The fact that ubiquitous connectivity is giving rise to new, innovative business models led PAY.ON and First Annapolis Consulting to cooperate on a new white paper, Openness is Changing the Future of Payments. The paper focuses on the transformation that is set to occur in the payments marketplace as ‘Openness’ becomes the norm. In particular, the white paper provides insight into:
- How Open payments have already changed the market.
- The benefits Open payments bring payment providers, merchants, and consumers.
- What payment providers must do to prepare for the future.
The white paper focuses not only on the challenges that payments businesses will face as a result of this fundamental transformation, but also highlights the opportunities for those who embrace Open payment models.
How the world purchases goods, conducts business, and communicates is changing and although Open solutions have been slower to develop within payments, they increasingly influence technology, partnerships, and trust networks. Accessible APIs, interactive documentation, and non-restrictive technologies reflect the change that is already underway.
The Open payments ecosystem that will evolve over the coming years will fundamentally change the way payment service providers (payment service providers), banks, acquirers and merchants do business. The white paper emphasizes that payment providers that adopt an Open business model will thrive; those that do not will be left behind or less able to operate globally.
“Openness is sweeping across all business industries, giving consumers more options and providing businesses the opportunity to create exciting new ways to operate,” wrote Markus Rinderer, CEO and Co-founder of PAY.ON in the paper’s foreword. “The time for Open payments has now arrived, and payment providers need to embrace this new paradigm in the technology they develop, their business practices, and how they generate trust. Every part of the payments industry has the opportunity to benefit from this shift, and we have developed this white paper in collaboration with First Annapolis to provide insight into the Open future that lies ahead.”
Joel Van Arsdale, Partner at First Annapolis Consulting, added in a separate foreword, “The transition from closed standards and restricted access to greater Openness is closely linked to a shift towards a more partnership-oriented market approach. PAY.ON is emblematic of this approach, and has clearly identified the implications of payments becoming an integrated component of broader solutions as the market evolves. In this paper, we envision the future and how Openness can be practically applied to a range of payments businesses, and support our position with relevant examples throughout.”