Open banking holds significant promise for changing the financial system for the better. With the ability to access and share their own financial information, individuals gain greater control over their data while enabling more efficient and tailored financial services. For banks, it has the potential to reduce security risks and open up new product ideas in the field of identity verification.

During a recent PaymentsJournal podcast, Caitlin Sinclair, Director of Proposition Development in Financial Crime at GIACT, an LSEG Business and James Wester, Co-head of Payments at Javelin Strategy & Research, provided insights into the state of open banking, the challenges it faces, and the potential for self-sovereign identity to revolutionize data control. They also spoke about how businesses can use open-banking tools more effectively, as well as the new consumer products open banking is likely to enable.

PaymentsJournalThe State of Open Banking: Empowering Individuals and Redefining Data ControlPaymentsJournal The State of Open Banking: Empowering Individuals and Redefining Data ControlPaymentsJournaljQuery(document).ready(function ($){var settings_ap34514876 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"34514876",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_421683_28",settings_ap34514876); }catch(err){ console.warn("cannot init player", err); } });

The State of Open Banking

Although open banking does not have a fixed definition within the industry, in simple terms it allows individuals to access and share their own information held by financial institutions.

In some regions, government and regulatory bodies have played a large role in promoting open banking. The push for U.S. open banking has mainly been driven by industry and commercial interests.

Open banking in the United States involves a few key players. There are the traditional banks that hold the data that open banking enables consumers to share with third parties of their choice, such as fintech companies. There are also third parties such as smart budgeting apps, insurance providers, and neobanks. And let’s not forget the connectivity provider, which facilitates the interaction among the third-party services, the bank account, and the account owner.

“Open banking initially started with banks and international initiatives, like those in the UK, aimed to create a more level playing field and empower individuals to determine what they want to do with their banking data,” Sinclair said. “This has led to the emergence of useful tools such as smart budgeting apps and dynamic fintech apps that help individuals manage their finances more convenient...

Consumer lending in the on-demand economy has created new opportunities for individuals and businesses with limited credit histories or financial data, commonly known as “thin files.” The rise of alternative credit scoring models, driven by technological advancements and changing consumer preferences, has allowed these individuals to participate in the economy based on their performance and reputation rather than solely relying on traditional credit scores. However, the use of thin files also presents challenges, particularly in terms of security and fraud prevention.

In a recent podcast, Sunil Madhu, Founder and CEO of Instnt, and John Buzzard, Lead Analyst in Fraud and Security at Javelin Strategy & Research, explored the opportunities and pitfalls in consumer lending within the on-demand economy and discussed the importance of balancing customer experience with fraud prevention measures. This article will provide the highlights. It will also discuss how businesses can streamline identity verification processes and reduce friction by adopting emerging standards like verifiable credentials.

PaymentsJournalVerified Digital Identities Will Revolutionize Consumer LendingPaymentsJournal Verified Digital Identities Will Revolutionize Consumer LendingPaymentsJournaljQuery(document).ready(function ($){var settings_ap56703818 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"56703818",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_421410_28",settings_ap56703818); }catch(err){ console.warn("cannot init player", err); } });

The On-Demand Economy Is Built on Thin Files

Individuals or businesses that have limited or insufficient credit histories or financial data are said to have “thin files.” Traditionally, this lack of information made it difficult for them to access loans, credit, or other financial services. However, the rise of the on-demand economy has introduced new opportunities for thin-file individuals and businesses.

For example, the on-demand economy has seen the emergence of alternative credit scoring models, which rely on non-traditional data points to assess creditworthiness. Platforms like Uber and Airbnb consider user ratings and reviews, transaction history, and other data to evaluate participants. This approach allows thin-file individuals to participate in the economy based on their performance and reputation rather than solely relying on traditional credit scores.

The adoption of ISO 20022 is well underway, especially within central banks and larger institutions. This International Organization for Standardization (ISO) format for electronic payment data interchange between FIs is heralded as the solution to boost efficiency, cut costs, and enhance transparency between organizations.

