First Data: Adapt or Die Time for Financial Services
Disruption is roiling the financial services industry, and established firms face one of two fates, according to First Data’s Patrick Howard.
“When new trends come along, you either adapt or die,” said Howard, the company’s director of product management, API, and channel strategy. “That’s where I think we are with the FinTech industry. You have to adapt to not only the ways consumers are behaving, but the way merchants are servicing those consumers.”
First Data adapted to these evolving expectations by building its Payeezy online commerce platform, which, through the use of APIs, enables developers to build apps for Apple Pay and other mobile payments solutions. Payeezy uses the Apigee API platform.
While First Data already offered APIs, it lacked a “single point of entry” that simplified the interface with merchants and partners, Howard said.
“As payments options continue to evolve … how do you structure your business in such a way that you are insulated from the complexity of multiple payment options coming down the pike?” he asked. “Apigee helped bring that infrastructure from a proxy standpoint as well as a security standpoint."
For more on Payeezy, watch the video, "First Data and Apigee: Building a Powerful Digital Payments Solution."