Today, across industries and geographies, the ‘buy versus build’ conversations are being driven by talks of strategic collaborations.
In recent times, the payments ecosystem has undergone a massive change. Reasons like shifting customer expectations, the arrival of new entrants, technological advancements, and increasing regulatory obligations are pushing established payment providers to accelerate digital transformation and embrace new ways.
Owing to the snowballing effect of the pandemic, online commerce has pulled ahead at a rate never imagined before—leaving customers demanding a more holistic digital payments system. With these large-scale disruptions in the backdrop, payment companies have had to pivot on a dime while continuing to support their customers with the same standards of reliability and security.
One thing is for certain — in today’s dynamic environment, businesses in the payments landscape would need to either consolidate or collaborate to stay relevant!
According to the 2021 Mckinsey Global Payments Report, the global payments revenue is projected to reach $2.5 trillion by 2025. For those of us in the payments landscape, being prepared with necessary partnerships and cutting-edge alliances is what will help us make the most of the exciting growth opportunities that the payment space has to offer.
Our partnership with Stripe, a leading provider of financial infrastructure for businesses will be pivotal in helping us scale our efforts to more organizations that want to facilitate seamless payment experiences. We’ll talk more about this in a bit, but first, let’s understand how FinTech collaborations are powering the payments ecosystem.
How important are FinTech collaborations in the world of payments?
For organizations in the payments space, FinTech collaborations are key to delivering tailored, scalable products that customers have come to expect.
With customers becoming all the more particular and sophisticated, the payments infrastructure needs highly innovative solutions and next-generation technologies to delight these customers. These could include solutions like contactless payments, real-time payments, and Buy Now, Pay Later (BNPL).
FinTech collaborations facilitate the mutual exchange of technical know-how and payments expertise that is key to modernizing payment systems.
There are huge opportunities in the foreseeable future for forward-thinking joint ventures. Payments processing partners that are quick to leverage these relations will reap the greatest reward, foster future profits, and delight their customers like never before.
Key factors driving the need for collaboration in the payments ecosystem
While organizational partnerships are not a new phenomenon, the pandemic has played a big part in pushing the need for collaborative mindsets to take center stage.
Here are some of the top reasons why now, more than ever, collaborative mindsets are needed in the payments landscape:
- New opportunities: In today’s radically changing digital economy, open and collaborative environments lead to the inception of new payment opportunities and alternative channels.
- The power of merged know-how: Strategic partnerships bring together extensive experience, combined technology proficiency, and vast payment expertise. All of these factors are crucial to pushing payments forward in a way that is best suited to meet the growing demands of today’s customers.
- The rise of enabling technologies such as APIs: The growing popularity of APIs is further aiding bank-FinTech collaborations, helping them to provide flexible and customized payment experiences at scale.
- Regulatory requirements: While recent global regulatory directives have promoted competition and innovation, they have also paved the path for payment processing partners to collaborate and thrive in today’s digital economy.
The strategy behind FinTech Collaborations
With the global FinTech market booming and expected to grow at a CAGR of 27.5%, innovation is surely not short of supply.
Source: Research and Markets
Today’s customers demand an instantaneous, digital experience that is second to none, and a host of payment solutions are needed to meet customers at the intersection of convenience and security. Collaborating with the right FinTech can power that experience.
FinTech collaborations drive growth and innovation. Finding a perfect Fintech partner will help you launch products a lot faster and on a larger scale. What FinTechs bring to the table are product roadmaps and go-to-market strategies that help payment processing partners to roll out scalable products and solutions a lot faster.
At Opus, we value partnerships and we believe collaborating with the right FinTech partner will complement, enhance and amplify our offerings and ultimately provide our clients with innovative payment solutions.
A partnership with a future: Opus + Stripe
We’re proud members of the Stripe Partner Ecosystem. Joining forces with Stripe helps us provide frictionless payment experiences for our clients in the financial services industry.
In an exclusive interview with Stripe, our CEO Praveen TM shares how together with Stripe, we look forward to delivering elevated customer experiences and unlocking new monetization opportunities for the businesses that we serve.
This partnership brings together Opus’ 25 years of payments expertise and Stripe’s best-in-class products like Sigma, payment APIs, card issuing solutions, digital wallets, and more.
Together with our combined domain expertise, we are looking to bolster payment innovation in the United States.
Summing up
The bottom line is that disruption will be a constant—the onus is on us to adopt a collaborative mindset and leverage partnerships that will help us serve our customers better.
For decades now, we have been providing tech-enabled and sophisticated payment solutions to some of the biggest names in the industry. Teaming up with Stripe will help us support more joint clients and maximize the benefits they receive from the modern payment stacks.
Talk to our team of payment experts to know how you can accelerate your payment modernization initiatives today!
