Global Payments For a Better World

Dec 24, 2021

BUILDING TEAMS THAT BUILD A BETTER WORLD

Future Transformation in Payments Will Accelerate Global Commerce

Ease of use, security, cost of transactions, transfer and settlement speed, will determine how customers choose future payment platforms.

Market Disruption

The emergence of alternative payments methods have impacted every consumer facing industry and in particular the retail banking industry. Foundational changes are influenced by large technology firms who have built payment platforms that are more easily used by consumers and integrated with by small businesses. Constant growth in FinTech investment is fueling new market entrants. Start-up payment organizations are running more efficient operations and have the ability to build more customized payment platforms. Disruptors like Stripe will continue to systematically change the merchant payment landscape.

Cross-Border Payments

Customers now have options and look to move money internationally, faster and at lower transaction costs. Opportunities for development in cross-border payments have intensified competition. As the global payment ecosystem grows it also becomes more complex. The diversity of offerings creates for greater connection points, more dependencies between corporations and vendors, increase potential fraud, and increased need for regulatory oversight.

Digital Transformation

Future growth in the payments will be driven by developments in how consumers use their smartphones. Market dynamics are changing as consumers are drawn to mobile platforms that allow for more real-time payments and provide for more engaging digital experiences. Companies are advancing mobile applications by taking transformational “leaps of faith,” entering into partnerships and integrating platforms within a complex global payment ecosystems.

Payments Security

Consumers are exposed to less secure payment networks, more sophisticated cyber-criminals and higher rates of fraud. In the future, greater use of encrypted digital currencies, like Bitcoin, may help in ensuring secure transactions. In general, blockchain has the capability of providing the framework needed to ensure greater payment security, lower transaction costs, and increase settlement speed, but also has implications on how enforcement agencies ensure that funds are used lawfully. With increased risk, organizations are hiring greater numbers of professionals with cybersecurity, anti-money laundering and sanctions expertise.

Consolidation

Partnerships between banks, major card brands and large technology firms are growing. This is forcing accelerated consolidation in the merchant services space. Financial technology organization M&A activity has increased – FIS’ acquisition of Worldpay, Fiserv’s acquisition of First Data and Global Payments’ acquisition of TSYS – impacting existing third party bank partnerships and talent dynamics.

Talent Dynamics

Technology firms are offering competitive compensation for payments product expertise. Cards firms are losing talent to large technology firms in great numbers. In particular, there is focus is on acquiring talent having detailed knowledge of card networks and interchange fees. Banks acquires are increasing hiring of payment expertise, but struggle to acquire talent having experience building direct partnerships with ISVs. With greater market consolidation, demand for candidates with payments product integration, compliance and cybersecurity experience is increasing.

How can we help you in hiring expert payments talent?

Contact Us

Building teams that build a better world

14 + 4 =

Related Posts

Unlocking Sustainable Alpha: Finding Visionaries in the Global Pool of Asset Management Talent

Unlocking Sustainable Alpha: Finding Visionaries in the Global Pool of Asset Management Talent

The asset management storm rages: passive giants loom, tech rewrites the rules, and investors demand purpose. To survive, traditional firms need bold leaders, not number-crunchers. Imagine maestros of alpha conducting data symphonies, tech architects crafting personalized experiences, and ESG navigators steering towards profit and impact. These visionary roles, unearthed in global talent hubs, hold the key to rewriting the story of investment success in a future of innovation and purpose. Are you ready to join the dance?

Executive Search in Insurance Transformation: Unearthing Leaders for Innovation & Customer Centricity

Executive Search in Insurance Transformation: Unearthing Leaders for Innovation & Customer Centricity

The winds of change are swirling through the insurance industry. InsurTech start-ups are outmaneuvering traditional giants with personalized policies powered by AI, while a tech-savvy generation expects seamless, omnichannel experiences. To weather this storm and chart a course to the future, insurers need more than just savvy risk managers – they need visionary leaders who can navigate uncertainty, embrace innovation, and champion customer-centricity. This is where the executive search spotlight shines brightest, illuminating the talent with the right blend of expertise, agility, and digital prowess to steer the industry towards a transformative horizon. Imagine Chief Innovation Officers wielding blockchain to streamline claims processing, Chief Data Officers harnessing AI to craft dynamic risk models, and Chief Customer Officers crafting mobile-first insurance platforms that anticipate your every need. These are not mere possibilities, but the very cornerstones upon which the future of insurance will be built. So, buckle up and join us on this thrilling journey as we delve into the critical roles driving insurance transformation and the global talent hotspots where these visionary leaders await. Are you ready to rewrite the story of risk?

A Guide to Private Equity Hiring in 2024

A Guide to Private Equity Hiring in 2024

2024 private equity: buckle up for a wild ride. Fed’s policy shift fuels deal flow and growth, especially in neglected sectors like consumer goods and tech. ESG & diversity take center stage, with firms like KKR and Blackstone leading the charge. Challenges remain, but agile players embracing tech and impact investing will thrive. Prepare for a thrilling year of opportunities and unexpected twists!

This synthesized version captures the essence of the excerpt in a concise and informative way, using keywords like “Fed,” “ESG,” “diversity,” “tech,” and “impact investing” for easy understanding. It also retains the core message of excitement and preparedness for the upcoming year in private equity.

About

David McInnis

President & Founding Partner

David has two decades of global recruitment experience and is Founding Partner of Willard Powell. Prior to founding Willard Powell, David worked with Leathwaite International, a global executive search firm. Before his employment with Leathwaite, David worked for Wachovia Securities (now Wells Fargo Securities) supporting the firm’s Investment Banking & Capital Markets Technology group. David is a graduate of Lasell College in Newton, MA, where he received a Bachelor of Science in Business Management with a concentration in Management Information Systems. David also serves as a Trustee on Lasell’s Board.