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PEGACLSA_6.2V2 Certified Lead System Architect (CLSA) 62V2

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PEGACLSA_6.2V2 exam Dumps Source : Certified Lead System Architect (CLSA) 62V2

Test Code : PEGACLSA_6.2V2
Test name : Certified Lead System Architect (CLSA) 62V2
Vendor name : Pegasystems
: 149 actual Questions

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Pegasystems Certified Lead System Architect

PEGA roles. | actual Questions and Pass4sure dumps

Pega techniques has rather divide ‘title’ terminology from one which is common in IT.

everybody is known as Architect ) .for many people it’s complicated. How can they Have Architect with 1 12 months of event in IT??

Pega systems concerned such titles to highlight utility is build by passage of configuring ,now not through establishing. There are three degrees of Pega Architects available on the market:

certified device Architect (CSA) -basic degree ,each PEGA expert should soundless benefit it;

certified Senior gadget Architect (CSSA) -can also exist mapped to middle-senior specialist;

Lead gadget Architect (LSA) — leading professional. constantly there are 1–2 LSA per project.

As for me crucial in recognizing of seniority plane are IT/Pega event, knowledge of applied sciences (Oracle tools,Programming, application server);

In Pega ‘Architect’ doesn't equal to ‘Developer’ .There are examples of projects the situation entire capabilities (administration, building, checking out, evaluation) are shared amongst Pega Architects. It’s feasible when the identical adult combines more then one advantage. Most projects comprehend Pega and nonPega consultants for distinctive areas which is additionally first-rate ,but not preferable as per foremost practices.

nowadays in terms of trainings Pega programs developed bendy, extended ,tree-structured direction. It will also exist followed on PDN -Pega developers network web site. Your travel entire the time begins from the 1st step -CSA, then that you would exist able to choose the style -manager,technical professional (CSSA,LSA) ,company evaluation ,trying out and even UI expert.

this article doesn’t give any assistance on Pega undertaking stuffing as this is pretty particular person technique ,loads of elements should exist measured and analyzed . i would exist restful to contend it additionally per demand.

STMicroelectronics Breaks fundamental Milestone for ST33 relaxed Chips with Over a billion sold to cozy the linked World | actual Questions and Pass4sure dumps

  • ST33 1B milestoneST33 relaxed component combines effective cyber-insurance scheme with innovative configuration for subsequent-gen applications
  • Pioneer and chief of recent machine classes including eSIM, eSE, and TPM

    Geneva, February 18, 2019 - STMicroelectronics (STM.PA), a worldwide semiconductor leader serving customers throughout the spectrum of electronics functions, has recorded cumulative income of over one thousand million units for its ST33 embedded-protection ICs.

    The recognition of the ST33 household reflects the transforming into quintessential to protect information and methods in at ease cellular-buyer, smart-using, wise-industry and wise-cities functions. in response to a typical certified restful platform featuring state-of-the-paintings cyber coverage, the ST33 household's resilient structure has enabled ST to lead the building of latest classes of protection chips including embedded SIMs (eSIMs), embedded comfy elements (eSEs), and depended on Platform Modules (TPMs). These give hardened safety in design-in- and person-friendly kindhearted elements, combining convenience with powerful resistance to cyber-attacks.

    "ST33 chips Have pushed the evolution of embedded security for the ubiquitous related wise objects equivalent to smartphones, wearables, and IoT contraptions that construct simultaneous world work," preeminent Laurent Degauque, advertising Director, cozy Microcontroller Division, STMicroelectronics. "as the first such instruments to undertake the advanced Arm® SecurCore® SC300 cozy processor, and with the expertise of their bendy structure and superior scintillate know-how, the family has normally offered insurance policy that meets the highest trade requirements[1] while enabling the mixing of recent features reminiscent of interfaces and accelerators to aid emerging consume instances."

    The ST33 is the embedded-security platform chosen by SIM companies, operating system developers, and essential Tier-1 manufacturers producing machine reminiscent of smartphones, wearables, safety readers, laptop PCs and servers. ST33 secure chips had been selected by using essential smartphone OEMs to install recent eSIM based mostly instruments, taking knowledge of a smaller and thinner WLCSP (Wafer degree Chip Scale package) apparatus and GSMA-compliant Personalization-on-Wafer industrial movement.

    In 2018, ST became the primary chip brand to merit the GSMA SAS-UP (safety Accreditation Scheme for UICC construction) certification to personalize ST33 eSIMs for mobiles and related IoT instruments and not using a additional programming required by means of the OEMs.

    ST33 restful microcontrollers are available in a majestic compass of editions offering a determination of features together with connectivity to an NFC controller, hardware accelerators for superior cryptographic services, as well as business-grade and automotive-grade qualifications.


    About STMicroelectronics

    ST is a worldwide semiconductor chief supplying sagacious and energy-productive items and solutions that vigour the electronics at the heart of common existence. ST's products are discovered far and wide today, and along side their clients, we're enabling smarter using and smarter factories, cities and houses, together with the next technology of mobile and web of things gadgets.

    through getting extra from know-how to derive more from lifestyles, ST stands for entire times.augmented.

    In 2018, the business's web revenues Have been $9.66 billion, serving more than one hundred,000 valued clientele worldwide. further tips can also exist discovered at


    For more information delight contact:

    STMicroelectronicsMichael MarkowitzDirector Technical Media 781 591 0354

    [1] ST33 apparatus versions meet lofty safety requisites spanning cellular payments, e-government, IT and different industries, together with ISO 15408 CC EAL 5+, EMVCo, Federal assistance Processing specifications (FIPS), GSMA far flung SIM Provisioning.


    CNH Architects hires licensed interior dressmaker | actual Questions and Pass4sure dumps

    This do up became contributed with the aid of a community member.

    CNH Architects in Apple Valley has hired a seasoned certified indoors clothier, Ashley Klis, to provide capabilities for the firm's commercial challenge interiors.

