Steering the Payments Industry – EBAday 2022 highlights

valantic FSA joined over 1,000 payment professionals at EBAday2022 in Vienna. The payments community came together to address common challenges, build consensus, and find new opportunities for innovation and growth. 

The size and diversity of the EBAday delegation highlighted one simple fact: there are more players in the payments sandbox than ever before. Payment enablers discussed how to actively steer the industry towards sustainable success, or risk losing influence to new entrants and radical thinking. Hi-tech, big data, Gen Z and e-marketplaces will bring about change in the way we exchange value, but some of the traditional industry guardrails still have an important role to play.

Proprietary is out, ecosystems are in

The payments value chain is a long one and any single PSP seeking to serve clients with a full payment service via a closed proprietary solution is unlikely to recoup its investment. The task of delivering payments, faster, cheaper, and more securely, while keeping the end user delighted, is better served by an ecosystem that leverages ingenuity and innovation from both large and small players. Compatibility between the many parts of the ecosystems is therefore vital.

Nobody can see the future but…

the expert panelists gave delegates a good sense of the direction of travel and prepared them for what’s to come.

• Crypto currencies and stablecoins are already in the mainstream. 
• As consumers become more accustomed to the metaverse as a place for leisure, commerce and investment, the industry should be ready to support all payment activity in this domain.
• New devices connected to the internet, such as appliances and cars, will continue to drive payment volumes upward.
• Cloud and API technology have given PSPs processing power on demand and have helped connect ecosystems. The ability to scale quickly is vital for growth and success longer term. The agility of cloud-native solutions gives PSPs added resilience to cost pressures. 

Forward, together in harmony

Standards will help the builders of our ecosystems to work in harmony, creating a uniform set of rails for PSPs to deliver a common user experience. XML is a fine global example. Delegates accepted that while too many standards are a challenge to observe, they remain a very positive influence on our industry, for providers and users of payments.

Innovation through collaboration

Immediacy, transparency, and security are three payment parameters that end users will expect to see continuously improve. Innovation will keep raising the bar, but only collaboration will ensure that important breakthroughs can reach along the entire payments value chain, helping industry participants build competitive advantage. Collectively we will thrive by sharing best practices and ingenuity to promote optimal performance across ecosystems. 

At valantic FSA, we are not only ready to travel the road ahead, we are helping to pave it.

Our cloud-native, no-code solutions are quick to deploy. They are also compatible with existing and emerging architecture, and support a wide range of payment preferences, message formats and jurisdictions. Our modular offering means that PSPs can react with agility to changing market demand whilst all our solutions enable clients to scale their offerings in parallel with their ambitions. 

If you would like to discuss what all this might mean for your business, or how our solutions could help you improve workflow efficiency, please use the contact us feature and we’ll get the ball rolling. 

Take the next step of your journey to growth with valantic FSA.