MYHSM and HIPS discuss payments infrastructure for fintechs
This month, MYHSM’s Account Executive Nicola Griffiths and John Cavebring, CEO and CTO of HIPS, sat down with the host of Fintech Finance’s Virtual Arena, Doug Mackenzie, to discuss the changes in payments infrastructure and how this is allowing fintechs to push the industry to new horizons.
Last year was a rollercoaster for the payments industry, we witnessed an accelerated leap forward in innovation as many companies worked to meet new demands and adapt to the ‘new normal’. Changes in payments were a hot topic with contactless payments taking off more than ever before, owing to hygiene concerns, increased spending limits and innovations in alternative payment methods. Many of these innovations were deployed because of the changes in the payments infrastructure, specifically the move to the cloud.
Capital investment presents one of the biggest barriers to entry for fintechs but the introduction of cloud services eradicates capex costs and enables fintechs to access the hardware and licences which larger more established institutions are using for a monthly fee. No longer do fintechs have to purchase expensive hardware and allocate large amount of resources and time to integrate these into their infrastructure, detracting from their core business and slowing down potential innovation and growth.
PCI compliance is another barrier to entry and presents various complexities fintechs have to contend with but service providers like MYHSM removes this burden with a fully managed, PCI complaint service.
In this episode, MYHSM and HIPS delve into these topics in more detail, they discuss the benefits of cloud for fintechs, ponder over the future of payments and explain how MYHSM is able to serve the fintech community with a cost effective Payment HSM Service.
Watch the video from Fintech Finance Virtual Arena to find out more:
To learn more about MYHSM visit our services page here.