The payments space is one of the fastest growing and most fiercely competitive markets in the world. With consumers transitioning to cashless transactions, digital commerce continuing to boom, and commercial entities shifting toward electronic transactions, incumbents and upstarts alike are facing tremendous challenges and opportunities.
To better compete, payments providers need to embrace modern architectural approaches more suitable to today’s payment needs:
- Event-driven microservices for service independence and scale
- Low-cost computing options, including private and public clouds
- Taxonomy-based event routing for transparency and flexibility
- Open standard protocols for technological independence
- Publish/subscribe for parallel processing for faster response times
Why bother? Because these techniques overcome the primary issues with prior architectures and deliver:
- More agility for the ability to change with market conditions
- Better scale at lower cost
- Better response times, which improve customer experience and retention
- Greater ability to innovate by incrementally improving existing services or launching new ones
In this paper, Sumeet Puri, SVP & Global Head of Systems Engineering at Solace, will cover today’s payments market, the two architectures that have dominated over the past several decades, and the factors that will prepare incumbents and new market entrants to best compete in the emerging payments landscape.
