Here’s a thought no one in payments likes to say out loud. A lot of the infrastructure that was supposed to replace the old stuff is becoming the old stuff.
Banks built digital front ends. FinTechs built slick apps. But underneath, the issuer-processing layer, the part that actually decides what happens when someone taps a phone or swipes a card, hasn’t kept pace. And both sides of the industry are starting to feel it.
That tension was at the heart of a conversation between Paymentology CEO Jeff Parker and PYMNTS CEO Karen Webster, following the company’s May 12 announcement that it had raised $175 million from investors, including Apis Partners and Aspirity Partners.
But the conversation wasn’t really about the money. It was about why that money matters now.
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