# The collective power of partnerships: integrating payment solutions to drive business success
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-01-13
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: The Future of Fintech: Collaborate to Compete in Payments Sector
Meta Description: Discover how the fintech industry is evolving through collaboration, not competition. Learn how partnerships are driving innovation and growth in payments
URL: https://financedigest.com/the-collective-power-of-partnerships-integrating-payment-solutions-to-drive-business-successhtml

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_By_ **_Petru Metzger,_** _Head of Payments Delivery at Endava_

The fintech sector has seen rapid growth and, in particular, we’ve seen the payments and banking sectors seeing intense competition from new disruptors vying against each other and the large incumbents. However, rather than competing with each other to carve out relatively small pieces of the pie, companies that learn to collaborate will find their competitive edge sharpened. The future should be less about one-upmanship between [businesses and more of a collaborative environment in which financial institutions and younger companies](https://www.financedigest.com/keeping-an-eye-on-company-purse-strings-where-do-businesses-go-wrong.html "Keeping an eye on company purse strings – where do businesses go wrong?") join forces to deliver the most innovative products and services to their customers. The most [successful start-ups](https://www.financedigest.com/ten-steps-to-a-successful-start-up.html "Ten steps to a successful start-up") – think the likes of Stripe, Revolut, Brex etc. – have behind them a very strong partnership model. This allows them to outcompete anyone else and [focus on delivering consistent customer value and enable exponential growth](https://www.financedigest.com/which-kpis-should-a-budding-business-focus-on-for-sustained-growth.html "Which KPIs should a budding business focus on for sustained growth?").

[Payments are still central to the fintech industry and wider business](https://www.financedigest.com/technology-is-a-tonic-for-late-business-payments.html "TECHNOLOGY IS A TONIC FOR LATE BUSINESS PAYMENTS") around the world. Yet, many companies are unwilling or unable to build the [payments technology](https://www.financedigest.com/from-the-experts-5-payment-technology-trends-to-look-out-for-in-2016.html "FROM THE EXPERTS: 5 PAYMENT TECHNOLOGY TRENDS TO LOOK OUT FOR IN 2016") (paytech) required to be competitive in the digital economy of today. Paytech has progressed from a “good to have” to a “must have” business function and those companies that have already realised this are looking for trusted partners to assist them in selecting and integrating 3rd party solutions, which will [transform payments](https://www.financedigest.com/2021-predictions-realising-the-value-of-payments-transformation.html "2021 Predictions: Realising the Value of Payments Transformation") into a sector-spanning industry, omnipresent in our lives.

In fact, we’re already [seeing this happen in sectors  including retail](https://www.financedigest.com/uk-retailers-see-40-jump-in-boxing-day-shoppers-springboard.html "UK retailers see 40% jump in Boxing Day shoppers -Springboard"), insurance, travel, and automotive, and it’s especially prominent in tech advances such as in-app invisible payments and other embedded technologies.

**The future is horizontal**

Fintechs – specifically companies across the [payments sector – have risen significantly due to the global demand for payments services accelerated in the last 2 years](https://www.financedigest.com/2019-year-customers-take-control-payments.html "2019: The year customers take control of payments") by Covid-19. This has been as a result of both individual investment as well mergers, acquisitions and IPOs. The fintech ‘bubble’ has produced a complex technology ecosystem where many [businesses are working together](https://www.financedigest.com/how-to-bring-business-and-charities-together-through-events.html "How To Bring Business And Charities Together Through Events") to accelerate the delivery of ‘super apps’ with a multitude of functionalities, rather than building each service independently. User experience, developer experience, data utilisation, and consumer self-service are all areas where a company can stand out amongst peers.

A digital-first economy has become the standard for many consumers globally, and a growing number of [industries have implemented technologies](https://www.financedigest.com/five-industries-benefiting-from-multi-carrier-sim-technology.html "Five Industries Benefiting from Multi-Carrier SIM Technology") to cater for this. No matter which vertical you look at, businesses are assessing how to integrate the best solutions – not only to service their customer base, but also to edge out the competition in the process.

Payments is an [integral part](https://www.financedigest.com/what-is-id-and-verification-and-why-is-it-such-an-integral-part-of-digital-life.html "What Is ID and Verification and Why is it Such an Integral Part of Digital Life?") of many businesses. It is also, however, one of the most complex parts of the [business processes](https://www.financedigest.com/5-reasons-why-modernising-is-the-most-important-ongoing-process-for-any-business.html "5 Reasons Why Modernising Is The Most Important Ongoing Process For Any Business"). If done well, a proper [payment solution provides businesses with an enhanced customer](https://www.financedigest.com/stay-ahead-of-the-curve-and-meet-your-customers-payments-needs.html "STAY AHEAD OF THE CURVE AND MEET YOUR CUSTOMERS PAYMENTS NEEDS") experience whilst simultaneously lowering prices, preventing fraud, increasing sales and creating a loyal consumer base, which in turn helps to streamline omnichannel capabilities and provide tailored solution for every consumer. Bringing on board a partner with the correct expertise and [track record](https://www.financedigest.com/norway-on-track-for-record-gas-export-will-be-ready-for-winter-gassco-ceo.html "Norway on track for record gas export, will be ready for winter -Gassco CEO") can be of great benefit to ensure that none of this is done from scratch or incorrectly implemented. A proper partner network allows companies to focus on what they’re good at. By working with someone who can lead on the tactical implementation throughout the paytech portfolio, [teams can instead focus on strategic leadership](https://www.financedigest.com/tailify-bolsters-leadership-team-with-addition-of-julia-burton-brown-as-commercial-director.html "Tailify bolsters leadership team with addition of Julia Burton Brown as Commercial Director"). What’s more, the introduction of partners to undertake this heavy lifting can also be more also cost effective, since it decouples from legacy IT infrastructure monolithic architectures and enables more agile ways of working and adoption of cloud. This can often mean a better fit with [business and customer expectations](https://www.financedigest.com/german-businesses-expect-only-mild-recession-as-disruptions-ease.html "German businesses expect only mild recession as disruptions ease"). This strategy, that we term as digital acceleration, is becoming increasingly important in successful partnerships, especially as [payments become](https://www.financedigest.com/2022-the-year-future-payment-trends-become-reality.html "2022 – the year ‘future payment trends’ become reality?") a more horizontal priority across industries.

