As the payments industry becomes ever more competitive, card issuers, card schemes, card acquirers and others are looking to add functionality, to expand their geographic coverage and to differentiate. At the same time the trend towards outsourcing continues.
Processors and other solution providers
There are numerous different types of solution providers serving the payments market. For example there are the major processors enabling card issuing and card acquiring businesses.
There are providers supporting ATM networks and businesses; then there are specialists in a wide range of fields such as fraud and risk management, point of sale (POS) devices, and – increasingly – mobile payments solutions.
From a solution provider’s perspective the dynamic nature of the market presents both opportunities and challenges. Opportunities, because their customers or potential customers are looking to do more and more.
Challenges, as this drives the need for keeping up with that demand, and because non-traditional competitors are emerging on the back of new product types – for example prepaid cards and mobile payments.
Key questions and Accourt focus:
- Which non-banks are entering the payments market – What needs do they have compared to traditional customers?
- Implications of the rise of smartphone apps and POS devices.
- Products – partner, develop, or purchase?
- Differentiating solutions whilst maintaining platform consistency and efficiency.
Why Choose Accourt
We have a team of high calibre individuals who have successfully managed numerous Regulatory and Payment Scheme applications for organisations wishing to apply for full banking, electronic money and PI licences. Our seasoned experts have both the relevant IP, hands-on experience and operational know-how to ensure successful applications.