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How do you work with partners in digital payments?

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Working with partners in digital payments can be a rewarding and challenging experience. Whether you are a fintech startup, a traditional financial institution, or a merchant, you need to collaborate with other players in the ecosystem to offer seamless, secure, and convenient payment solutions to your customers. In this article, we will explore some of the key aspects of working with partners in digital payments, such as choosing the right partners, establishing trust and alignment, integrating systems and processes, and managing risks and compliance.

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1 Choose the right partners

The first step to working with partners in digital payments is to identify and select the ones that match your goals, values, and capabilities. You need to consider factors such as the market size and potential, the customer segments and preferences, the regulatory environment, the competitive landscape, and the technological innovation of your potential partners. You also need to assess their reputation, reliability, scalability, and security. You want to work with partners that can complement your strengths, fill your gaps, and create value for both parties.

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Joris Lochy

Product Manager at Intix | Co-founder of Capilever | Fintech blogger at Bankloch
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From my experience, the most crucial factor is the long-term alignment of values and strategy. A partnership is a long-term commitment, as typically it requires a high upfront investment, meaning a switch of partner is costly process. This means the long-term vision and relation is more important than short-term price differences or short-term capability differences. If there is a win-win partnership, the partner will make sure any major gap gets closed quickly and will ensure that the pricing model remains in such a way that it's a win-win for both partner (and not just a win for the partner at a certain moment).

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2 Establish trust and alignment

The second step to working with partners in digital payments is to build trust and alignment. You need to establish clear and mutual expectations, roles, and responsibilities. You need to communicate frequently and transparently, and resolve any conflicts or issues promptly. You need to align your vision, mission, and strategy, and share your insights, feedback, and best practices. You need to foster a culture of collaboration, innovation, and customer-centricity. You want to work with partners that can respect your interests, support your growth, and enhance your reputation.

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Joris Lochy

Product Manager at Intix | Co-founder of Capilever | Fintech blogger at Bankloch
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Transparent communication remains a major issues in most partnerships, as every party will always present itself better than reality. This makes that there always remains a certain healthy distrust, which consists of always double checking everything the partner is saying. Only when this double check gives consistently no surprises after multiple times, trust can be really built up.

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3 Integrate systems and processes

The third step to working with partners in digital payments is to integrate your systems and processes. You need to ensure that your payment platforms, applications, and interfaces are compatible, interoperable, and standardized. You need to follow the industry standards and protocols, such as ISO 20022, EMV, and PCI DSS. You need to optimize your payment flows, workflows, and data flows, and automate your transactions, reconciliations, and reporting. You need to test your integrations thoroughly and monitor your performance continuously. You want to work with partners that can provide you with quality, efficiency, and flexibility.

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4 Manage risks and compliance

The fourth step to working with partners in digital payments is to manage your risks and compliance. You need to identify and mitigate the potential risks, such as fraud, cyberattacks, operational errors, legal disputes, and reputational damage. You need to comply with the relevant laws, regulations, and policies, such as KYC, AML, GDPR, and PSD2. You need to implement robust security measures, such as encryption, authentication, and authorization. You need to conduct regular audits and reviews, and update your policies and procedures accordingly. You want to work with partners that can protect you from threats, ensure your compliance, and maintain your trust.

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Bradley Willden

Web3/Blockchain - President/COO of Switch Reward Card-#switchcommunitymember / LinkedIn Top Voice in Web3, Blockchain and FinTech
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Due diligence on potential partners is key and ensuring that you are aligned on the importance of compliance and doing things the right way first and foremost.

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5 Learn and improve

The fifth step to working with partners in digital payments is to learn and improve. You need to measure and evaluate your results, such as customer satisfaction, revenue growth, cost reduction, and market share. You need to collect and analyze your data, such as customer behavior, payment trends, and partner performance. You need to identify and leverage your opportunities, such as new products, features, or markets. You need to address and overcome your challenges, such as technical glitches, customer complaints, or partner conflicts. You want to work with partners that can help you learn from your experiences, improve your offerings, and achieve your objectives.

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6 Innovate and differentiate

The sixth and final step to working with partners in digital payments is to innovate and differentiate. You need to keep up with the changing customer needs, expectations, and preferences. You need to stay ahead of the evolving technology, competition, and regulation. You need to create and deliver unique and valuable payment solutions that can solve customer problems, enhance customer experience, and generate customer loyalty. You need to collaborate and co-create with your partners, and leverage their expertise, resources, and networks. You want to work with partners that can enable you to innovate and differentiate, and gain a competitive edge in the digital payment space.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Mauro Mastropasqua

Commercial Legal Senior Counsel - Italy and CSEE at Nexi Group
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In today's digitized economy, the seamless and sometimes invisible nature of digital transactions masks the pivotal role of structural partner operators in the payments industry. From infrastructure to whitelable services and more, these entities offer essential expertise and technology, ensuring transactions are both smooth and secure. Collaboration with such partners enables businesses to offer diverse payment methods catering to varied consumer preferences and covering the whole spectrum of payment services. By recognizing and leveraging the strengths of these partners, businesses can ensure robustness, security, and innovation in the ever-evolving digital payments landscape.

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How do you work with partners in digital payments?

1

2

3

4

5

6

7

1 Choose the right partners

2 Establish trust and alignment

3 Integrate systems and processes

4 Manage risks and compliance

5 Learn and improve

6 Innovate and differentiate

7 Here’s what else to consider

Financial Technology

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How do you work with partners in digital payments?

1

2

3

4

5

6

7

1 Choose the right partners

2 Establish trust and alignment

3 Integrate systems and processes

4 Manage risks and compliance

5 Learn and improve

6 Innovate and differentiate

7 Here’s what else to consider

Financial Technology

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