Building a company for where the world is going requires organizations to align with how their customers and workforces want to be paid: through experiences that are immediate, personalized, and inclusive of each recipient’s preferred payment modality and spend channel. Payment companies are making these experiences possible by providing the tools to automate payments, deliver them faster, learn from consumer spend data, and stay ahead of fraudsters—all of this on a massive scale. And importantly, partnerships between technology companies and banks are enabling businesses to provide more seamless, secure, and reliable payment choices.
Being ready to deliver better payment experiences for workers, in particular, is a factor in navigating the “Great Reshuffle” —a theme that came up frequently at ETA’s TRANSACT, held in Las Vegas, Nevada, in mid-April. I was privileged to join a panel moderated by Michael Canady, Vice President – Client Services, Global Operations of Discover, and fellow panelists Angela Brown, President & CEO of Moneris; Jamie Walker, CEO of Elavon; and Erika Wool, Head of Payments & Commerce Partnerships at Stripe, to share thoughts on how payment companies can help businesses keep adapting to our evolving world. Sweeping changes ranging from fraud and cybersecurity concerns to emerging technology are reshaping the payments ecosystem. These past two pandemic years have also accelerated the adoption of digital tools and channels. Consequently, consumers have higher expectations for payment experiences—especially when it comes to receiving disbursements.
The challenge of attracting talent in a tight labor market remains a pressing concern for many organizations. While the issues at play are complex, having the flexibility to support a diverse and distributed workforce comprised of both traditional employees and freelance, gig, and contract workers is critical. Today’s talent expects a work environment that permits asynchronous collaboration and takes advantage of digital technology, including that which enables faster, more flexible payment experiences.
Because Onbe was born as the result of a merger during the pandemic, our changing world influenced the company we wanted to become. We decided early on that we would embrace a distributed workforce and permit employees to work wherever they’re most productive, which has helped us to retain and recruit the brightest, most forward-thinking talent and achieve the best of both digital and in-person collaboration. Many other organizations are taking that route—and along the way, developing new ways of working together and transacting.
We’re still at the beginning of what promises to be a period of massive change. Attending TRANSACT gave me the chance to reflect on what these changes mean for us all: a more open, connected world that suits the diverse ways humans live, work, pay, and get paid. Despite the uncertainty that continues to impact many lives and businesses, this moment holds vast potential for a better future—one that fintechs such as Onbe are well-positioned to shape in innovative ways. There’s never been a better time to be part of the payments industry.
by Bala Janakiraman, Chief Executive Officer
At Onbe, Bala is focused on helping the team realize its full potential by aligning strategy, talent, culture, and investments.