From left to right: Technology integration within payment ecosystem, electronic invoicing, Regulation and compliance, Biometrics, API development, Artificial intelligence and data science.
The rapid development of the FinTech and PayTech ecosystem is stimulated by both the need for these solutions and the interdisciplinary nature of Payment Technologies. Historically, payments were portrayed as an area stemming from the bank’s operational focus. As such, the payment itself had a clear-cut need and function. However, with the inclusion of non-bank players within the ecosystem, payments had to adapt to facilitate the operation of all parties.
This meant that additional regulations (i.e. PSD2, SEPA) security features (i.e. biometrics, dual-factor identification), messaging options (i.e. e-invoicing, SWIFT, Request to Pay), reconciliation/data analytics and intermediate operations (additional API connection SAP, SAGE etc.) were developed to complement the payment intended as the transfer of money.
With all of the solution presented above, a great deal of work was required from individuals with different skill sets ranging from bankers to biotechnologists. As the complexity of the payment will evolve, we would expect to see greater engagement from experts in AI, data science and biotechnologists to ensure the payment is: more secure, automated, meaningful and cheaper.
This is where we, at TPA, can help you out. Our industry experts provide novel, meaningful, interdisciplinary knowledge to enable you to grow and succeed within the PayTech sector.