For interoperability to work, technology must do more than move transactions from Point A to Point B. It must be optimized to ensure security, encourage use, promote innovation and handle the inevitable time when something goes wrong.
Payments providers can grow revenues by allowing third-parties to create apps that leverage digital payment platforms, but the potential for reward comes with risk. Taking a "maturity model" approach can help providers avoid common pitfalls.
By opening up their payments platforms to third parties—such as financial technology companies, software developers, startups, and digital banks—providers can open the door to the development of innovative products that can be brought to market quickly.