Payments News in a Sandbox
If I were to embark upon this particular writing, while confined in a strict, regulatory environment–it would be the dullest, most uninteresting, and unimaginative article you ever sat down with your morning coffee to read.
Initially, all creativity and innovation are fundamentally dependent on freedom–this is the exciting part.
As ideas come together, they are obliged to relate to the inaugural focus–this is the sometimes-fuzzy part.
After that, for FinTech–proven continuity happens in a sandbox, and this is the rewarding part.
Techopedia.com explains, “A sandbox is a type of software testing environment that enables the isolated execution of software or programs for independent evaluation, monitoring or testing. In an implementation, a sandbox also may be known as a test server, development server, or working directory.”
Inceptive, FinTech concepts will converge in the next generation of payments applications.
Since consumer protection is the hallmark of regulatory consideration…, and since technological innovation–staying ahead of consumer demand and helping businesses with their cash flow problems–drive FinTech reformation–does it not logically follow that the regulatory sandbox is an exemplary solution?
U.S. regulators, currently stalemated against the regulatory sandbox concept, are finding out that their attempts to control FinTech are much like Rocky found when Mic made him “chase a chicken!”
Placing concrete demands on results at the outset—could raise the innovation bar concerning durable safeguards for consumers as one of the necessary outcomes.
Just to take a short diversion here, FinTech takes on new life and direction each time another change occurs in financial technology because their goal is to anticipate and stay ahead of its nonpareil future.
In the same fashion—these tech companies are not always necessarily the initiators of change in the industry.
When the regulatory industry attempts to control this type of atmosphere, with only their agenda in mind, conditions are subject to change, which may or may not skew the results.
Often, like what happened with the recent Wells Fargo fiasco regarding the opening of unlawful accounts, a series of events can occur and modify the trajectory of the industry.
In this instance, alerted regulators instantly began a series of proposed changes to the banking sector, which is sure to affect payments in the short run.
Now, what was that saying? “Just how high is high–if you aim to have it all?”
FinTech had nothing to do with any of this, but if any industry aims high on this planet—it is the Financial Technology Industry—as it relates to payments, and you can bet that before long—the changes in banking will be reflected in payments through FinTech adjustments.
FinTech is one of the most leading edge-dependent aberrations ever to emerge in the technology industry. Notwithstanding, all technology is leading edge-dependent to a degree–but FinTech is unique in that it has no boundaries.
Although this FinTech, transmutation deluge is manifesting itself on the fringe of becoming a regulated industry–these startups tirelessly continue to invent the future–as in the following ways:
- Reliable supply chains,
- Address funding shortfall problems,
- Simplify payment processes,
- Reduce fraud in the payments industry,
- Tighten security,
- Provide the public with a myriad of payment options—while saving them money, and giving payments more to offer their customers,
- Introduce streamlined APIs—albeit banks are still holding their cards close when it comes to open APIs,
- Help consumers with their financial planning through apps that keep them safe apprised, and are user-friendly,
- And–etcetera, etcetera, etcetera.
The ways that we do business on a daily basis are changing on a daily basis!
It is evident that we can count on Fintech companies to continue to expeditiously sandbox their genesis products which promise to free up our money and our time–while helping us grow our enterprises.
Curiosity May Have Killed the Cat, But Satisfaction Brought Him Back!
The questions now are as follows: “are you satisfied with the status quo in your current business? Are you engaging customers with new initiatives in the industry?” “Are you keeping them informed and encouraging them to take pioneering steps that will help their business?”
When considering questions like these, often we wish that we could do more of those things in our businesses—but most of us just do not have the time?
Let us be reassuring and say, “If this is you, you’re not unique when it comes to time constraints.”
We speak with ISO companies every day who have similar dilemmas. Contact us to learn how we can help you make a difference with your customers—and not only that, but we can show you how doing it in less time will open up more of that valuable commodity for yourself and your family.
Life is short, and you owe it to yourself to be your best! Collaborating with you on this is what IRISCRM does best!
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