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NoneKendrick Lamar surprises with new album 'GNX' LOS ANGELES (AP) — Kendrick Lamar gave music listeners an early holiday present with a new album. The Grammy winner released his sixth studio album “GNX” on Friday. The 12-track project is the rapper’s first release since 2022’s “Mr. Morale & The Big Steppers.” Lamar’s new album comes just months after his rap battle with Drake. The rap megastar will headline February's Apple Music Super Bowl Halftime Show in New Orleans. The 37-year-old has experienced massive success since his debut album “good kid, m.A.A.d city” in 2012. Since then, he’s accumulated 17 Grammy wins and became the first non-classical, non-jazz musician to win a Pulitzer Prize. NBA memo to players urges increased vigilance regarding home security following break-ins MIAMI (AP) — The NBA is urging its players to take additional precautions to secure their homes following reports of recent high-profile burglaries of dwellings owned by Milwaukee Bucks forward Bobby Portis and Kansas City Chiefs teammates Patrick Mahomes and Travis Kelce. In a memo sent to team officials, a copy of which was obtained by The Associated Press, the NBA revealed that the FBI has connected some burglaries to “transnational South American Theft Groups” that are “reportedly well-organized, sophisticated rings that incorporate advanced techniques and technologies, including pre-surveillance, drones, and signal jamming devices.” Ancient meets modern as a new subway in Greece showcases archaeological treasures THESSALONIKI, Greece (AP) — Thessaloniki, Greece’s second-largest city, is opening a new subway system, blending ancient archaeological treasures with modern transit technology like driverless trains and platform screen doors. The project, which began in 2003, uncovered over 300,000 artifacts, including a Roman-era thoroughfare and Byzantine relics, many of which are now displayed in its 13 stations. Despite delays caused by preserving these findings, the inaugural line has been completed, with a second line set to open next year. Conor McGregor must pay $250K to woman who says he raped her, civil jury rules LONDON (AP) — A civil jury in Ireland has awarded more than $250,000 to a woman who says she was raped by mixed martial arts fighter Conor McGregor in a Dublin hotel penthouse after a night of heavy partying. The jury on Friday awarded Nikita Hand in her lawsuit that claimed McGregor “brutally raped and battered” her in 2018. The lawsuit says the assault left her heavily bruised and suffering from post-traumatic stress disorder. McGregor testified that he never forced her to do anything and that Hand fabricated her allegations after the two had consensual sex. McGregor says he will appeal the verdict. At least 19 people are sick in Minnesota from ground beef tied to E. coli recall U.S. health officials say at least 19 people in Minnesota have been sickened by E. coli poisoning tied to a national recall of more than 167,000 pounds of potentially tainted ground beef. Detroit-based Wolverine Packing Co. recalled the meat sent to restaurants nationwide. Minnesota state agriculture officials reported multiple illnesses and found that a sample of the product tested positive for E. coli, which can cause life-threatening infections. No illnesses have been reported outside of Minnesota. Symptoms of E. coli poisoning include fever, vomiting, diarrhea and signs of dehydration. Actor Jonathan Majors’ ex-girlfriend drops assault and defamation lawsuit against once-rising star NEW YORK (AP) — Jonathan Majors’ ex-girlfriend has dropped her assault and defamation lawsuit against the once-rising Hollywood star after reaching a settlement. Lawyers for Majors and Grace Jabbari agreed to dismiss the case with prejudice Thursday. Jabbari is a British dancer who had accused Majors of subjecting her to escalating incidents of physical and verbal abuse during their relationship. Representatives for Majors didn’t respond to emails seeking comment Friday. Jabbari’s lawyer said the suit was “favorably settled” and her client is moving on with “her head held high.” Majors was convicted of misdemeanor assault and harassment last December and sentenced to a yearlong counseling program. Hyundai, Kia recall over 208,000 electric vehicles to fix problem that can cause loss of power DETROIT (AP) — Hyundai and Kia are recalling over 208,000 electric vehicles to fix a pesky problem that can cause loss of drive power, increasing the risk of a crash. The recalls cover more than 145,000 Hyundai and Genesis vehicles including the 2022 through 2024 Ioniq 5, the 2023 through 2025 Ioniq 6, GV60 and GV70, and the 2023 and 2024 G80. Also included are nearly 63,000 Kia EV 6 vehicles from 2022 through 2024. The affiliated Korean automakers say in government documents that a transistor in a charging control unit can be damaged and stop charging the 12-volt battery. Dealers will inspect and replace the control unit and a fuse if needed. They also will update software. Christmas TV movies are in their Taylor Swift era, with two Swift-inspired films airing this year Two of the new holiday