In a recent PaymentsJournal podcast, Laura Sullivan, Senior Product Manager at Form3, and Albert Bodine, Director of Commercial and Enterprise Payments at Javelin Strategy & Research, discussed how the implementation of ISO 20022 is affecting SWIFT, the benefits and barriers to adoption, and the state of organizational infrastructures that could inhibit the ISO standards from fully benefiting the organization.

PaymentsJournalISO 20022 Adoption Has Its Challenges, but Advantages Outweigh ThemPaymentsJournal ISO 20022 Adoption Has Its Challenges, but Advantages Outweigh ThemPaymentsJournaljQuery(document).ready(function ($){var settings_ap34365812 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"34365812",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_421295_28",settings_ap34365812); }catch(err){ console.warn("cannot init player", err); } });

How ISO 20022 Is Affecting SWIFT

In March, SWIFT began the migration of its cross-border payments functionality onto ISO 20022. Under the auspices of ISO 20022, financial institutions will be able to modify the payment messages they send and receive through SWIFT from the message type (MT), which is a legacy format, to the new message type XML (MX) format. This new format not only holds more data but also is expected to increase interoperability between financial institutions.

Many instant payment schemes have already adopted the ISO 20022 standard, including real-time payments. Wire payment networks such as Fedwire, SWIFT, and Lynx have announced their plans to adopt these standards fully by the end of 2025.

Newer schemes have an easier time adopting ISO standards, according to Sullivan. However, when it comes to Fedwire and SWIFT, converting from an already existing format can prove more challenging.

She recounted what she learned at a recent conference and how banks that had been sending ISO messages enabled their core processing systems to send additional address information, which led to additional exceptions on the receiving banks’ sanction systems.

“A payment might have been flowing through for years successfully. Now, it suddenly had another line of address which had something that would trigger sanctions review,” Sullivan said. “So that was really interesting.”

The Benefits and Challenges of Embracing ISO 20022

One of the many improvements to ISO 20022 will include having structured addresses to improve the sanctions scanning scenario. With this improvement,

Alternative payment methods have become increasingly popular among consumers due to their easy, efficient, and secure way to pay. Mobile payments, P2P payments, and digital wallets are just a few of the many alternative payment methods consumers are choosing aside from credit cards and cash.

In a recent PaymentsJournal podcast, Matt Nilles, Senior Director of Global Products and Solutions at Euronet Worldwide, and Brian Riley, Director of Credit/Co-Head of Payments at Javelin Strategy & Research, explore the groundbreaking shifts occurring within the banking industry, especially regarding alternative payment methods.

PaymentsJournalAlternative Payment Methods Compel Banks to Adopt and InnovatePaymentsJournal Alternative Payment Methods Compel Banks to Adopt and InnovatePaymentsJournaljQuery(document).ready(function ($){var settings_ap10847766 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"10847766",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_420868_28",settings_ap10847766); }catch(err){ console.warn("cannot init player", err); } });

Banks, credit unions, and fintechs will greatly benefit from learning about the latest trends, such as the rise of contactless payments, peer-to-peer transfers (P2P), e-commerce transactions, and the importance of adopting these solutions to stay competitive. Finally, listeners will learn about Euronet’s Ren Payments platform, which can enable banks to integrate these alternative payment methods easily and securely.

Why Alternative Payments Are Becoming Popular

Consumers are increasingly looking for ways to streamline their payments and transactions. Amid a more digital age, contactless payments, mobile payments, and digital wallets have certainly delivered on speed and security. These alternative payment methods are not only convenient but also eradicate the need to carry a wallet with credit cards or cash.

“We [consumers] are more concerned about convenience than ever,” Nilles said. “We’re more concerned about security and speed than ever, and that really bolstered the payment methods that have come around in the last couple of years. We’ve seen the rise in real-time payments around the world. It is a trend that is not going away anytime soon.

“We’re all using digital wallets more than ever. And then, certainly, during the pandemic and afterwards, contactless payments have become the norm. And all of this is driving us to that desire of faster to use, more secure payments.”

