Payments as a platform business enables licensed banks to offer their payments infrastructure to third-party entities like neobanks and fintech companies in a platform-based manner. This model helps banks monetize existing resources, diversify revenue streams, and reach new customer segments. For industry players, a third-party payments platform simplifies market entry by bypassing extensive licensing processes, benefiting startups and non-financial businesses.

Shift to Payments as a platform business is a long-term business commitment, requiring banks to shift focus from internal goals to meeting the needs of the wider industry. Assessing current platforms and infrastructure is crucial for defining the right strategy. Banks can choose between modernizing existing platforms or creating new ones, each with its own costs and benefits.

By using APIs and solution marketplaces, banks can unlock new revenue streams and foster innovation. Future-proofing Payments platforms while staying compliant with evolving technology and customer expectations is essential for success.

Key takeaways:

Understanding Payments as a Platform Business: Explore how banks can provide their payments infrastructure to third-party entities by adopting a platform approach.

Strategic Shift: Discover the importance of shifting focus from internal goals to meeting the needs of wider industry, ensuring long-term business success.

Payments Innovation and Revenue: Understand how APIs and solution marketplaces can unlock new revenue streams and foster innovation, while ensuring compliance and future-proofing your Payments investments.