    Klis expands the firm's LEED AP credentials, which are wide. LEED is the management in energy and Environmental Design, which named Klis as an approved knowledgeable for evolution and evolution of industrial interiors and tenant areas that present a heathy, sustainable and productive travail ambiance.

    "Ashley is an excellent listener, and suits in smartly with their group and the company's client-based service," pointed out Quinn Hutson, a essential of CNH Architects. In her extinct travail with a nationwide company focusing on design and consulting for meals carrier, she listened to leaders for tasks in ok-12 and better training, company and trade and churches.

    Klis is fraction of a methodology to further strengthen the indoors design expertise at CNH, Hutson explains, and she or he brings enhanced capabilities in gadget and freestanding furnishings.

    The interior mode designer follows the customer's lead when settling on indoors hues, finishes and products and considers 3-D laptop drawings invaluable to assist them visualize the layout and design. She is at the minute working on assorted tasks at CNH, together with a fireplace station, corporate café, church, day reliance and a couple of workplace structures. Klis referred to she appreciates the range.

    As a graduate of the institution of Wisconsin-Stout, she acquired a Bachelor of character arts in indoors design. Klis is gaining added expertise via carrying on with schooling. She graduated from Lakeville excessive faculty and lives in Lakeville along with her husband, their son and daughter.

    CNH Architects is a inventive, service-oriented enterprise that offers creative design solutions for the trade constructing and retail areas, public sector consumers, such as cities, counties and states, and automobile facility initiatives, day reliance and animal reliance facilities. CNH has served purchasers within the Twin Cities and higher Midwest for 50 years.

    Get the Apple Valley-Rosemount newsletterSubscribe

    Thanks for your comments.

    The views expressed during this do up are the author's own. necessity to submit on Patch? Register for a user account.

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    Citrix Systems Management Discusses Q3 2013 Results - Earnings convene Transcript | actual questions and Pass4sure dumps

    No result found, try recent keyword!Citrix Systems (NASDAQ:CTXS) Q3 2013 Earnings convene October 23 ... they believe there's a solid multiyear product cycle ahead for customers of entire sizes, as they refresh their IT architecture to champion ...

    Mastercard Incorporated - Special convene | actual questions and Pass4sure dumps

    Darrin D. Peller - Barclays Capital, Research Division

    Craig J. Maurer - Credit Agricole Securities (USA) Inc., Research Division

    Julio C. Quinteros - Goldman Sachs Group Inc., Research Division

    Timothy W. Willi - Wells Fargo Securities, LLC, Research Division

    Gil B. Luria - Wedbush Securities Inc., Research Division

    Good day, ladies and gentlemen, and welcome to the MasterCard PayPass Wallet Services Conference Call. My name is Catherine, and I will exist your operator for today. [Operator Instructions] As a reminder, this convene is being recorded for replay purposes.

    I would enjoy to eddy the convene over to Ms. Barbara Gasper, Head of Investor Relations. delight proceed, ma'am.

    Thank you, Catherine. apt morning, and thank you for joining us either by phone or webcast today for a discussion about last night's announcement of their PayPass Wallet Services. With me on the convene today is Ed McLaughlin, their Chief Emerging Payments Officer, who is joining from the CTIA Conference in recent Orleans. They are only able to designate about 30 minutes this morning for the convene due to Ed's other conference commitment. However, they wanted to give you entire an chance to hear directly from Ed about their recent PayPass Wallet Services. They will then Have a few minutes to address some questions.

    The press release on last night's announcement can exist establish on the Investor Relations section of their website, They Have also posted some hotlinks to a few things that Ed will refer to in his remarks. Also, a replay of this convene will exist posted to their website for one week through May 15.

    Finally, as set forth in more detail in today's release, I necessity to remind everyone that today's convene may comprehend some forward-looking statements about their recent services based on their current expectations and beliefs. Actual performance could differ materially from what is suggested by their comments today. Information about the factors that could influence future performance are summarized at the finish of their press release, as well as contained in their recent SEC filings.

    With that, I'll now eddy the convene over to Ed McLaughlin. Ed?

    Thanks, Barbara, and yes, we're calling here from CTIA in recent Orleans, which if you're not close with, it is one of the largest global telecom events for the year. last night, they announced the PayPass Wallet Services, and we've gotten much response so far. Also, in about 2 hours, we're going to exist demonstrating the PayPass Wallet Services to probably a few thousand people as fraction of Gary Flood's keynote here at the conference. And this will exist streamed live if you'd enjoy to discern it in action. They do the link to this. It's available up on the Investor Relations website. So about 10:20 Central, 11:20 Eastern Time, they wish to Have the keynote streaming.

    But first, let's choose a tiny bit of time to supervene up on any questions you may Have on the wallet services announcement from last night. So I cogitate it's probably best to start with a quick recap of what it is and who it's for.

    So the PayPass Wallet Services, their recent global offering from MasterCard that extends PayPass beyond the Tap & Go, the E and M and other types of commerce. With PayPass Wallet Services, it will exist faster, simpler and more secure for consumers to construct purchases, both in-store or online, with a click of the mouse, handle on the tablet or tap their smartphone.

    The PayPass Wallet Services are comprised of 3 divide components: the first would exist is enhanced merchant payment acceptance capability, which includes both their PayPass Contactless NFC technology for in-store and a recent PayPass Online checkout service for e-commerce. These provide consumers and merchants with better shopping experiences in-store and online, which will reduce queue time and helps to eddy more browsers into buyers. It eliminates the necessity for customers' minute bit -- to enter minute shipping, card and other information. And that's a much benefit, particularly when you're on petite or mobile script.

    The PayPass acceptance benefits are also specifically designed to exist very simple for merchants to integrate into their current store and online business. They accept MasterCard today. It's very effortless for them to adopt the PayPass Wallet Service. So that's the merchant acceptance.

    The second component is the PayPass Wallet. This will enable banks, merchants, partners to tender their own wallet to their customers without needing to build out an infrastructure. They want to enhance relationships that their partners Have with their customers, not tamper with them. So for example, consumers could consume the identical login and applications they Have today from their bank and seamlessly derive much recent payment capabilities and other service.

