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US-based processor Vantiv launched Vantiv One Network Experience (O.N.E.), a three-part solution that will make it simpler for developers to build applications for omnichannel payments.
The platform has three components: TechTools, which provides APIs and software development kits (SDKs), sample code, and testing environments; TechLift, which gives developers hands-on guidance; and Tech-Tribe, which connects merchants looking to develop in the payments space. Combined, these tools will make it simpler for merchants to use their own applications to accept payments across channels.
Simplifying omnichannel integration for merchants could ultimately lift Vantiv’s business. More merchants are moving into the digital space — 89% of merchants have a website and 65% have a mobile store, compared to 76% and 25%, respectively, just five years ago or at the time of their founding.
By providing a service like O.N.E., Vantiv allows merchants to more easily add new channels or unify existing channels. New channels give merchants new opportunities to make money from consumers and grow their overall volume, which in turn gives Vantiv the opportunity to extract higher processing revenue from its clients.
Vantiv serves as one piece of the larger payments ecosystem, which includes acquirers and processors, issuers, gateways, and more.
Evan Bakker and John Heggestuen, analysts at BI Intelligence , Business Insider’s premium research service, have compiled a detailed report on the payments ecosystem that drills into the industry to explain how a broad range of transactions are processed, including prepaid and store cards, as well as revealing which types of companies are in the best and worst position to capitalize on the latest industry trends.
Here are some key takeaways from the report: 2016 will be a watershed year for the payments industry. […]
