Bruce Parker reminisced about Money20/20 Europe and shared his thoughts on the payments industry in Financial IT’s May 2016 issue. References to pies included.
Originally published in Financial IT
Money 20/20 is about the ongoing changes in financial services, what was significant for your company in attending Money 20/20?
At Money2020 it became very apparent that making connections between various payments systems and networks is a critical May 2016 Interview 25 requirement for the new digital use cases that are coming to market. Modo was delighted to announce our relationship with Klarna, talking about powering the connection between their awesome digital checkout solution and the existing payments systems supported by merchants. We were delighted at the overwhelming response.
What are the issues and challenges you are finding in the industry and how are you providing solutions?
The challenge with new digital payments experiences is connecting them to the existing payments “rails” that move the vast majority of money around the world. These new digital payments experiences are often hindered either in functionality or in reach by the limits of existing payments infrastructure. Modo enables seamless connections between new digital payments experiences and existing payments systems without requiring any change to the existing system.
Going forward what are the trends and advancements that we should expect to see in financial services?
In future, we expect to see a whole host of new digital “middlemen” who are creating experiences that serve consumers and corporations in the course of their payments activities. Banks and existing payments infrastructure providers are not going anywhere, and will perhaps be disintermediated to a degree, but without losing their traditional roles. The pie is getting bigger, and the best players will focus on removing the friction involved in doing something new.