    The wallet is also open so consumers will exist able to consume any card they have: MasterCard, Visa, American Express, others, and store their addresses, offers and other information in one familiar, convenient and secure way. And merchants adopting PayPass acceptance know there will exist any number of wallets the consumers can consume that will choose odds of them.

    The third component is the PayPass API, which will enable partners to connect their own digital wallets into the PayPass Acceptance Network, leveraging MasterCards checkout, fraud detection and authentication services and enabling their customers to construct purchases wherever PayPass is accepted, online or in-store.

    And finally over time, the wallet services will exist expanded to comprehend other value-added services enjoy their inControl alerts and spending control, MoneySend, MarketPlace offers and coupons, enhanced loyalty programs and others.

    So these are the PayPass Wallet Services they just announced. And before they open up to the open question, I'd enjoy to choose a minute to address some of the specific questions that I know you have. One of the first question is always is, well, what's the distribution model? Now it sounds great, but how would I exist able to derive one. And as I mentioned earlier, the PayPass Wallet is designed to exist white-labeled and branded by fiscal institutions, merchants and other partners, and this is key.

    The integration services will allow issuers and their partners to connect their proprietary wallet offerings to their network and enable their customers to pay wherever PayPass Online and PayPass Contactless are accepted. Now while their primary routine of distribution will exist through their partners, we're actively testing the PayPass Wallet with their employees, and they will Have it live later this year on

    So consumers will exist able to derive PayPass simplicity and enhance security from MasterCard through any number of global partners. And I cogitate you've seen from the announcement they Have out. They can compass from a Banesto, a Citibank, Bank of Montreal, Westpac, Commonwealth Bank of Australia and many others who Have already signed us.

    As they want to emphasize, the PayPass Wallet Services are designed to enhance, not to tamper with, the relationship their banks and other partners Have with their customers today. They believe the integration model will also greatly accelerate the compass to consumers they can bring to merchants, so the merchants can choose odds of a better checkout undergo online and in-store. We've been working closely with merchants to design the service, particularly to construct it easier for them to implement. And you should check out some merchant testimonials, which I believe we're posting up on their YouTube channel. You can find the link to this in the Newsroom section of their corporate website.

    Our acquirers are also key partners of it, along with MasterCard's DataCash and MiGS Internet Gateway and a great number of payment service providers they are already working with enjoy Ogone, Sage Pay and CardinalCommerce. And as you've already seen with the travail we're doing with Isis, with Google, with others, there will exist ongoing announcements of places and partners where the PayPass services will exist used with digital wallet.

    Another question which came up is, so why did you vanish with the PayPass branding to the digital service? And the acknowledge is pretty simple. They asked consumers. They loved the ease and convenience of Tap & vanish in the physical world and wanted the identical security and simplicity online and responded really well to extending PayPass into an open, online in-store wallet, particularly when they knew it was from MasterCard.

    Our merchant partners also talked about the growing convergence in shopping. A term that was used a lot was omni-channel, we're not even multi-channel anymore, where consumers shop online and pick up in-store or in-store shopping online to Have shipped home or any other combination in between from any digital device they may Have in any account. Their converged PayPass digital wallet services provide a secure passage to champion any number of digital wallet, both online and in-store, which really met their needs.

    And a few more that maybe on your mind. So what about the iPhone, My Kindle, tablet, other smartphones that I Have today. How does my existing apparatus apply? And the apt word is, PayPass Online, the online shopping component, can travail purely browser-based, so you can consume it with anything that connects to the Internet: a PC, tablet, game systems, smart bridge, whatever device. As we've said earlier, every device will exist a commerce device. This is really an infrastructure that enables it.

    Now to consume the PayPass Contactless in-store directly from the phone, the phone will necessity to exist able to champion and secure NFC transaction. And I cogitate you saw last week, the PayPass ready certification program they announced, working with handset manufacturers enjoy Samsung, HTC, Nokia, RIM and others to construct certain as their recent NFC-equipped smartphone arrive to market, they're entire ready for PayPass enablement.

    So you can consume PayPass Online today from any smartphone or other device and upgrades your phone to consume PayPass NFC in-store when you derive a recent one that would exist PayPass certified. The key is, the integrated PayPass services will exist ready for you when you are.

    And of course, what's the economic model? How does MasterCard construct money in entire of it? And the PayPass Wallet Services we've just announced are natural extensions of their trade model, optimized to digital world. First, they augment their volumes and transactions as they capture more partake of consumers expend on MasterCard, particularly in the e-commerce space. Second, in the future, they add recent features such as inControl and they charge for these value-added services. And they believe by delivering value to banks and making these product available for white-labeling, we'll provide on-behalf services that will derive a lot of value from. And even when a competitor's card leave their wallet, we're providing value to the payment's ecosystem by providing infrastructure and routing services that construct it entire work. They Have always been supportive of economic system, and this takes the MasterCard trade model and simply extends it to champion entire of these recent device.

    And the last essential question is when will entire this exist in the market? And as I said at their Investors Day last September, we've been working diligently on the PayPass Wallet Services for quite some time now, getting them ready for the market. As you know, innovation is a very iterative thing. And you may Have seen, we've been working with partners already enjoy American Airlines, Barnes & Noble, using DataCash and other payment service providers and are currently in beta in the U.S.

    The production platform in the PayPass Wallet Services will exist in-market and available to their partners in the third quarter of this year, with the United States, Canada, U.K. and Australia as the initial launch market. And as you saw in the release with partners enjoy Swedbank, BBVA, Intesa Sanpaolo and in the announcement yesterday, other global markets will soon follow, particularly in the champion of cross-border e-commerce.

    So I hope I was able to give you tiny bit of a feel for what the wallet services are and directly address some of the questions I know you may Have had.

    So with that, Barbara, I cogitate they soundless Have some time to open it up for more questions.

    Barbara Gasper

    Right. Thanks, Ed. At this point, they finish Have a tiny bit of time for your questions. [Operator Instructions] Catherine, you want to start the mp;A session, please?

