Trends & Research

Trends & Research

Access the power of data and objective insight. Data from various sources, including NEACH surveys and member interviews, is compiled and made available as white papers, case studies, articles, benchmarking, and industry reports to provide a snapshot of both the current and future payments landscape. 

Published on Tuesday, December 22, 2020

Breaking Down Your Payments Strategy Questions - What role do FinTechs play in a payments strategy?

FinTechs have really stepped up their roles in supporting FI payments strategies over the past few years. I look at them as technology service providers now; they offer solutions for enhancing customer experiences, streamlining back office operations, supporting staff needs, and making the FI more efficient and effective. I look at what DCU is doing with its innovation lab, and I see a model where an FI is partnering with FinTechs to help groom and train them for the financial industry.


In addition, historically, FIs had to rely on their cores for the majority of new technology releases and solutions, but in the past year or two, major providers have opened up access to their systems via application programming interfaces or APIs. These APIs mean that banks and credit unions can partner with other technology providers in a more efficient, effective manner. They open up a world of possibility for interconnections with other systems. For example, if I have an API from a customer-facing system and it updates my core in real-time, it’s a huge benefit.


Because of APIs, there’s so much additional potential for technology solutions to common problems. For example, they can help enable efficient “smart data” approaches to traditional tasks. Just imagine if you can create things like smart contracts where the contract and payment tie together instantly; your system recognizes the payment and the details and applies them to the appropriate invoice in real-time. This supports any number of scenarios, including situations where COD applies today. It would streamline the end-to-end payment process for all parties.


Learn more about how APIs can benefit you in our “Building Blocks of Faster Payments” series. 

Breaking Down Your Payments Strategy Questions:



Director, Payments Innovation

As the Director of Payments Innovation for NEACH, Mark focuses on exploring innovative solutions and technologies
that will help position members for success, both now and in the future. Connect with Mark to read more of his blogs, articles, and posts.



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Author: Meagan Norlund

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