movies coming to TV this season have a Taylor Swift connection that her fans would have no problem decoding. “Christmas in the Spotlight” debuts Saturday on Lifetime. It stars Jessica Lord as the world’s biggest pop star and Laith Wallschleger, playing a pro football player, who meet and fall in love, not unlike Swift and her boyfriend, Kansas City Chiefs tight end Travis Kelce. On Nov. 30, Hallmark will air “Holiday Touchdown: A Chiefs Love Story.” Instead of a nod to Swift, it’s an ode to family traditions and bonding, like rooting for a sports team. Hallmark’s headquarters is also in Kansas City. Top football recruit Bryce Underwood changes commitment to Michigan instead of LSU, AP source says ANN ARBOR, Mich. (AP) — Top football recruit Bryce Underwood has flipped to Michigan after pledging to play at LSU. That's according to a person familiar with the situation who spoke to The Associated Press on condition of anonymity because they were not authorized to share the recruit’s plans to join the Wolverines. Underwood pinned a post on his Instagram account, showing a post in which On3.com reported that he has committed to Michigan. The 6-foot-3 quarterback played at Belleville High School about 15 miles east of Michigan's campus, and told LSU nearly a year ago he intended to enroll there. Emperor penguin released at sea 20 days after waddling onto Australian beach MELBOURNE, Australia (AP) — The only emperor penguin known to have swum from Antarctica to Australia has been released at sea 20 days after he waddled ashore on a popular tourist beach. The adult male was found on Nov. 1 on sand dunes in temperate southwest Australia about 2,200 miles north of the Antarctic coast. He was released Wednesday from a boat that traveled several hours from Western Australia state's most southerly city of Albany. His caregiver Carol Biddulph wasn't sure at first if the penguin would live. She said a mirror was important to his rehabilitation because they provide a sense of company. Biddulph said: “They’re social birds and he stands next to the mirror most of the time.”When the Apollo 13 spacecraft embarked on its lunar landing mission on April 11, 1970, the concept of a digital twin was yet to be conceived. Three days into the journey, the mission took an unexpected turn when a routine stirring of the oxygen tanks on board led to a catastrophic explosion. After running some diagnostic tests, the NASA team discovered that an oxygen tank explosion had critically damaged an engine. Worse, the damaged spacecraft was venting precious oxygen into space, spelling likely doom for the astronauts onboard — Jim Lovell, Fred Haise, and Jack Swigert. The spacecraft was over 200,000 miles from Earth, well beyond the reach of any terrestrial or physical intervention. The diagnosis and repair of the damage would have to be accomplished solely with what the crew had on board. NASA had fifteen simulators used for training and mission planning. While rudimentary compared to NASA's latest simulators built by Boeing , they could be connected by up to 10 digital computers and the setup was the cutting edge of technology in 1970. It also had command module pilot Ken Mattingly , who had been replaced on the mission due to exposure to rubella. Mattingly, the backup crew, and hundreds of NASA engineers took to the simulators to replicate the conditions aboard. Running several hypothetical missions, many of which resulted in fatalities for the simulated crew, the team managed to bring Apollo 13 back to Earth safely. It wouldn't be until 2005 that what NASA accomplished with the simulators received a name — the digital twin (DT) concept. In the early 2000s, Dr. Michael Grieves, a research scientist and expert in product development, coined a term for what NASA did with its simulators, but with added technology. Using a virtual twin of a product would mirror the actual product in all respects. A digital twin of physical reality could be invaluable in predicting, troubleshooting, or solving problems without the cost or risk of altering a process or product. The exponential growth of computing power, artificial intelligence, and the Internet of Things (IoT) in the 21st century has exploded the digital twin concept. The IoT enables the transfer of data between the physical counterpart and the digital twin in real-time, has significantly enhanced the functionality of digital twins. Creating an exactingly accurate virtual simulation has become commonplace. A home computer simulates the performance characteristics of advanced aircraft or automobiles. Pilots train in simulators that mimic real-world situations without risk to life or limb. NASA can control physical systems aboard distant craft. A global shipping operation can determine the impact of a change to its logistical chain without risking doing so in the real world. A virtual twin goes beyond simulation by incorporating the IoT to transfer data between the physical counterpart of the digital twin in real-time. A true digital twin must meet three criteria – perfectly represent a physical system, share data instantaneously as well as constantly, and behave realistically. This