Global Processing Services works with a number of partners to help us provide the best possible services for our clients. Each month we’ll be introducing a different partner, so today we’re looking at the digital payments specialists MeaWallet!
What does your organisation offer?
MeaWallet develops globally recognized tokenization technologies which serve banks and card issuers through a proprietary, platform agnostic product suite. The company is a Mastercard Engage Partner, part of the Visa Token Service Ready Program and an American Express GNS partner for Amex Pay.
MeaWallet’s Digital Payment Platform enables a range of digital payment services including tokenization (MDES, VTS, Amex TS), OEM Pays and secure remote commerce (SRC). Built to support any payment scheme, the platform enables card digitization to any wallet application and wearable device for mobile and digital payments, all through a single connection. The platform reduces time-to-market, simplifies integration and reduces risks for card issuers.
What do you think are the main challenges the industry is facing today?
There are many issues facing the banking industry today, including the time-to-market for new products, and achieving differentiation from competitors. In addition, it’s widely acknowledged that incumbent banks are struggling to keep pace with digitalization which presents further challenges.
How does your organisation help to address these?
By using MeaWallet’s platform and services, banks and merchants can save both time and money.
Leveraging the platform to enable OEM Pay functionality with additional features like EMV® Secure Remote Commerce (SRC), tokenization and token management facilities allows banks to provide customers with a convenient and flexible end-user experience that genuinely rivals that of the challenger banks.
What do you see the future trends in your sector being in the next 5 years?
As the marketplace becomes more competitive, consumers will be more likely to move between banks, either internally within the established banking sector, or to challenger banks. A knock-on effect of this will be an increasing focus on value added services.
The focus on security will continue to grow alongside a demand for banks to demonstrate the methods with which they are keeping customers’ money safe. Related to this, MeaWallet also predicts that tokenization will become ubiquitous for payments – regardless of the channel or device.
What areas do you see evolving that will have a major impact on your sector?
The arrival of open banking regulations and the associated innovations in bank direct payments will impact the finance sector by affecting banks’ ability to generate income.
For European institutions, the evolution of PSD2 may improve consumer rights in certain areas – it will also improve security – but it will also enable third-party access to previously exclusive account information and create an environment for new payment and account services that piggyback on the bank’s assets.
Why did you decide to work with GPS?
Today, possibly more so than ever, banks are facing a multitude of challenges. Regulation, technological advances and emerging competition from beyond the traditional ecosystem are forcing banks to rethink their position, as without action, they risk forfeiting it.
By working with an innovative and solution-oriented organization such as GPS, which has a strong focus on partnerships that bring the best vendors together to improve value for customers, we can help banks become more competitive.
This collaborative approach to the future of finance resonates with MeaWallet and we look forward to working closely with GPS.
Find out more about MeaWallet here