“Roads? Where we’re going we won’t need Roads” - Open APIs and Financial Services
The word ecosystem is often used when discussing payments. Whether it’s to describe how a payment is made or to discuss a partnership or even understanding your place in the value chain. Though part of the issue with how we present the ecosystem is that we tend to emphasize only small portions of the overall picture, that is to say if we are discussing payments to a merchant or retailer, the picture shifts to just show eComm, mComm and POS while partially ignoring the Financial Institution, and to a lesser extent the FinTech’s domains. But those days may be coming to an end as we have begun the transition to a new payments ecosystem.
I don’t think this is as much of a proclamation as it is an acknowledgement of what we have all been witnessing. There are new participants, FinTech startups and new payment providers that have joined the fray, large tech companies dipping their toes in the pool, and the traditional players that have been here all along, whether they are processors, merchants or banks. As this has been unfolding, the ecosystem we once knew started to morph and in its place we’re finding a new, bigger ecosystem that is ripe with growth opportunities. Though there are also threats to existing business models.
For me, what’s interesting is this new emerging ecosystem doesn’t have the same boundary lines that we have grown accustomed to and it has left the market in an interesting place. Each participant is thinking deeply about how to better serve the end customer and elevate their experiences. It also has us asking where participants can deliver the most value regardless of where they traditionally sat in the ecosystem. This has many rethinking their go-to-market approach and the business models underpinning them, and possibly - and most importantly - has all of us looking to a similar technology to achieve our goals: Open APIs.
So now what? I have used this line in many conversations, but it is still pertinent to this discussion; a rising tide will raise all boats and the world of electronic payments is only growing. If we put the customer experience at the center of our ecosystem and work cooperatively with one another, the innovation boom we are about to enter will benefit everyone. So that just leaves one question, are you ready to join us?
Mark Ranta will be joined on stage by Wolfgang Berner at Merchant Payments Ecosystem 2017 to jointly deliver a keynote address 'Unleash Innovation with Open APIs.' Book a meeting with our team in Berlin, February 14-16.
Related blog posts
PSD2 Carries Over to the U.S. – Thanks to the Phone in Your Hand
Let me ask you a favor. Could you put down your phone for just a minute? Unless, of course, you’re reading this on your mobile device.
It can be an uphill battle asking someone to put down their phone these days. I have a tween, so I know the struggle! One of the reasons we’re so reticent to do so is the sheer power contained within these devices. At this point, it controls the music, the temperature, the locks and even the lighting in your home, and that’s not even touching on its entertainment value, or its capabilities as a payment device. The device, in its present form, has been around for ten years now, and in 2017, it’s safe to say there’s no going back.
Assessing Same-day ACH In The New Era of Real-time Payments
The pace of payments has risen sharply in the U.S. since the introduction of same-day ACH in September 2016. Following the global movement towards immediate payments, the pace is set to pick up as real-time speed arrives through schemes such as The Clearing House (TCH) Real-time Payments System and Zelle networks.
The Many Delicious Flavors of P2P
We’re now very much into the height of summer (real feel today outside my door is 98 degrees, not to be confused with that amazing band from the 90s). And following the recent Zelle launch, we’re also very much into the height of P2P hype. As Mark and I are wont to do, we’re mixing up food and payments (a delicious combo)! And in this case, we’re talking about one of our favorite summer (or year-round) treats, ice cream. We’ve waxed poetic about ice cream in prior blogs (i.e., shops at the Cape and in Newport that still abide by old-school cash-only policies, etc.). Specific to this post, if you think about it, the roster of P2P options continues to increase, like the number of amazing flavors that Ben & Jerry’s offers these days. And with spoons in our mouths and napkins in our hands, it’s time to rant!
The Path to Faster Payments – A US Perspective
With news that the Faster Payments Task Force released its final findings today and set the deadline for our country’s new payment system to be live by the year 2020, a mere 29 months away, it leaves many in the industry getting ready to roll up our sleeves because it is going to be an all-hands-on-deck 29 months.
Connect, Learn, Share – The ACI Exchange 2017 Round UP!
If you’ve never experienced “dry heat” (which is much like actual “heat”)—you haven’t lived! Stepping off the plane in Phoenix last month for ACI’s Annual User Exchange, the mercury was literally jumping out of the thermostat at 116 degrees Fahrenheit…and it was unlike anything this New Englander has ever experienced. I mention the weather here because it’s the important backdrop to talk about Exchange itself; you could say that the heat was required to properly bake this event to perfection over the four-day agenda and fully deliver on this year’s theme of connect, learn, share.
Why ATMs Are a Successful Piece of 'Social Tech' Not Heading for Retirement Anytime Soon
The ATM turned 50 last week (on June 27, to be exact) and despite the spectacular growth of alternative payment methods and predictions that we are heading toward a cashless society, birthday celebrations around the world were upbeat. Most industry commentators seem to agree that the ATM is alive and kicking. As ACI’s Lu Zurawski, EMEA consumer payments lead, says in an interview with Forbes: “The ATM is a successful piece of social technology and won’t be heading for retirement any time soon.”
Challenges and Opportunities for Girls and Women in STEM
ACI is planning to host its third Coding for Girls camp in Omaha on July 15th—a free day-long event to teach middle school girls about coding and programs like HTML, CSS and Java, hosted by the Peter Kiewit Institute at the University of Nebraska at Omaha (UNO). As we gear up for our next camp, we sat down with Deepak Khazanchi, Professor and Associate Dean for Academic Affairs at UNO College of Information Science & Technology (IS&T) along with Shelley Ahlers, ACI’s SVP of Software Engineering, to get a deeper picture around the challenges and opportunities for women and girls in Coding and STEM fields.
The ATM Turns 50: Why Evolution Is Key For Its Survival
The ATM turns 50 this year and half a century on ATMs remain popular with consumers worldwide. Banks and building societies more than ever see ATMs as a key channel of communication and interaction with their customers and many are now offering ATM services that go beyond simple cash withdrawal. We spoke with Paul Horlock, Director for Payments at Nationwide, one of the biggest high street financial providers in the UK. Nationwide has been working with ACI Worldwide for over 30 years and currently uses ACI’s BASE24 eps solution to power an estate of around 700 ATMs across the UK.
Amazon & Whole Foods: A Game-Changer for Customer Experience
The estimated $700-billion-dollar grocery business recently got a jolt when Amazon announced its intended purchase of Whole Foods Market. With more than 450 stores in the U.S. and UK, Amazon will be plunging head first into the physical world of commerce.
SleepAtNightability – Why We Must Not Forget The Fundamentals of Payments
When I saw this quote on Twitter, I literally LOL-ed, mainly because it’s so true (thanks to James Wester & Sam Maule). Indeed the ’boring’ in payments exists for good reason; when it comes to peoples’ money, you can innovate, but you cannot forget the fundamentals. The basics may be boring, but the lesson there is that they are vital.