concept is on the verge of revolutionizing healthcare, with potential applications ranging from patient monitoring and personalized treatment to drug development and surgical simulations. To say the digital world has changed since Dr. Grieves helped popularize the digital twin terminology in 2005 would be an understatement. Technology that was unimaginable during the Apollo 13 crisis has helped industries, universities, and think tanks evolve the digital twin concept. The first iteration of the concept during the Apollo 13 crisis would be considered a static twin model, which is an exact digital copy of a physical system. The systems employed by NASA replicated the conditions on board Apollo without the ability to physically alter or share information with the craft. A shadow digital twin can exchange data in real time and apply the information to update the model. This requires a connection between the virtual and physical twin — not possible in 1970 but commonplace now, thanks to the advent of communication technology. The ultimate goal is an intelligent virtual twin. An intelligent virtual twin can not only synthesize and share data like a shadow twin but also use artificial intelligence to learn, reason, predict, and communicate with the physical twin, including receiving updated information from the physical twin. Virtual twins can be understood through the lens of simulation, but the reality is that an intelligent virtual twin is magnitudes more sophisticated. It creates a link between a physical reality and a virtual world that can predict problems and apply solutions. The term conjures thoughts of an identical twin living somewhere in the virtual world as a canary-in-the-coal-mine avatar. Introduce a change in the virtual twin, such as virtual illness and a course (or several courses) of treatment, observe the outcome, and use that information to take the best possible route in treating the physical form. Of course, creating a digital twin of something as complex as a biological structure is no simple task. Vast quantities of data must be gathered and utilized to make an identical virtual twin. Fortunately (or perhaps not, depending on your viewpoint), that data has become more and more accessible in recent years. The IoT has the means to gather and share enormous amounts of data, much of which can be used to create a digital twin. However, it's not just collecting biometric, demographic, and lifestyle data. An effective digital twin incorporates disease registries in addition to genomics (genome mapping), biomics (the study and extraction of large sets of biological data), proteomics (study of interactions and structure of proteins), and metabolomics (study of metabolites) to gain a greater understanding of the health issue at hand. The growing power of computing and the rising efficacy of artificial intelligence have opened the gates for virtual twinning wider than could have been imagined just a few years ago. By collecting, synthesizing, and monitoring an individual's vital, genetic, lifestyle, and physiological information them using a virtual twin to apply machine learning, predictive mathematical models, and artificial intelligence, a doctor could, in a sense, predict the future. One of the most enticing facets of applying digital twins to healthcare is the detection of health risks before they emerge. Imagine a world where a doctor could identify and develop a successful treatment for breast cancer well before any signs or symptoms present. The technology could save or extend millions of lives. Diagnostic technology and methods already do this to some degree. When developing a treatment, most doctors and surgeons generate an exhaustive patient history, including past habits, vital statistics, and family history. A digital twin would maximize this process. A patient forewarned by an intelligent digital twin model could take unprecedented ownership of his or her health. Best practices for remaining healthy, such as the vagaries of clean eating and plentiful exercise, could be laser-focused to maximize positive outcomes. A virtual twin may discover a patient's genetic predisposition to form kidney stones, allowing the physical patient to avoid the cause before the first agonizing occurrence. While digital twinning has been used across industries for years, it is still relatively young in healthcare. What, after all, is more complex than the human body and its myriad systems? Aided by the rise of AI and increasingly available health information, doctors and scientists have scored some successes in the healthcare field. In 2019, a team at Johns Hopkins University published a proof-of-concept study authored by Natalia Trayanova, a professor of biomedical engineering. The report detailed how her team created virtual twins of the upper chambers of the hearts of 10 patients suffering atrial fibrillation (irregular heartbeat). Using information derived from the virtual twin, the team predicted where surgeons would need to destroy diseased heart tissue without exposing the patient to expensive or dangerous procedures. Another success comes from the Cleveland Clinic, which