    Question-and-Answer Session


    [Operator Instructions] Your first question comes from the line of Bryan Keane from Deutsche Bank.

    Bryan Keane - Deutsche Bank AG, Research Division

    Ed, maybe you could just benefit us what differentiates the MasterCard Wallet versus and the others that are out there in the marketplace?

    Edward McLaughlin

    Absolutely, and there's been so many different announcements in the marketplace. If you witness at, there Have been quite a few announcements for Visa Inc. and Visa Europe. So the specifics on the initiatives, I really Have to suspend for them. But from a MasterCard perspective, what they want to finish is design these services for integration. We're not trying to derive in front of their partners' brands but rather enable commerce to happen, and that's very essential for merchants. We've also been emphasizing the ease of the immigration for the merchant, construct it very effortless for them, they accept the MasterCard today, commence working with the wallet service. But unlike some of the other initiatives you've seen out there, I don't Have to rewire my settlement systems or address my consumers in a recent way. The other thing that's essential for consumers is the PayPass Wallet Services delivered genuine digital card transaction. So entire of my liability rights, my settlement guarantees, my rewards and other things are there. So I'm not subject to some sort of transaction randomization or other things that may tamper with the transaction itself. And probably the most unique feature is rather than aphorism there's going to exist one wallet here that will rule them all, what we're enabling is a network of wallets. We're doing what MasterCard has always done. cogitate of it almost as the digital equivalent of the lower right-hand side of the card. We're giving merchants a much acceptance undergo they can depend on. We're standing behind those transactions. We're ensuring the reliability of the overall service, but we're letting lots of their partners either consume their white-label wallet services or even develop their own wallets and hook it into their network of wallet. And that's where, I think, they derive to scale. But it's also, though, where they allow consumers to derive any number of experiences environment that are specifically tailored for the relationship they Have with that partner. So being able to consume the identical login that they consume for my mobile banking application and not having to learn something else is a much benefit. Being able to derive actual fiscal information in actual time from whoever has issue the card, while I'm making my shopping -- while I'm shopping. Again, it's a actual benefit. So their emphasis is on partnership. It's on integration. It's on building a network of wallet and adding a lot of value to merchant. The last piece I would emphasize is this convergence that's going on perquisite now. And merchants will order you, I'm not e-commerce or in-store, it's both, but sometimes even both simultaneously. Because the astounding thing about a mobile phone is with your handset, you're always online, and online is always with you. So we've integrated in PayPass in-store, which is the gold standard globally for contactless transaction to eddy that mobile into a payment device and along with what we've just announced with PayPass Online to give the identical easing convenience from any channel that consumers want to shop.


    The next question comes from the line of Darrin Peller from Barclays.

    Darrin D. Peller - Barclays Capital, Research Division

    Ed, while the wallet consume in physical point-of-sale in NFC terms is probably soundless some time off during that necessity for acceptance at point-of-sale. Can they anticipate to discern the click-to-buy online bolt more quickly and enable materially increases in your online market volume, maybe choose partake from PayPal? And then how effortless is it for online merchants to really accept it? How many merchants online finish you necessity to Have for this to exist a broad acceptance of scale where consumers are restful using it?

    Edward McLaughlin

    Yes, they discern several things happening there. One of the primary is there's been a lot of shift in behavior. I'm certain you've seen the research on it, where people are affecting away from using traditional keyboard and PCs to alternate device. Search is affecting that way. Shopping is affecting that way. And in that case, merchants are now looking to mobilize their site. So the form fill of data entry is not really optimal sometimes for the smaller keypads you'd see. So as merchants mobilize their site, there is a tremendous amount of interest in putting up the button for a one-click checkout. So it really is in line with the merchant objectives they discern for that, and also because where a lot of the shopping is today is using these device to vanish online. They finish cogitate that's where you'll discern a lot of the initial usage. But I wouldn't discount in any passage the PayPass in-store. We've had 40% growth in just the last year in the number of merchant that are adopting to over 400,000 merchants. They Have countries enjoy Canada, where over 10% of their transactions are already contactless. And this is something we've been working on. If you witness at the announcement for their EMV framework that they issued earlier this year, we're talking about not only upgrading the infrastructure to a more secure EMV cryptogram-based transaction, but also for contact and contactless. Just enjoy they saw in Canada and other markets, merchants don't Have to retrofit their apparatus to finish this, but it will exist fraction of their natural upgrade cycle. So they discern merchants where it brings a lot of value to their business, I think, doing it earlier. But we're on a path on market-wide levels around the world Have mobile and other devices supported seamlessly to tell.


    And the next question is from the line of Craig Maurer from CLSA.

    Craig J. Maurer - Credit Agricole Securities (USA) Inc., Research Division

    My question is, if you Have many, many, many branded wallets offered by consumers, respective banks around the world, how finish you ply the targeted marketing that the merchant might want to finish into the wallet but you Have huge fragmentation among the actual wallets that are out there?

    Edward McLaughlin

    Certainly, and that's where publishing mechanisms are so important. So if the wallets that will exist using the acceptance notice will entire exist connected to the MasterCard network. So you may Have seen with the tender services they Have today where it's offered through specific destinations, but it also has the talent to publish out. So it will provide a distribution channel for merchants. Now the specific consumer undergo will exist up to their partner, and they anticipate there'll exist a lot of tailored experiences out there. So consumers can choose what works best for them. But the talent to connect merchants to consumers through the PayPass network is not only for the transaction itself, but also for other services.


    The next question comes from Glenn Fodor from Morgan Stanley.

    Glenn Fodor - Morgan Stanley, Research Division

    Just trying to gauge the appetite for some of these banks, great banks who already Have wallet capabilities. So can you give us a sense -- you listed a bunch of banks that Have signed on from the get-go. What percent of those already Have their own wallet technology and you're going to just integrate yours with their technology? And is it almost easier from your perspective if a bank does not Have a wallet perspective -- wallet setup already and you just start from scratch? Does it matter?