Clearly, the momentum of the shift to alternative payments comes directly from the customers themselves and not the companies.

“A lot of it has to do with consumer preference,” Riley said. “It’s not just payment card companies pushing, ‘This is what we have available.’ There’s a voice resonating from the consumer side that says we want t...

Having an outstanding and forward-looking loyalty program is a must for businesses in this highly competitive environment. Turning customers into fans is the ultimate goal for those seeking to secure a significant market share while delivering the “wow!” factor for their customers.

Today’s conversation features Mladen Vladic, VP of Loyalty Operations at FIS, and Daniel Keyes, Senior Analyst of Merchant Services at Javelin Strategy & Research, as they explore the post-pandemic trends of the payments landscape, the implications, and how loyalty programs can evolve and continue to deliver first-rate service for their customers.

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The Changing Face of Payments Solutions

If the pandemic has taught us anything, it’s that customers demand more contactless and seamless payments solutions. During the pandemic, consumers were rightly concerned about their health and were disinclined to engage in payment forms that they believed could expose them to the virus on contaminated surfaces. Safety and cleanliness were at the forefront of consumers’ minds, and contactless payment methods surged as a result.

Aside from the surge in contactless payment solutions, other shifts took place, such as the demand for faster payments. This new era, beyond the onset of the COVID-19 pandemic,  ushered in a growing interest in digital currencies.

“The pandemic was a true catalyst to shift to the truly holistic digital approach that most of the brands out there today are embracing,” Vladic said. “The other big trend that I would say is the focus on real-time payments and the acceleration of that trend once to better service customers. The fact that the central banks around the globe are getting more serious about digital currency is another trend that is going to further accelerate.”

Vladic also noted that by 2025 80% of the world’s population will have access to smartphones, providing a growth opportunity for the payments and banking industries. This will be especially profound for the unbanked and underbanked by expanding financial inclusion.

“Acceleration is the keyword,” Keyes said. “The pandemic packed years and years of changes and developments into a very short period of time. Every trend you mentioned was already happening before the pandemic, but it was going to take seven, eight, 10, 15 years to get to where we are now.

Real-time payments are changing the way money moves within the U.S. With payments processed securely, efficiently, and instantly, this can be a game-changer for both consumers and businesses. However, to implement real-time payments on a national scale, there are challenges that must be overcome, such as the need for a solid infrastructure.

During a recent PaymentsJournal podcast, Nick Botha, Global Payments Sales Manager/Sales Lead at AutoRek and Albert Bodine, Director of Commercial and Enterprise Payments at Javelin Strategy & Research, discussed the benefits of adopting real-time payments, operational considerations, and what we can learn from the UK’s implementation.

PaymentsJournalReal-Time Payments Adoption in the U.S. Requires a Pragmatic ApproachPaymentsJournal Real-Time Payments Adoption in the U.S. Requires a Pragmatic ApproachPaymentsJournaljQuery(document).ready(function ($){var settings_ap18351946 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"18351946",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_419365_28",settings_ap18351946); }catch(err){ console.warn("cannot init player", err); } });

What Does FedNow Mean for Real-Time Payments in the US?

One of the biggest benefits of FedNow’s upcoming launch is that it will offer an instant payment option for both consumers and businesses. No longer will users have to wait – transfers  and settlements can take place within seconds. With other traditional payment options still experiencing delays and higher costs, FedNow will provide an innovative solution, helping the US modernize the payment environment.

“Having a government organization running real-time payments is going to be a bit of a game-changer in such a big market,” said Botha. “And with the number of benefits which FedNow has expressly defined, it eradicates the delay experienced by more traditional digital rails such as ACH transfers. One that’s more interesting to me and where we fit into the picture is that it creates new product offerings, encourages innovation, and creates competition.”Botha explains that there will be an effect on the U.S. market. However, how much of an effect will be based on the level of adoption. Adoption of real-time payments has been considerably lower in the U.S. than it has in India, Brazil, and the UK.