used the virtual twin model to study the impact of the environment on health. Using health records, environmental characteristics, and publicly available data to model neighborhoods and inform insurance and medical companies on how to alleviate health issues in those communities best. The purview of digital twinning in healthcare is extensive. It could shift everything from drug delivery to personalized care to insurance premiums and everything in between. However, it is not all smooth sailing for digital twins, as experts say that institutional support is required to push the science forward. The concept of digital twin models for use in healthcare has enormous potential but also faces great challenges. As Karen Willcox told the National Academies , "Digital twins have great promise in bringing value across areas of science and technology, including engineering, the natural world, and medicine. Our report makes clear that there is a real opportunity here to bring together domains and disciplines in new, valuable ways, but to achieve that value requires investment in interdisciplinary foundations." Creating digital twins relies on the sharing of data and enormous computational power, both of which are sometimes unavailable to researchers. Proponents have implored federal agencies, including the National Institutes of Health (NIH), the National Science Foundation (NSF), and the Departments of Defense and Energy, to create interagency channels to promote the research required to maximize the effectiveness of digital twin technology. Along with the Food and Drug Administration (FDA), the NIH and NSF have awarded $6 million to develop digital twins for healthcare and biomedical research. It's a paltry sum compared to the $285 million offered by the Biden administration to further digital twin technology in the manufacture of semiconductors. The adopters and adapters of virtual twin technology in healthcare face several challenges, including technical limitations, the quality of available data, and ethical concerns. Incorporating a new and revolutionary concept like virtual twinning across the entire healthcare field will require a monumental, concerted effort. Combining computation, artificial intelligence, mathematical models, and medicine into a neat package accessible and applicable across medical disciplines will require enormous investment and a highly sophisticated technical infrastructure. Furthermore, while the harvesting of data via smartphones, wearable sensor technology such as the Peloton heart rate band or the Facebit face mask , and other means has become commonplace, the quality of that data, primarily gathered through private concerns, could be faulty. It also raises ethical concerns. In addition, the cost of creating a virtual twin could create a disparity between those who can access the technology because of socio-economic status and those who cannot — a conversation that has been swirling around the American healthcare community for some time. Another hot-button issue highlights concerns over a person's personal data privacy. If private companies gather information about every aspect of a person's physical being, right down to home life and genome information, could that data be applied unethically? Could insurance companies deny coverage based on a digital twin's predicted ailments? The car industry is already collecting driving data for insurance companies . A logistics operation or automobile's digital twin is far more impersonal than a living, breathing human being distilled into data. The advent of digital twin technology has improved systems for decades, but its application to healthcare has enormous potential and some sticky ethical and moral questions. As scientists and researchers forge onward, one thing seems clear — digital twins are here to stay. Forbes reports, "By 2025, 25% of Healthcare Delivery Organizations will include formalized digital twin initiatives within their digital transformation strategy." This number seems unlikely to shrink anytime soon. With digital twinning in healthcare in its infancy, only time will tell the benefits it might reap in the healthcare industry. Preventive diagnoses are only the tip of the iceberg. Decades past, a trio of astronauts floated helplessly in orbit, running out of oxygen and facing slim odds of a trip home. By replicating and simulating conditions aboard the craft, a team at NASA used one of the earliest examples of the digital twin concept to save their lives. It appears that this was only the beginning.
