Transact Payments: Easing the Complexities of the Payment Ecosystem

Transact Payments: Easing the Complexities of the Payment Ecosystem

With this in mind, fintechs must consider a variety of things when aiming to tackle the payments space and create a new idea. Kriya Patel , CEO of Transact Payments has over 20 years of European banking experience encompassing savings, mortgages, Fintech, IT systems and most recently, and over the last 15+ years, e-Money, emerging payments and cards. Prior to serving as CEO, Patel was European Sales Director at The Bancorp and COO of Newcastle Card Solutions . Patel shares his views on how he believes the payment ecosystem can be eased for new entrants in the field: The payments ecosystem is a complicated multi-faceted highway of entities. This can include a Banking Identification Number (BIN) sponsor (issuer) , processor, programme manager, card bureau, scheme (like Visa or Mastercard ) and acquirer. Each actor is also reliant on one another to execute their role successfully and securely in the transaction. It is also defined as being an environment in continuous transformation, which is subject to frequent changes and updates in regulation. For instance, over the last 18 months, new regulations and technical requirement mandates have arisen. This includes PSD2 and 3D Secure 2.2, which necessitates new security, fraud protection, proactive