In the US, Botha believes that organizations and regulators will be testing and monitoring regularly to determine where this new solution will be adding the most value.

Operational Considerations for Navigating FedNow

Although many organizations are eager and ready to adopt FedNow for its numerous benefits, including adding a competitive edge in the global marketplace, Botha says there are a few operational considerations to keep in mind.

 “The most obvious one on the surface is: how is this going to affect existing infra...

For merchants, the customer payment experience is paramount to boosting conversions and avoiding involuntary churn. By taking a more proactive approach, merchants can leverage network payment tokens and account updaters—eliminating customer friction in the process.

During a recent PaymentsJournal podcast, Jason Harding, Product Director of Optimization at Worldpay from FIS, and Daniel Keyes, Senior Analyst of Merchant Services at Javelin Strategy & Research, delved into how organizations can improve their payment strategy to cut costs and refine the customer experience.

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Seeking Growth Opportunities

Many merchants that Worldpay from FIS works with are looking for ways to save on operational costs and are also eyeing key areas to foster growth.

But it really comes down to what their payment strategy is. Because marketing spending may be subject to budget cuts, having a profitable payment strategy can ensure a higher percentage of conversions for first-time shoppers. Although it’s important to focus marketing spending on effective acquisition strategies to attract as many customers as possible, it doesn’t end there. Figuring out how to retain customers is just as crucial.

“Increasing the lifetime value of the customer that you have can be done within an effective approach to payments to ensure that those who are coming through the funnel have the best possible chance to convert,” Harding said.

Often, merchants may not be as comfortable taking a new approach or experimenting beyond what they have traditionally done. But Keyes notes, it’s important to find creative ways to boost conversions amid powerful economic forces.

“It’s about getting creative and trying new things with payments in order to increase your conversions when you really need it,” Keyes said. “There’s an opportunity to improve your operations so you can break even or even improve during these periods of time rather than just trying to wait it out.”

Leveraging Analytics to Drive Business Outcomes

When it comes to having a robust payments strategy, merchants also need access to the right data. Many solutions can be leveraged to ensure they have the latest customer information to process timely payments and enhance the customer experience. “Part of it is understanding what’s actionable insight versus what is the noise,

In the rapidly expanding world of buy now, pay later (BNPL) services, credit unions are finding ways to compete and thrive using Credit Union Service Organizations (CUSOs). CUSOs are formed by credit unions to collaborate and pool their resources to offer efficient and cost-effective payment solutions for members.

By partnering with a CUSO, credit unions gain access to economies of scale, advanced payment technologies, risk management expertise, regulatory compliance support, and improved member services. It also allows them to compete with larger financial institutions by providing modern payment solutions to their members.

During a recent PaymentsJournal podcast, Cody Banks, managing vice president of Payments and Fraud Strategy at PSCU, and Brian Riley, Co-head of Payments at Javelin Strategy & Research, explored the unique BNPL options that credit unions can offer and how those can enhance members’ financial wellness.

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The Appeal of BNPL With Credit Union Flair

With the ubiquity of BNPL options at point-of-sale checkouts, as well as the capacity to budget for purchases retrospectively, consumers have embraced the payment model. The ease of use, checkout process, and straightforward terms—and the fact that many services offer zero-interest or low-interest rates—add to the appeal.

Although BNPL can serve as a helpful budgeting tool if used correctly, it also carries the risk that consumers could exceed their means if the method is not managed carefully. To mitigate this risk, credit unions must strike a balance between embracing BNPL as a budgeting tool and ensuring responsible lending practices.

“Packaging BNPL services in a way that promotes responsible use and aligns with the credit union’s vision is crucial,” Banks said.

By leveraging existing credit lines and working within consumers’ approved credit limits, credit unions can help members better budget their purchases. To make this possible for their members, credit unions have teamed up to offer these services with CUSOs, such as PSCU, to offer BNPL and other products.

“Something that PSCU has done nicely is integrating BNPL into a platform where the credit union can offer the similar product that’s been done by big banks for a couple years now,” Riley said.