LEE COUNTY – Most of us have a to-do list of some sorts – for the day, the week – but Emily Benjamin’s list spans five years, like from 2025 to 2029. The new CEO and President of Lee County Economic Development Group (LCEDG) says that list is called “Connect Lee County” and is being launched right after the entity’s busiest season. “Starting in September we started working with a nonprofit, capital fundraising group called Conversion Nonprofit Solutions. You’re sitting on top of a Conversion Nonprofit Solutions project. They were instrumental in getting the funding for the marina project,” Benjamin told Fort Madison Rotarians at their meeting Tuesday at the marina’s Turnwater Bar & Grill. With respect to the LCEDG, the fundraising nonprofit helped raise money to implement Connect Lee County and other initatives. In preparation, Nonprofit Solutions had LCEDG entities map our their accomplishments of the last five years as well as their goals for the next five years. During this process, Benjamin said the consultant interviewed community stakeholders. “Sometimes people will say meaner things to the consultant than to me or to Dennis (Fraise, the former retired CEO/President), so we like the unvarnished treatment that we get out of that feasibility study,” she said. She said Lee County does have some significant “head winds,” or challenges, but that in the end, her group needs to focus on three main areas – people, business, and quality of life. Benjamin said these areas have to be addressed from two angles – attracting the new and engaging or enhancing what is already in place. “We need to look at attracting new residents, new businesses, new quality of life amenities, and we also have to look at engaging the residents that already here, the businesses that are already here, and making sure we are fully utilizing the quality of life amenities that are here.” Under the “people” category,” Benjamin said the goal it build a strong, skilled workforce. She said they will do this in a variety of ways, including an Iowa Economic Development Authority pilot program for attracting talent by partnering with state colleges and those majoring in specific study areas. “We can then reach out to them and say ‘Hey, you have a mechanical engineering degree. Have you ever thought of moving back to your home community – I see you’re from Fort Madison, Iowa and there are three positions available in Lee County.” She said LCEDG can also help existing businesses recruit talent by cutting through some of the corporate red tape and representing them and the area at career fairs and by contacting college offices. She said there is also a community concierge piece to focusing on people and attracting new residents to the area. “It doesn’t do us a lot of good to bring people into the community and not connect them to that community.” Benjamin said this means reaching out to others in the community to show visitors the sights, the amenities, and to help sell them on the idea of relocating to the area. “Find out if they have kids, are interested in schools. Find out things about them and then also try to connect them with more fabrics of our community.” A third goal is to build an entrepreneurial ecosystem that provides support and resources for small business owners. “Anybody here that has been a small business owner knows it can be kind of a lonely island to own a small business. We want to make sure we are utilizing the program we already have, but also build a new one so that people feel like they have a support network.” Last, but not least, the Career Advantage Center that offers vocational and business training to local high school students in cooperation with area industries, will come into play. The center was five years in the making, under Fraise’s leadership, and is now governed by its own nonprofit board, which includes LCEDG representation. Benjamin said a large part of Connect Lee County is a unified approach with one entity representing the interests of all cities within the area, rather than having Fort Madison and Keokuk working independently. She said one site selector scouting the area said he does select a site, rather he goes out and disqualifies sites. “He said ‘if I have to call three different people to find out who the right person is to talk to, I’m going to eliminate your community because I assume there is bad politics. I assume there’s bad blood or some sort of contention where you guys can’t work together.’” In the area of business, Benjamin said they not only want to be chosen by site selectors for new industry, but they also want to work with existing industry so that if that company’s corporate officials are looking to relocate a division of manufacturing that Lee County is a contender. “We know that about 80 percent of future growth will come from these existing businesses.” She said Lee County currently has 4,500 manufacturing jobs that contributes $250 million to the economy, but that agricultural sector is also prominent and in need of more attention and support. “We have a goal in our five-year plan to focus on building relationships with that ag community.