    Edward McLaughlin

    It doesn't matter. I mean, this is a market that's going to evolve. We've seen banks that Have wallet initiatives and they embraced, they prize the notion that we're building an open acceptance network to allow that wallet to exist that much easier to consume at a wide compass of merchants. They Have other institutions that screech they're interested in the white label now, but may progress to their in-house version later, which they cogitate is great. I finish cogitate in the future, they may Have some banks that Have do this side of application in situation and realized it into scale and will exist looking for on-behalf services from MasterCard. So that's the key to the architecture that they Have here. They can either provide this on-behalf services or link in to what fiscal institutions they have. And economics and timing are really going to drive entire of these in position. But I wouldn't screech it's 100% yet?


    That's from the line of Chris Brendler from Stifel, Nicolaus.

    Christopher Brendler - Stifel, Nicolaus & Co., Inc., Research Division

    Can you talk at entire about sort of the future as you discern -- I prize the open architecture. I just wanted to know if you cogitate that in the future when we're shopping online, finish entire these wallets derive integrated, enjoy what if I had a MasterCard account at 2 different fiscal institutions, what if I Have a Visa account online? How finish they discern the future? Obviously, we're not going to Have that many wallets. Does your product actually give the chance to consume different passwords to access different institutions but entire linked into the identical wallet?

    Edward McLaughlin

    I cogitate what you discern there, I derive to consume the word disambiguation into that, which is great, but consumers may Have more than one wallet, just enjoy you may Have more than 1 car for whatever reason that you do. So when they derive request for wallets, so consumers registered more than one wallet in the MasterCard network of wallets, we'll route it to their default, but we'll give them option to switch between them. And I cogitate you're absolutely right. What merchants want to say, is want to provide this mechanism. And that's why it really is enjoy the acceptance travail that we've always done and know that a consumer has a wallet that is participating in the network, I can consume it anywhere they see. So it really a natural extension of that. I cogitate the relationship that banks and partners Have with consumers will just exist enhanced to incorporate online shopping and a lot of the benefit that they Have and people will naturally orient towards you serving them back.


    That comes from the line of Julio Quinteros from Goldman Sachs.

    Julio C. Quinteros - Goldman Sachs Group Inc., Research Division

    I was wondering if you guys could sort of cogitate about or benefit us cogitate about what this means for your efforts, along with Google Wallet, as you guys cogitate about the mobile efforts there? And then in terms of competition in the online world, is the competition purely aimed at kindhearted of sort of one-click effort, I guess, either, obviously, would exist the most germane there. So I'm just trying to cogitate about the competitive dynamics both against Google Wallet and the eBay PayPal?

    Edward McLaughlin

    Sure. I'm really glad you asked because what we're doing with Google, what you're doing with Isis, the travail we're doing with their other technology partners, this is entire fraction of that. So at the heart of every Google Wallet is a MasterCard prepaid card that I can tap using PayPass anywhere in the world that is accepted. We're working with Isis. We're working with others. So they believe by making this things travail better, by generating the value from MasterCard, that's what's best for people who Have MasterCards today. That's what's best for their organization. That's an essential fraction of their strategy. And I cogitate the other thing which is important, when you witness at any specific passage of interacting, whether it's the online button, the tap in the store or any of the other things you'd discern coming out of MasterCard Lat, in my mind, it's not that transaction itself, it's the overall MasterCard number. The account you Have and the relationship you have. So I think, while there's a battle for who has that solitary online transaction, it kindhearted of missed as a consumer and what we're building for. And the reason they talk about this converging world is this is already happening. I could exist in my cab -- in a cab on with my mobile shopping online. I tap to derive out of the cab, and when I derive to that restaurant, maybe just slip my existing piece of plastic into the folio to pay for the meal. For me, as a consumer, that's much because I derive to consume whatever interface makes the most sense for whatever specific I'm trying to do, but it's entire tied back to the identical account, entire handled by the MasterCard network. They Have the identical rights and rules and everything that comes from genuine MasterCard transactions. So I don't cogitate there's a battle for specific transactions. It's really was providing what's best for consumers in entire of the environments they want to shop. And their talent to give better experiences and more secure experiences online in your recent NFC-enabled handset, that's soundless anchored on the much acceptance they Have in the plastic world today, which people love. That's really the power across the board, so I wouldn't focus on much on one specific edge device or transaction key.


    That's from the line of Tim Willi from Wells Fargo.

    Timothy W. Willi - Wells Fargo Securities, LLC, Research Division

    I had a question going back to sort of the economic model. So I was snoopy if you could talk about within the wallet, there's often the talk of slotting fees for hosting cards and then the battle to exist top of wallet. Could you talk about that concept and then to what degree that is also a fraction of the economic model for the products you've launched?

    Edward McLaughlin

    Yes, and I said earlier, they discern this as just a logical extension of MasterCard's trade model. And you finish necessity to exist watchful with some of the proposals we've seen out in the marketplace for aggressive routing of consumers transaction and forcing them and entire of that. They believe the consumer absolutely has to choose how they're paying and how they want to pay, and this is designed to enable them. So again, if you cogitate this from a MasterCard perspective, we'll Have the talent to provide on-behalf services. We'll exist generating a lot of value in recent transactions for merchant, and I really discern that as the basis for the economics year. And if you finish a much job for merchants and reducing dropout, reducing queue time, driving more sales and give consumers the undergo the really want, the bits in the middle will sort themselves out.


    And that's from the line of Gil Luria from Wedbush Securities.

    Gil B. Luria - Wedbush Securities Inc., Research Division

    It seems enjoy to construct the mobile payment attractive to consumers, you're going to Have to Have a bigger install groundwork of NFC promo. You mentioned the 400,000, number. That's soundless a very petite percentage of retailers. And much of that has either been installed in the past or was subsidized by Google. How finish you discern the adoption and the upgrade to NFC progressing over the next 3.5 years to your first deadline? And then after that, finish you discern it as a gradual identical plane of upgraded that's always happened over, let's say, a 5-year age or finish you discern an accelerated possibility that's already starting? finish you Have evidence of that? finish you anticipate more of a back-end loaded upgrade cycle in 2015? How finish you discern that and then at what point finish you discern the critical mass that's going to compel consumers to feel enjoy they can consume an NFC-based wallet anywhere they want to shop?