Differences Between Credit Union BNPL and Other Players’ Offerings

Real-time payment systems are becoming more common around the world, and the United States is about to hit its stride in that domain when FedNow debuts. This will have significant implications for all sectors of payments, including the business-to-business (B2B) sector.

In a recent PaymentsJournal podcast, Mike Kresse, Head of B2B and Money Movement at FIS, and Brian Riley, Co-Head of Payments at Javelin Strategy & Research, discussed how real-time payments will play out in the B2B sector, and how the U.S. rollout will differ from how it played in other countries. They also delved into how interoperability, simplicity, and reduced cost will drive rapid adoption of real-time payments, even though that adoption does not have a direct mandate from the federal government. It’s similar to how movie streaming rapidly gained dominance over broadcast television.

PaymentsJournalReal-Time Payments Are Driving B2B InnovationPaymentsJournal Real-Time Payments Are Driving B2B InnovationPaymentsJournaljQuery(document).ready(function ($){var settings_ap75128568 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"75128568",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_418032_28",settings_ap75128568); }catch(err){ console.warn("cannot init player", err); } });

Biggest Trends in Global B2B Payments

Although some countries have mandated the use of real-time payment systems for incoming and outgoing payments, the United States has not (yet) done so, reflecting its decentralized, market-driven approach.

“Adoption in the U.S. around real-time payments is going to be more focused around the use cases in specific industries,” Kresse said.

One such use case that is ripe for development is the automation of back-office processes, including collections management and accounts receivable and payable. Such automation is becoming more prevalent as companies seek to streamline their operations through technology.

As FedNow accelerates the adoption of real-time payments, a wider range of banks will seek to plug into its system. This brings opportunities but also certain risks.

“There’s a dark side to real-time payments—many of them become irrevocable, and that’s the problem we’ve seen in the industry as this starts,” Riley said.

As more people become accustomed to using peer-to-peer (P2P) apps to send money to friends and family, they will also naturally become more comfortable with the idea of using these apps for business transactions. As more businesses move online and embrace digital tools, they are also looking for ways to streamline their payment processes and make transactions more efficient. P2P payment apps have paved the way for this shift, and businesses are beginning to see the potential benefits of using these tools for B2B payments.

“It typically starts from a consumer-to-consumer standpoi...

Despite technology’s move to the cloud over the past decade, many payment processors still use old, outdated platforms that are inflexible and costly. 

Payment processing companies such as PayiQ, a division of Quisitive, are creating new payment processing platforms that use cloud technology. These systems provide everything traditional payment services do but also leverage cloud-based architetcture to make transactions faster, more secure, and automated.  

During a recent PaymentsJournal podcast, Dan Devlin, Senior Vice President of Solutions & Strategy at PayiQ, Tom Byrnes, Senior Vice President of Marketing at PayiQ, and Daniel Keyes, Senior Analyst of Merchant Services at Javelin Strategy & Research, discussed the many benefits of cloud-enabled payments processing and how it better positions specific industries, including retail and food service, amid economic and demographic headwinds. 

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What is Cloud-Enabled Payments Processing? 

Cloud-enabled payment processing has two main components. The first is processing payments quickly and reliably. Cloud technology helps with this by spreading servers out across multiple locations, so if there’s an issue in one geographic area, the system can still work without disruption. This also helps with response time because there are multiple routes that can be optimized in real time for the transaction data to travel.  

Cloud architecture is designed with the latest security protocols in mind, which help protect it from threats such as hacking and data breaches. In PayiQ’s architecture, its cloud-enabled platform also acts as an integrated order processor in addition to handling payments. This means the platform allows merchants to consolidate both payment and order information in one place, creating a single lens into both transaction and individual order data that makes it easier and more efficient for them to run their businesses. 

“In the past, if a merchant wanted a report of their transactions, it would be a time-consuming and custom project,” Devlin said. “Traditional payment processors had to create a special report to get access to that data, and downloading those reports was a difficult, frustrating, and often expensive process for merchants.”