“ She said the more difficult part of her job is that “you win some, and you lose some.” For example, corporate officials decided to close Fort Madison Independent Can manufacturing plant and move its operations to another existing plant – leaving the county with one less industry, but with a marketable building for a new one. “We know that if we get everything right, we’re still going to lose some, so we have to continue to attach new industries to the area. We have to continue to be really proactive about getting these. A lot of times, when we get a lead, we get a spread sheet and we have 24 hours to turn it around.” She said she is often reminded of Derry Brothers’ “push, pull or drag” promotion where the Burlington car dealership vowed to pay for any trade-in vehicle that would be pushed, pulled or dragged to their premises. “Sometimes doing economic development in a rural community feels a little like a push, pull or drag sale. We don’t care who you are. We don’t care what you want to make. If you’ll consider Lee County, we want you here and we’re going to try to get you here.” The third piece of the five-year plan consists of quality of life – amenities and lifestyle benefits to living in the area. Existing amenities include the Fort Madison marina, the recreational trails, the schools and community college, the Baxter Sport Complex, pickle ball courts, the YMCA, events, historical landmarks, the Mississippi River, the many trains passing through the communities, the scenic parks and more. “Whether it is in Keokuk, in Fort Madison, whether it is in Montrose, what is our next big-slash impact that we can make?” But quality life can also be a lifestyle that may attract newcomers. “The one thing that I personally sell is that I have a job that I love. It’s a job that demands a lot of my time and a lot of my attention, but I don’t miss my kids’ baseball games. I can do my job. I can work really hard and still be the kind of present parent, engaged community member, and active volunteer that I want to be.”
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Donald Trump names former Senator David Perdue of Georgia to be ambassador to ChinaIran 'dramatically increasing' uranium enrichment, IAEA warnsShare Tweet Share Share Email Retail transactions happen seamlessly, often in the blink of an eye. Behind these everyday purchases lies an intricate network of technology that ensures the smooth transfer of funds from customers to businesses. This process, known as payment processing, involves various steps and technologies that enable secure, quick, and efficient transactions. Retailers rely on this system for everything from in-store purchases to online shopping experiences . Understanding Payment Processing Payment processing refers to the sequence of steps involved when a customer makes a payment for a product or service. It allows businesses to accept payments through different methods, including credit cards, debit cards, mobile wallets, and more. The main goal of payment processing is to ensure that the funds move smoothly from the customer’s account to the merchant’s account. When a customer swipes a card or taps their phone at the checkout, several things happen in milliseconds. This is where the role of payment processing technology becomes critical. It involves various parties such as payment gateways, processors, and acquiring banks, each playing an essential role in completing the transaction. Key Components of Payment Processing Payment processing involves several components that work together to complete a transaction. These include: Payment Gateway: This technology acts as a bridge between the customer and the payment processor. It securely transmits payment data from the customer’s device to the processor and vice versa. For online transactions, the payment gateway is responsible for ensuring that sensitive information like credit card details is encrypted for security. Payment Processor: A payment processor handles the technical aspects of processing the payment. It connects the merchant’s bank with the customer’s bank, facilitating the exchange of funds. Payment processors are responsible for verifying the customer’s payment details, authorizing the transaction, and transferring the money. Acquiring Bank: The acquiring bank is the financial institution that works with the merchant. This bank holds the merchant’s account and ensures that the funds from the transaction are deposited into that account. It also manages the risk and ensures compliance with regulatory standards. Issuing Bank: The issuing bank is the customer’s bank, the one that issued the credit or debit card. The issuing bank verifies whether the customer has enough funds to complete the transaction and approves or declines the payment accordingly. Card Networks: Companies like Visa, MasterCard, and American Express act as intermediaries between the acquiring bank and issuing bank. They facilitate communication between these entities and ensure that the payment is processed correctly. How Payment Processing Works The process of payment processing can be broken down into several steps: Transaction Initiation: The process begins when a customer makes a purchase, either online or in a physical store. They select their preferred payment method (credit card, debit card, mobile payment, etc.) and input their payment details. Authorization: The payment gateway encrypts the customer’s payment information and sends it to the payment processor. The processor forwards the details to the customer’s issuing bank, which verifies whether the customer has sufficient funds and whether the transaction is legitimate. Authentication and Approval: If the customer’s bank approves the transaction, the issuing bank sends an authorization code back