Payment networks are the grand-daddies of platforms. Visa, MasterCard, American Express, and even the ACH network laid the groundwork for much of what we know about platforms.
The advent of the Internet, mobile technology, and growing acceptance of security protocols have made payment networks and “Fintech” one of the hottest areas of platform development.
B2B payment networks see to help businesses eliminate checks, fraud, and improve visibility into payment status and related reconciliation information.
For payment network clients, I often end up addressing the same issues as procure to pay networks:
- How much application to build versus “pipes”
But payment networks also bring additional issues:
- Banking relationships
Value Add: Eliminate paper checks, speed transactions, improve visibility and account reconciliation.
Segments: Domestic, Cross Border, SMB, Enterprise
Here are some examples of Payment Networks: