question, suggest ways to improve the impact scale so that Lightning Communications can be better prepared to implement its risk management plan.

Lightning Communications is a large telecommunications service provider listed on the Johannesburg Stock Exchange. It has many stakeholders across South Africa and caters for both private and corporate services. The total client base consists of approximately 40 million customers, the bulk of which are private persons.

The board and executive committee of Lightning Communications have recently engaged in discussions with one of the large retail banks in the country, GS Bank. GS Bank also has a large client and stakeholder base across the country. GS Bank is one of the Southern African Development Community (SADC) region's largest retail banks, and one of the largest three in South Africa. It has a total client base of approximately 16.5 million clients, with 28 million cards in issue (including debit, credit, and petrol cards).

Discussions between the two organisations have focused on the alignment of several mutual interests. There are three critical points of alignment that the GS Bank executive committee has proposed to implement operationally within the next 12 to 18 months:

Lightning Communications will provide location tracking and GPS data of private persons to GS Bank. The idea is that by using this data set, GS Bank can better track the movement of its customers to offer them a better, more personalised service linked with their accounts. This would include retail specials and petrol discounts at specific filling stations, among other incentives.
GS Bank can use this same data for "know your customer" purposes. The argument is that the GPS and location data provide a far more accurate, real-time picture of the actual place of residence of their clients.
Lightning Communications can incorporate a secure payment method for accounts and a scan-to-pay function through its app. Both functions would rely on a pay-gate service using the GS Bank's currently existing secure platforms.

Reference no: EM133362823

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