In the Internet of Things, is a payments ‘hub’ better than a product?

ModoPayments is fresh off a string of new customer implementations with COIN, its payment “hub” approach for merchants and banks, and it’s already looking ahead to bigger prospects with the emerging Internet of Things (IoT).

“COIN acts like a bridge, handling payments from the accounting and settlement to encryption and compliance, freeing companies up to work on their business processes without having to worry about deeply integrating payments into core functions,” said Bruce Parker, a payments industry veteran who previously held senior executive roles at Fidelity National Information Systems (FIS) and ACI Worldwide, before launching ModoPayments in 2010.

It took many twists and turns for ModoPayments to hit on its current concept, Parker admits. The company was originally focused on developing broad mobile payment solutions, but two years ago Parker decided merchants’ needs were too varied to corral in a single payments app.

Read the full PaymentsSource article here.

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