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Evolving a payments business to meet the demands of a distributed economy

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  • Canaday, Tyrone

Abstract

Payment services are in the frontline of the ongoing digital technology revolution. Financial technology (FinTech) companies are breaking boundaries and offering services such as digital cash, cognitive systems and distributed ledger technology to offer customers a more streamlined, user-friendly and cost-effective experience. Some traditional financial institutions are partnering with FinTech firms in an effort to be part of the digital revolution rather than be left behind. But such partnerships and experiments with financial technology products and services need to be managed carefully. This article discusses the current and future state of the payments innovation environment, key change drivers, disruptors, and considerations for a strategic transformative journey which balances speed of innovation with risk.

Suggested Citation

  • Canaday, Tyrone, 2017. "Evolving a payments business to meet the demands of a distributed economy," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 11(1), pages 15-22, March.
    • Handle: RePEc:aza:jpss00:y:2017:v:11:i:1:p:15-22
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    More about this item

    Keywords

    responsible innovation; transformation strategy; FinTech; risk management; blockchain; open APIs;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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