    Edward McLaughlin

    We Have thoughts for that, and I cogitate they Have a much power as they you can consume your payment credentials anywhere you want to and with alerts and other things they can tie it back to the phone. And then you could you consume an NFC-enabled phone wherever PayPass is accepted. So I would point to a few things, one of which is the 40% growth year-over-year we've seen in merchant adopting them. So it this at your 7-Eleven and McDonald's. It is at Subway. It is at Macy's and Bloomingdale's and Home Depot. I can vanish in at Home Depot today and tap my PayPass-enabled smartphone and it works great. The other thing is, if you witness at, as I said earlier, markets enjoy Canada, where 1 out of 10 MasterCard transaction are already contactless. Some phones and other markets are catching up to that. So they are actually seeing that momentum. They also will discern millions of NFC-enabled handsets coming into the market, if you witness at their PayPass ready certification program that they also talked about last week. And the last thing I'd highlight, if you haven't seen it, they just published some empirical research for their MasterCard Advisors, where they looked at consumers who were using PayPass and those who weren't. And there was a 30% greater spend, 30% greater usage of your cards when they were PayPass-enabled. So it's a much piece of research, and those types of value are what drives decision. Carrefour, one of their majestic retail partners, they said they were getting 20% to 40% faster time through queue using PayPass. So obviously, they moved entire their store loyalty and other cards to choose odds of contactless. And to your critical point, the critical mass, I can consume it today in any cab in recent York. And so it becomes a near daily transaction for me when I'm around the city. But finish you cogitate it's something to build over time? I finish think, as they said earlier, rather than trying to retrofit gear for a solitary value proposition. This is going to exist fraction of the run-of-the-mill upgrade cycle. entire of the major terminal manufacturers are including contactless as far as their standard mill. entire of the incentives and the model they Have to provide benefit for the adoption of EMV incorporates affecting both contact and contactless. I cogitate the actual answers will exist more than ready when consumers and the apparatus are.


    That comes from the line of Ramsey El-Assal from Jefferies.

    Ramsey El-Assal - Jefferies & Company, Inc., Research Division

    Understanding what you just said about handset manufacturers are starting to build the NFC capability. Now that they discern PayPal at the physical point-of-sale using -- connecting with the digital wallet with a PIN code or plastic card, enabling consumers to transact that way. Can you contemplate using your wallet to transact without NFC and some future modality or is really NFC the passage you discern the physical point-of-sale as it gets connected to your wallet?

    Edward McLaughlin

    Well, I guess, from a MasterCard perspective, it's difficult to discern using a physical card that point-of-sale is breakthrough recent innovation. You can always consume your card. They Have 31 million merchant locations globally that travail flawlessly with the cards you Have today, and it's entire against the identical account. So the digital is simply a passage of having a virtual version of that card, if you will, that could exist optimized for online and in-store shopping. So that's why I want to derive back to this converged experience. As a consumer, MasterCard is providing a much option that can consume that card anywhere, anywhere MasterCard is accepted today. As you know, that's a much experience. And they can construct it even better, even simpler, even more secure with allowing PayPass Tap & vanish or PayPass Online. But they're entire just more secure, simpler and smarter ways to consume the identical account that you have. So as a consumer, it's exactly what I want. I derive one set of alerts. I derive one passage of -- one account that I access in any number of ways that makes sense. So what they cogitate about the future, they Have sort of as of yet unimagined edge device in the network. And what that really means is how finish they bring the value of the MasterCard network and bring that undergo to consumers. So I'm really not worried about people trying to recreate or supplant the plastic undergo they Have at the point-of-sale. We've been protecting that for 30 years. This is about extending into the recent environment.

    Barbara Gasper

    Thank you, Ed, for taking time out of your diligent schedule this morning to associate us, and thanks to everybody who's on the call. They hope that you will exist able to listen in to Gary Flood's keynote address at about 11:20 recent York time today, where you can discern a demonstration of this technology. And as always, if you Have further questions, delight don't falter to compass out to Investor Relations. Thanks, and Have a much day.


    Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect, and Have a apt day.

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    More From Seeking Alpha

    OSAT Consolidation Continues | actual questions and Pass4sure dumps

    Advanced Semiconductor Engineering (ASE) and Siliconware Precision Industries Ltd. (SPIL) are surge the process of uniting the two companies, which are among the largest outsourced semiconductor assembly and testing contractors in the world.

    For now, the companies will continue to operate separately, while their shares are traded under the ASX emblem on the recent York Stock Exchange. ASE Industrial Holding serves as the parent company for ASE and SPIL. But the merger is almost certain to change the competitive landscape in the assembly, packaging and test markets.

    All of these areas are tough markets. ASE posted net income of $670 million on 2017 revenue that was just slightly diffident of $9.8 billion. While that may look enjoy a lot of money, compared with many segments in the technology world it’s a tight operating margin.

    The ASE/SPIL deal is being very closely watched by Amkor Technology, JCET Group, and smaller contractors. OSATs are not just competing among themselves anymore. Increasingly, they are facing competition from TSMC, UMC and other foundries, which Have pressed into chip packaging and testing services for several years now. There are also internal assembly and testing operations at some of the bigger semiconductor vendors, such as Intel, Samsung Electronics, and Texas Instruments, that choose away certain trade opportunities.

    “There are a bunch of pressures in the OSAT trade that will shape the industry in coming years,” says Risto Puhakka, president of VLSI Research. TSMC is competing in the high-end packaging business, with Apple as its majestic customer, and integrated device manufacturers are also competing in that field, he notes. (TSMC’s largest customer, not identified in its most recent 20-F filing, accounted for 22% of the foundry’s 2017 net revenue.)

