Over the last decade, the payments industry has changed significantly, and the introduction of alternative payments and initiatives such as Open Banking have meant that the card is no longer at the centre. Financial institutions today require their system to be flexible and offer them the ability to bring products and services to the market quickly to be able to compete in the market. However, many continue to operate on card-based platforms that were developed in the 1990s, instead of moving to moving to modern, third generation payments platforms which were built to provide FIs with the means to launch ground-breaking products and solutions suitable for the market today, and in the years to come.
Compass Plus teamed up with Consult Hyperion for two reasons – firstly, to try to make FIs and fintechs across the world question the longevity of card-centric 1990s, or second generation, payments platforms considering the acceleration of digital transformation and payments modernisation the industry is experiencing. The second reason was to highlight the key differences between the platforms and the benefits and flexibility a platform developed in the 2010s can bring to their users, compared to their 1990s counterparts.
“As the digitisation of payments accelerates, and the demands of the consumer and merchant increase the trend towards Hyper-personalisation, the need for FIs and Fintechs to continually innovate their payments offering to provide consumers the choice of how they pay, puts pressure on underlying processing platform to deliver. This white paper explores the limits of card centric platforms and considers what can be achieved from future ready payments processing platforms,” commented Gary Munro, Principal Consultant at Consult Hyperion.
To watch the webinar, click here.
To read the white paper in full, click here.