PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Banks & Merchants – the Omnichannel Payments Puzzle

By Reza Rahmani Fard
December 7, 2018
in Banking, Debit, Emerging Payments, Featured Content, Industry Opinions, Merchant
0
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
omnichannel payment puzzle

omnichannel payment puzzle

Banks and merchants are experiencing unprecedented change. And while this presents significant opportunities, it also requires stakeholders to overcome a range of challenges to ensure the pieces of its strategic puzzle are all in the right place.

Acquiring and issuing banks must balance the need to transform their strategies and infrastructures for long-term success, while ensuring short-term revenue growth. Retailers and merchants are required to make increasingly complex strategic decisions to reduce costs and increase revenues in today’s omnichannel world. But with margins constantly squeezed, it is difficult to know where to focus resources.

Merchant Acquiring and Processors

Fundamentally, acquiring banks need to balance increasing complexity while reducing transaction acquisition costs.

Transaction volumes are at an all-time high, pushing acquirers to develop new secure solutions to manage peak transaction volumes from multiple payment channels. All while maintaining PCI DSS compliance.

Additionally, retailers increasingly want to accept a wide range of payment form factors and new acceptance solutions like Android-based SoftPOS, as well as enabling seamless omnichannel buying experiences. All of this creates both opportunities and technical challenges to integrate new payments technologies for merchant acquirers.

Issuing Banks

Issuers face a range of challenges across all areas of their business. Firstly, increasingly complex regulatory mandates such as PSD2 and GDPR are changing business models and increasing competition. Issuers need to keep up to date with the new, agile FinTechs disrupting the issuing ecosystem and driving innovation across new payment platforms and form factors. Banks must decide whether to collaborate or compete with FinTechs on new, innovative projects, ensuring that they are delivering the highest levels of cyber and fraud security, while aligning with global and domestic payment standards.

The disintermediation created by FinTechs and ‘GiantPays’ is requiring new multi-factor authentication methods – that combine emerging technologies and protocols, including biometrics, risk-based, and 3-D Secure – to ensure security and strong customer authentication across in-store, in-app and online payment channels. Issuers must also ensure that they are upgrading back-end infrastructures to process payment data and authorization requests from new digital channels. Prioritizing and finding the best route forward can be difficult.

Retailers

As payment channels and form factors diversify, many retailers struggle to offer consumers choice while maintaining an interoperable and frictionless buying experience across multiple channels. It is essential that retailers deploy a seamless, omnichannel strategy to engage customers throughout the buying journey.

Retailers must also understand a range of new payment acceptance, authentication and security technologies to protect their business, and their customers’ data and money. The shift towards digital payments also means merchants need to aggregate increasing transaction volumes across large networks of stores both nationally and internationally, while identifying cost reduction and revenue enhancement opportunities.

Putting the pieces together

Navigating the complexities of digitalized payments and ensuring compliance with global and local requirements can be a real challenge for those looking to integrate new technologies. Expert support can help select the best technologies to meet business model needs and streamline the path to launch.

With unrivalled payments expertise, FIME can offer end-to-end project support, with testing, certification and comprehensive consultancy and solution engineering at the forefront, putting the pieces of a secure, compliant strategy together.

2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: BankingCompliance and RegulationMerchantOmnichannel

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    push notification bank

    From Bland to Beneficial: Using Push Notifications to Reach Business Customers

    May 16, 2025
    recurring payments, PCI Compliance for small business, Fintech for Underserved Small Businesses

    Tariffs May Create an Opportunity in Small-Business Cards

    May 15, 2025
    Using the Card “Beyond” Payments to find the Holy Grail

    Using the Card “Beyond” Payments to find the Holy Grail

    May 14, 2025
    Payments Modernization

    Playing Offense and Defense: Why Now Is the Time for Payments Modernization

    May 13, 2025
    Authorization Rates

    Boosting Revenue for Merchants by Optimizing Authorization Rates

    May 12, 2025
    Why Payment Orchestration is the key to international merchant growth

    Ensuring Payment Decisions Pay for Themselves

    May 9, 2025
    cross-border

    As Businesses Reevaluate Cross-Border Relationships, Financial Institutions Can Help

    May 8, 2025
    Nacha WEB Debit Account Validation Rule Verification Solution, Quovo ACH Payment

    The Brave New Future of the Disappearing Account

    May 7, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result