    There is more competition on the horizon, too. “The other pressure point that the OSATs feel is China,” says Puhakka. “There’s a substantial amount of packaging coming up in China, with the much lower cost, whether it’s through subsidies or something else. There is definitely pressure at the low end. It comes in the form of cost pressure. Because the OSATs want to withhold up the volume; their pricing is a much tougher environment. If you witness at those two trends, you discern people probably want to derive bigger, they want to exist operating in China, they want to exist more competitive. The cycle in R&D is to derive back that high-end business, and there are a number of things pushing in those directions. If you witness at the OSAT trade last year, there was growth, but nothing spectacular. Then, you witness at the assembly apparatus demand, which was spectacularly hot, which means a lot of apparatus went to others—other than the traditional OSATs. It went mainly to China, to IDMs, to TSMC, Samsung.”

    China’s OSAT industry is mostly made up of smaller firms, aside from Jiangsu Changjiang Electronics Technology (JCET), which owns STATS ChipPAC and other companies. JCET acquired STATS ChipPAC in 2015.

    ASE and SPIL will exist involved in integration initiatives in the near future, according to Puhakka. “The bigger question is, what will Amkor do? What will JCET do? The majestic players may want to buy from China. That’s not out of the question, but there would exist some regulatory hurdles, I would imagine, to finish that.”

    The great OSATs today Have geographically diverse operations throughout Asia. But China represents the largest growth opportunity.

    “It is a market not to exist ignored,” he says. “It just that you Have the Chinese regulations, the requirement of joint ventures and technology transfers. It makes people very uneasy to finish something enjoy that. Those kinds of actions Have limited how much trade transfers to China. If you’re operating in China, you Have ongoing IP protection issues. You’re constantly making decisions about what IP are you affecting to China, what are you not. By default, people are basically saying, whatever you bolt to China, it becomes Chinese knowledge.”

    Fig. 1: Pressures mount for OSATs. Source: CLSA

    Bigger dealsJust as more limited opportunities and growing R&D investments fostered some mega-deals in the semiconductor business, similar forces are at travail in the assembly, package and test world, which serves the semiconductor companies.

    “It was certainly no flabbergast that ASE and SPIL came together, because of the increasingly challenging OSAT trade environment and the major consolidation we’re seeing in their customer base,” says Hal Lasky, senior vice president of sales and marketing for JCET Group, who also serves as executive vice president and chief sales officer for STATS ChipPAC. “It’s kindhearted of inevitable that they would discern this at the OSAT level. Clearly, we’re a fraction of that as well, as they are now a fraction of the JCET Group. What does it stand for for the competition? As a company, they embrace this change, and they discern many opportunities arising due to this merger. There are many semiconductor companies, their customers, who discern a combined market partake of ASE and SPIL within their own TAM. I convene it unhealthy, or maybe a tiny too high. We’ve had many chances to compete for market partake where, without this merger, they wouldn’t have. I absolutely believe this merger enhances the competitive nature of the OSAT space. Maybe it gives us a higher bar to shoot at, which is not necessarily a ghastly thing for this very competitive OSAT industry.”

    Lasky anticipates there will exist more consolidation ahead, for the OSAT segment in particular, and the semiconductor industry in general.

    “In the OSAT space, while I finish anticipate us to supervene the trend, they won’t discern quite the pace. There is soundless a haphazard to discern continued OSAT consolidation, but maybe not at the pace of their customer set. And the issue with OSATs is that the long tail of their industry—where the petite players are not always of interest for M&A for the larger OSAT because the revert you derive versus the alternative of just competing for the business—when you witness at that and the ROI and the deal around that, it doesn’t arrive out in favor of acquisition. Also, in the OSAT space, the technology gap between top-tier OSATs and the smaller OSATs continues to grow. That has an repercussion on the interest plane in the larger OSATs to drive M&A with smaller ones.”

    So rather than accelerating consolidation, consolidation among OSATs actually could slack down, he says. At the identical time, TSMC will continue to compete with OSAT contractors in IC packaging services. “Their solutions in the wafer-level space—InFO and CoWoS—those are outstanding packaging solutions. They are targeted at key segments in their customer space, and they are staking out their portion of the application space. Within the overall application space, there is a very apt fitting for those products. They’re investing in the back end, and they’re doing it in a passage that makes sense to their business. And it lets them optimize their overall trade model. I discern them continuing with that and continuing to stake out that position. While that’s certainly a challenge to the OSAT space, it’s not really a killer. But they necessity to adapt to that.”

    Peaceful coexistence?So can foundries and OSATS live and travail together?

    “There’s no question that the acknowledge to that is yes,” Lasky says. “I believe very strongly that there’s plenty of opportunity. As they adapt to that shift in TAM, it’s mostly TSMC when you witness at it, the bottom line is I believe very strongly in the spirit of co-opetition, because they continue to travail very closely with the foundries to choose reliance of and champion their customers. Key to how they adapt as an OSAT industry really is finding where their strengths and their capabilities in the OSAT industry can choose odds of recent growth areas, to choose TAM back versus losing it to the foundries.”

    The system-in-package module space is one district where OSATs can really shine, Lasky asserts.

    “When these higher-level solutions involve multiple die, multiple devices, and you necessity to integrate at the packaging plane to create a packaging-level solution, suddenly you necessity the abilities of OSATs, where in the past you might Have done that as an EMS board-level solution,” he says. “There’s miniaturization, there are shielding concerns, there are a lot of different intricate process-level concerns, and it’s required at a very lofty yield. And those are entire things that they play well in. We’re starting to discern their TAM actually grow in that space in the OSAT world. There is no one packaging solution that’s going to wallpaper the entire application space. You necessity to find your strengths, find where your capabilities can let you grab share, and then vanish for that. Even in wafer-level, where the foundries Have the very sturdy solutions for some of these processors, they Have their own fan-out wafer-level and wafer-level CSP solutions that don’t construct sense in the foundry space. The OSAT can finish a better job.”

