The concept of orchestration has been popular in the tech sector for more than a decade, and, naturally, orchestration has found a place in the payments industry. By harmonizing technologies and streamlining processes, orchestration is facilitating seamless transactions and enhancing both merchant and customer experiences, which leads to greater customer retention for payments and fintech companies. Through insights from industry leaders, the article underscores the importance of strategic partnerships, customer-centric approaches, and forward-thinking adaptability in navigating the payments orchestration today, highlighting its invaluable role in shaping the future of commerce.
Payments data has great value in shaping commerce, and one expert contributing to this issue delves into why ISOs are well-positioned to capitalize on it, provided they can navigate the legal issues in data management. Other contributors discuss new fraud techniques surfacing routinely that are contributing to a recent spike in friendly fraud negatively impacting businesses; how a POS system is a powerful tool that serves as a central hub for sales, inventory and customer management; distinctions between cash advance options available today; why fears about AI gradually replacing us in the workforce and locking us out of our computer systems are exaggerated, and the reality is more benign; why it's a mistake for financial institutions to delay implementation of instant payments until 2025; and why the EU's passage of new instant payments regulation puts them a step ahead of the United States again, but only temporarily.
News stories we've spotlighted here include Senator Richard Durbin's demand that the CEOs of Mastercard and Visa testify on April 9, 2024, before the Senate Judiciary Committee about competition in the credit card industry; a new study by the International Federation of Robotics and Fraunhofer IPA that found 3.9 million robots were deployed across 40 countries, indicating growing demand for robotic technology; Discover and Capital One positioning themselves to revolutionize the credit card industry through a $35.3 billion all-stock deal; new studies by LexisNexis Risk Solutions and SonicWall that reveal a surge in cyberattacks employing AI and advanced technologies and targeting financial institutions, enterprises and individuals alike; and the possibility of national money service business licensing to supplant individual state licensing, which is cumbersome and complex.
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