Munich 7/10/2015 7:08:45 AM
News / Financial Services

New White Paper Reveals How Openness Transforms the Future of Payments

PAY.ON, a worldwide leading provider of white label global payment gateway solutions and an innovator in Open payment technology, has collaborated with First Annapolis to publish a white paper: Openness is Changing the Future of Payments.

Ubiquitous connectivity is giving rise to new, innovative business models. Focusing on the transformation that is set to occur in the payments marketplace as 'Openness' becomes the norm, the white paper provides insight into:

How Open payments have already changed the market.

The benefits Open payments bring payment providers, merchants, and consumers.

What payment providers must do to prepare for the future.

The white paper focuses not only on the challenges that payments businesses will face as a result of this fundamental transformation, but also highlights the opportunities for those who embrace Open payment models.

How the world purchases goods, conducts business, and communicates is changing and although Open solutions have been slower to develop within payments, they increasingly influence technology, partnerships, and trust networks. Accessible APIs, interactive documentation, and non-restrictive technologies reflect the change that is already underway.

The Open payments ecosystem that will evolve over the coming years will fundamentally change the way payment service providers (PSPs), banks, acquirers and merchants do business. The white paper emphasizes that payment providers that adopt an Open business model will thrive; those that do not will be left behind or less able to operate globally.

"Openness is sweeping across all industries, giving consumers more options and businesses the opportunity to create exciting new ways to operate," says Markus Rinderer, CEO and Co-founder of PAY.ON. "The time for Open payments has now arrived, and payment providers need to embrace this new paradigm in the technology they develop, their business practices, and how they generate trust. Every part of the payments industry has the opportunity to benefit from this shift, and we have developed this white paper in collaboration with First Annapolis to provide insight into the Open future that lies ahead."

Joel Van Arsdale, Partner at First Annapolis Consulting, adds, "The transition from closed standards and restricted access to greater Openness is closely linked to a shift towards a more partnership-oriented market approach. PAY.ON is emblematic of this approach, and has clearly identified the implications of payments becoming an integrated component of broader solutions as the market evolves. In this paper, we envision the future and how Openness can be practically applied to a range of payments businesses, and support our position with relevant examples throughout."

Download the free white paper "Openness is Changing the Future of Payments."

About PAY.ON:

PAY.ON delivers white label global payment gateway solutions to payment service providers, ISOs, acquirers, ISVs, and VARs, enabling them to fully outsource payment transaction processing or integrate a gateway-to-gateway solution. The core payment gateway provides cross-border payment processing, PCI-compliant merchant boarding, and access to more than 300 domestic and international acquirers and alternative payment methods. Modular solutions are configured to specific business cases, with additional fraud prevention tools, monitoring and reporting, and business services. PAY.ON enables payment providers to rapidly increase international revenues, reduce costs and risk, and accelerate market expansion.

Headquartered in Munich, PAY.ON has subsidiaries and representation in New York, Hong Kong, Salzburg, Manila, London, and Sydney.