to the payment processor. This code is then transmitted to the payment gateway and merchant, confirming that the transaction is authorized. Settlement: Once the transaction is authorized, the acquiring bank requests the funds from the issuing bank. After the payment is settled, the merchant receives the funds, typically within one to three business days. Reconciliation: The final step involves reconciling the transaction, where both the merchant and customer can review their statements to ensure that the payment has been processed correctly. The Role of Acquiring in Payment Processing The concept of “acquiring” in payment processing refers to the role of the acquiring bank in facilitating the flow of funds. While payment processing covers the entire journey of a transaction, acquiring focuses specifically on the merchant’s side of the process. Acquiring banks provide businesses with the necessary tools to accept payments, including merchant accounts and payment terminals. These institutions also take on much of the risk associated with payments, including fraud prevention and chargeback management. Merchant Accounts and Payment Terminals A merchant account is a specialized bank account that allows businesses to accept card payments. It holds the funds from card transactions before they are transferred to the business’s primary bank account. To facilitate in-person payments, businesses typically use payment terminals—physical devices that allow customers to swipe or tap their payment methods to complete transactions. For online transactions, businesses rely on payment gateways, which are digital equivalents of physical terminals. These gateways allow customers to make secure online purchases by processing their payment information. Key Technologies Behind Payment Processing Several technologies work behind the scenes to ensure that payment processing is fast, secure, and reliable. Some of the key technologies include: Tokenization: Tokenization replaces sensitive payment information (such as a credit card number) with a unique identifier called a token. This technology adds an extra layer of security, making it harder for hackers to steal valuable payment data. Encryption: Encryption is the process of converting payment information into a scrambled format that is only accessible to authorized parties. This protects sensitive data during the transaction process, especially in online payments. EMV Chips: EMV (Europay, MasterCard, and Visa) chips are embedded in credit and debit cards to increase security. They generate a unique code for every transaction, making it more difficult for fraudsters to duplicate the card’s data. NFC (Near Field Communication): NFC technology enables contactless payments, allowing customers to make quick transactions by tapping their card or mobile device near a payment terminal. This technology has gained popularity for its convenience and speed. Artificial Intelligence (AI): AI plays a growing role in payment processing, helping businesses detect fraud, predict customer behavior, and streamline payment workflows. AI systems can analyze vast amounts of data in real-time, identifying suspicious patterns and preventing fraudulent transactions before they occur. Blockchain: While still in its early stages, blockchain technology has the potential to revolutionize payment processing. By providing a decentralized and transparent ledger, blockchain can reduce transaction costs, increase security, and enable faster cross-border payments. Challenges and Opportunities in Payment Processing While payment processing technology has advanced significantly, it still faces several challenges. These include security risks, compliance issues, and technological fragmentation across different platforms and regions. Retailers must constantly adapt to evolving technologies and regulatory standards to ensure that their payment systems remain secure and efficient. However, these challenges also present opportunities for innovation. As new technologies like AI, blockchain, and biometric authentication continue to evolve, the future of payment processing holds great potential for even more secure, fast, and user-friendly solutions. Conclusion Payment processing and acquiring are vital components of modern retail transactions. These technologies ensure that payments are made quickly, securely, and efficiently, providing convenience for both customers and merchants alike. As payment systems continue to evolve, businesses must stay informed about the latest developments in payment processing technology to remain competitive and provide the best possible experience for their customers. The seamless experience that customers enjoy today is the result of countless innovations in payment technology, making the world of retail transactions more efficient than ever before. Related Items: Acquiring Technology , Payment Processing , Retail Transactions Share Tweet Share Share Email Recommended for you Essential Payment Processing Software Solutions for Modern Businesses What is White-label Payment Processing? Exploring the Rapid Growth of Financial Technology: A Breakdown of its Impact Comments