Modo Thoughts

Pitch Off with the #PaymentsGeeks

By April 27, 2017 No Comments

Us #paymentsgeeks sure do love a good Pitch Off, and that is what we got between the companies in the Innovator Row at NACHA Payments 2017. Bruce got up on the stage and threw that pitch DOWN. Check out the video and pitch below! (And apologizes for the subtle shakiness, we couldn’t contain our excitement)

In today’s world, connected, personalized, and digital experiences are the new standard. The new expectation. Remember when we used to refer to cool technology stuff as being “enterprise scale”? LAN, SAN, WAN. It was always some kind of acronym that rhymed with, well something that rhymes with LAN. Now that’s all been overtaken by “consumer scale” with folks like Facebook and Dropbox, and of course Google and Apple. Everybody wants to be the next Steve Jobs and make beautiful experiences. Except me. Mostly because I think black turtlenecks make me look fat. But I do like the idea of great design.  

As I look forward a few years, it’s not just consumer digital experiences that need a design overhaul. It’s really every experience. In fact, I am not sure we’ll even call them digital at some point. They’ll just be “experiences”. So, whether you are focused on B2B, C2B, B2C, C2C or anything else that has somebody paying somebody in the middle of it, I think we need to have a completely new focus on user experience, personalization, and connecting the dots for all of the participants in payments.

But for us payments people, or as I like to say, payments geeks, that new UX/UI focus creates a big challenge. Our payments systems, and networks, were designed and implemented a long time ago.  Like, when I was born along time ago. My children have been very clear with me. This was a LONG TIME AGO. And really the most important problem our existing payments systems, like NACHA, or VISA, or EFT, or Checks, or … were really designed to handle was how to process the movement of money from the payer to the payee. It was generally a one way trip.  And the rest of the experience was expected to occur in some other way, in some other place. Maybe in a branch. Or on the phone. Or at an ATM, or at the store. But not as an integral part of the payment itself. The experience, and the payment, used to be different things.

Modo’s COIN® transaction is an enabling technology that connects new digital experiences to old existing payments infrastructure. Our customers are some of the largest payments players in the world, who are bringing new experiences to the market, using the payments systems they already have.

Bank of America is using Modo’s COIN to connect their nearly $5 trillion dollars per year in check and ACH disbursements to global digital payments networks. They call it the Last Kilometer of payments. That means the guy from Indonesia who posted a viral video to YouTube, and who doesn’t happen to have a bank account, can get paid instantly for their content using Dompetku, PayPal, Alipay, or whatever else their favorite digital payment network happens to be.

But it doesn’t actually even have to be traditional currency? This is normally where I make some obscure reference to goats. Seriously, that’s actually a thing. Last week, there was announcement in Zimbabwe. Goats are a thing. However, more to the point, Verifone is using Modo to let customers pay with their credit card based loyalty points at Point of Sale.  Modo connects the existing loyalty systems to a new digital experience on Verifone’s Connected Commerce Platform. That means that the roughly $6 billion in loyalty points that go unused every year, have a new chance for redemption at one of the 27 million Verifone terminals around the world.

And our dear friends at the Swedish Fintech Unicorn Klarna, you know that actually sounds like a DJ name, anyhow, Klarna is using Modo’s COIN to connect their super smooooth digital checkout experience to the existing payment systems merchants already have for both online and offline checkouts so they can double their $25 billion in transactional lending volume, again.  Modo’s COIN connects the dots between old and new, even if the old isn’t that old, and the new really isn’t all that new.

Modo’s COIN can be used to power incredibly complex experiences that conduct global money transfers for the biggest banks in the world, or for machine driven, super high volume, but teensy tiny, payments in the IOT connected device world. Modo connects the payments infrastructure we know and love (and sometimes love to hate) to the new experiences we all want.  Come chat with us about what you want to get connected.

And by the way let us know if you can think of a fun word that rhymes with LAN, SAN, WAN and we’ll give you a special prize in honor of our president and payments.

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