The payments and fintech ecosystems have been rapidly converging for years due to greater investments in open banking, stronger partnerships between fintechs and finserv companies, and innovation across the digital payment market. An acceleration of these trends, ignited by the pandemic, will set the tone for fintech in 2021 and beyond.
This insight from CPPO Executive Director Jennifer Tramontana was shared in an article recently published by Global FinTech Series that explores why and how partnerships, access, and speed will define fintech in 2021.
“More than ever, pressure has been put on governments, financial institutions and fintech players to enhance the payments industry to deliver businesses and consumers faster, more inclusive, more secure payment and payout solutions,” Tramontana writes. “On the backend at fintechs and finserv companies, a push for cheaper, nimble, and more efficient true banking-as-a-service tools has become an arms race. The story of fintech in 2021 will be one of collaboration and digitization.”
Read the full article to learn what 3 payments trends Tramontana believes will define fintech’s story in 2021.