Page 34 - Pay Magazine

digital money
Igniting Payments Change
a customized experience with di erent features based on the speci c cardholder needs.”
By operating o of a single com- mon code base that serves multiple apps, Digiliti Money doesn’t have to do a separate build, release and deployment for each and every
one of its clients’ app releases or updates. In other words, as a
program manager you’re able to go in through the administrative portal and set up applications for the customer, turn features on and o , and customize the brand- ing to con gure a new app within 10 to 20 minutes.
“We can put a new app in market in a couple of hours. It used to be 90-plus days,” Granville says.
“We’ve created a ton of e ciency. From a program manager’s per- spective, if I have ve apps out there and I’d like three of them to have money transfer, I can
do that almost instantly rather than having to build it into the apps one at a time. Think about how that e ciency comes into play if you have even more pro- grams that you support and you
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trend WatCh 2017
Whatever changes the game in payments and nancial services in the next year is likely to stem from one of the following trends:
IoT Is ExplodIng cars that can pay for parking, refrigerators that can buy
more milk when you’re running low, and amazon’s Dash Buttons enabling consumers to reorder household supplies with a single touch are just a few examples of the commerce
possibilities in the increasingly broader internet of things (iot) landscape.
Daimler Financial Services, which operates under the same corporate umbrella as the mercedes luxury car brand, said it will build the “mercedes pay” digital wallet via its acquisition of Luxembourg-based
Paycash Europe. Volkswagen in January said that its nancial services arm will buy canada-based parking payments rm PayByPhone, which enables drivers to pay for parking via its mobile app. and honda and Visa are testing a system that enables a driver to pay for fuel and parking from inside Web-connected cars. Providers that consumers already trust and that make it easy to pay—as in card-on- le payments with amazon or PayPal—may have an early advantage in iot payments.
BlockchaIn In Bloom Blockchain, the distributed ledger technology underpinning bitcoin, is overshadowing
the formerly buzzworthy cryptocurrency. investment seems to be moving away from digital wallets and crypto- currency applications and toward corporate payments, trading applications and identity veri cation, where proponents say blockchain can cut costs and improve security. capgemini estimates the global market for blockchain technology will hit $400 million in 2019. goldman Sachs and JPmorgan chase plan to invest up
to $20 million in blockchain startup axoni. Based in New York, axoni “helps banks and other institutions develop blockchain software to run capital markets processes.” the company has supported transactions involving credit default swaps and foreign exchange. microsoft and Bank
of america also announced plans to team up to further develop blockchain technology, and BNP Paribas said
Dec. 21 it had completed its rst cross-border B2B pay- ments between corporate clients using blockchain. iBm and SecureKey technologies announced march 20 they’re working together to enable a new digital identity and attribute sharing network based on iBm Blockchain. the network will make it easier for consumers to verify they are who they say they are, in a privacy-enhanced, security-rich and ef cient way, according to the companies. When launched later this year, consumers will be able to use
the network to instantly verify their identities for new bank accounts, driver’s licenses or utilities.
challEngEr Banks mulTIply the term “chal- lenger bank” is most often used in Europe, where