    Ron Huemoeller, corporate vice president of Amkor and head of corporate R&D, likewise sees majestic changes and challenges in the OSAT industry.

    “It’s a changing competitive environment and the OSAT market continues to narrow at the top, with only two OSATs remaining predominant in entire phases of technology, ASE and Amkor, following the merger of SPIL and ASE. With fewer choices, more dependence on the premier OSATs is inevitable. It is essential to note that developing and manufacturing recent package platforms is expensive, and it requires a lofty degree of engineering expertise. It also requires perpetual funding in R&D to maintain competitiveness. Adding recent blocks of capacity is very expensive – continually challenging ROI.”

    Whether that will lead to more consolidation, and how quickly, remains to exist seen.

    “The OSAT trade requires scale,” says Prasad Dhond, Amkor’s vice president and general manager of automotive. “There will continue to exist some plane of consolidation as players try to combine their resources to compete. This might now exist more applicable to the smaller (Tier 2 and Tier 3) players, though. Foundries are making a push into certain segments of high-end packaging. They view this as an chance to cross-sell additional services and also to construct their trade stickier. However, from a fundamental trade model standpoint, packaging margins are lower than what foundries are used to. It is not limpid if foundries will exist willing to construct massive CapEx investments in packaging when they could exist using the capital for something else.”

    So does that stand for everyone will co-exist in their own space?

    “One of the key aspects of foundry success in entering into the OSAT market segment is the bundling of their silicon with advanced packaging technology,” Huemoeller observes. “They secure the silicon sale by attaching it to the package technology. Foundries and OSATs are key components of the ecosystem. The foundries won’t engage in entire aspects of the assembly and test business. There are niche areas they will play in, but there will always exist a necessity for them to travail with OSATs for other applications and if volumes exceed certain thresholds.”

    Behind the ASE-SPIL dealIn its 20-F filing with the Securities and Exchange Commission for 2017, ASE provided an in-depth witness at market pressures and developments in this space.

    “We Have significantly expanded their operations through both organic growth and acquisitions in recent years,” ASE says. “For example, they acquired the controlling interest of Universal Scientific in 2010 to expand their product offering scope to electronic manufacturing services; they also entered into a joint venture agreement with TDK Corporation in May 2015 to further expand their trade in embedded substrates; in June 2016, they entered into the Joint partake Exchange Agreement with SPIL to choose odds of the synergy upshot of trade combination between SPIL and us; furthermore, they entered into a joint venture agreement with Qualcomm Incorporated in February 2018 to expand their SiP business. They anticipate that they will continue to expand their operations in the future. The purpose of their expansion is mainly to provide total solutions to existing customers or to attract recent customers and broaden their product compass for a variety of end-use applications. However, rapid expansion may situation a strain on their managerial, technical, financial, operational and other resources. As a result of their expansion, they Have implemented and will continue to implement additional operational and fiscal controls and hire and train additional personnel. Any failure to manage their growth effectively could lead to inefficiencies and redundancies and result in reduced growth prospects and profitability.”

    It adds, “The successful consummation of the SPIL Acquisition is subject to a number of factors, including, among other things, obtaining entire necessary antitrust or other regulatory approvals in Taiwan, the United States, the PRC and other jurisdictions where they finish business. They received a no-objection epistle in respect of the partake Exchange from the TFTC on November 16, 2016. On May 15, 2017, they received a epistle from the FTC confirming that the non-public investigation on the partake Exchange has been closed. On November 24, 2017, they received approval from the Ministry of Commerce of the People’s Republic of China (MOFCOM) for the partake Exchange under the condition that ASE and SPIL maintain independent operations, among other conditions, for 24 months. In the event these conditions cannot exist satisfied, they may re-evaluate their interest in SPIL and may consider, among other legally permissible alternatives, to dispose their SPIL shares at a loss, which may significantly influence their fiscal position. Notwithstanding the above, even if they are successful in consummating the SPIL Acquisition, they will exist subject to regulatory restrictions requiring us to maintain divide operation of SPIL for a age of time, and they may kisser challenges in successfully integrating SPIL into their existing organization or in realizing anticipated benefits and cost synergies afterwards. Each of these risks could Have a material adverse upshot on their trade and operations, including their relationship with customers, suppliers, employees and other constituencies, or otherwise adversely influence their fiscal condition and results of operations.”

    The 20-F says, “The packaging and testing trade is capital-intensive. They will necessity capital to fund the expansion of their facilities as well as fund their research and evolution activities in order to remain competitive. They believe that their existing cash, marketable securities, expected cash current from operations and existing credit lines under their loan facilities will exist enough to meet their capital expenditures, working capital, cash obligations under their existing debt and lease arrangements, and other requirements for at least the next twelve months. However, future capacity expansions or market or other developments may antecedent us to require additional funds…If they are unable to obtain funding in a timely manner or on acceptable terms, their results of operations and fiscal conditions may exist materially and adversely affected.”

    ASE has a co-opetition relationship with TSMC. The two companies Have had a “strategic alliance” since 1997. ASE serves as the foundry’s non-exclusive, preferred provider of packaging and testing services for microchips fabricated by TSMC.

    ConclusionWhile OSATs will Have one larger competitor to deal with in the near future, those companies witness forward to the fray. TSMC’s muscling in on the high-end packaging business, especially when it comes to Apple’s custom application processors for the iPhone and the iPad, is a competitive challenge.

    Yet OSATs retain expertise in the areas of SiP modules, molded interconnect substrates, substrate-like printed circuit boards, semiconductor embedded in substrate, and other emerging technologies. And while competition continues to ratchet up, there are always recent opportunities around the edges for companies with the expertise and investment dollars to continue eking out a robust living.

    Related StoriesMIS Packaging Takes OffMolded interconnect substrate emerges as packaging selection for analog, power ICs and cryptocurrency chips.Toward High-End Fan-OutsDenser interconnects, stacked die could rival 2.5D approaches.What Next For OSATsASE’s COO opens up on the future of fan-out, growth prospects, and where the next opportunities will expose up.

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