Technologies that will Help SSOs / MSPs Overcome Their Major Challenges in 2021

This is the 6th and final part of a series of articles exploring the payments ecosystem. In the 5th part, we’ve discussed the latest tech trends in payment gateways.

Merchant service providers (MSPs) are essential in the payment ecosystem dispensing a vital service of recruiting merchants into a card payment program and linking them to an acquirer. These MSPs are widespread in the US with the likes of VizyPay gaining popularity by the day and constantly growing its client base. 

MSP growth however is hindered by international integration. This curtails the global widespread of services due to the different regulatory policies adopted by each country in the different continents. At times, the absence of regulation in some countries prevents MSPs from breaking into potential markets. To remedy this, MSP should leverage the power of computational data analytics to review the existing data on regulation policies conformation and tailor their services to adhere to each country’s regulations.  

With existing data on the regulatory demands of different countries and regions, analysis can be done to identify the most suitable features, packages, and value-added services to incorporate into their business model to make it align with the region’s regulatory requirements. This will also ensure that their services are strictly aligned with the resident countries of operation regulations and avoid litigation due to a breach of the land’s laws.   

Conclusion 

The payment ecosystem is undergoing drastic and accelerated changes with the introduction of novel technologies to remedy the persistent challenges in this ecosystem. AI and ML, real-time payments, data science and analysis, and blockchain have been incorporated into the payment ecosystem to enhance its operation and security.  

These technologies are shaping the future of cashless transactions and they too are continually evolving to ensure a more efficient and secure payment ecosystem in 2021. As a payment ecosystem player, you must be familiar with the relevant technology that can be applied to your niche to streamline services. DataArt is available to offer customized business advisory services in case you are experiencing difficulties finding the best technology to alleviate your challenges. 

Originally published on DataArt’s Blog: https://bit.ly/3b5VKdW  

Read more about our expertise in Payments and get in touch with our leading experts to discuss your options.