**Driving digital acceleration**

[Businesses can focus better on their products and respond](https://www.financedigest.com/pitiless-machines-will-kill-your-business-if-you-dont-respond-now-warns-servion.html "‘Pitiless machines’ will kill your business if you don’t respond now, warns Servion") more effectively to changes in their operating environment when they have a trusted, expert partner handling aspects of their digital acceleration. At the same time, however, it’s really important that they are able to choose a partner that meets their needs and can provide an agile, iterative approach. A one-size-fits-all approach rarely ends up fitting anyone and is unlikely to address the nuances or more intricate [needs of a business](https://www.financedigest.com/4-kinds-of-software-your-new-business-needs.html "4 Kinds of Software Your New Business Needs").

Every company faces its unique set of obstacles and ways of working, but the ability to review, update, and improve the use of digital technologies to solve problems helps [businesses to expand and grow](https://www.financedigest.com/5-ways-to-grow-your-business-despite-a-bad-credit-score.html "5 Ways to Grow Your Business despite a Bad Credit Score") throughout time – digital acceleration – rather than as a one-time event. As such, fintechs and [businesses will be able to design](https://www.financedigest.com/3-ways-to-go-about-testing-your-business-ux-design.html "3 Ways to Go About Testing Your Business’ UX Design") new digital processes to launch, expand and mature their digital business lines. To do this, they [need to break down digital projects into a number of tiny steps](https://www.financedigest.com/5-reasons-why-you-need-to-step-into-your-ceo-role-as-a-small-business-owner.html "5 Reasons why you need to step into your CEO role as a small business owner"), each with practical deliverables.

**Using data to its full potential**

Our personal data is more important than ever before, forming a signature which can carry us through numerous apps, websites and other services. This can go from signing into our phones to carrying out purchases on a range of devices. How data is used forms a key part of partnerships, as companies work together to provide the best possible service. That said, there are always concerns around data protection and forming a [partnership that uses data in a responsible](https://www.financedigest.com/forescout-and-fireeye-expand-partnership-enabling-faster-response-to-cybersecurity-threats.html "FORESCOUT AND FIREEYE EXPAND PARTNERSHIP, ENABLING FASTER RESPONSE TO CYBERSECURITY THREATS") manner is of the paramount importance. Being able to share the correct data to guide the development and integration of solutions is the [key basis of a successful](https://www.financedigest.com/battling-uncertainty-is-the-key-to-property-investment-success.html "Battling uncertainty is the key to property investment success") working relationship. Within that, however, knowing where the boundaries lie and being responsible with personal data is a factor that cannot be ignored.

In multiple regions, particularly across the Middle East, Asia Pacific, as well as some European countries, [payment data must be processed](https://www.financedigest.com/are-your-payment-processes-in-cheque-for-the-new-legislation.html "ARE YOUR PAYMENT PROCESSES IN CHEQUE FOR THE NEW LEGISLATION?") locally. This requires a special approach to use the same solution in multiple countries, as the majority of [fintech do not have a solution](https://www.financedigest.com/meet-tilak-joshi-the-fintech-ceo-building-modern-solutions-for-the-gig-economy.html "Meet Tilak Joshi: the fintech CEO building modern solutions for the gig economy") that can be deployed in multiple locations.

No matter which sector or industry, technology is advancing and changing the ways we [pay for goods and services](https://www.financedigest.com/best-paying-jobs-in-finance-consumer-services.html "Best Paying Jobs in Finance Consumer Services"). Whether it be online, at point of sale, or via a host of different devices, people have become more and more used to an easy, frictionless [payment method](https://www.financedigest.com/freelancer-payments-methods-what-you-should-know.html "Freelancer Payments Methods: What You Should Know"). Any business that is looking to not only survive, but prosper going forward must find a [way to integrate a functioning and seamless payment](https://www.financedigest.com/5-ways-banks-can-compete-in-payments.html "5 ways banks can compete in payments") solution into its digital acceleration. There is no need to do this alone—forming a trusted network of partners to lighten the burden will lead to [increased profitability](https://www.financedigest.com/4-tips-for-landlords-to-increase-rental-property-profits.html "4 Tips for Landlords to Increase Rental Property Profits") and won’t distract from the ‘day job’.


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