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Can Your Payments / Open Banking Partner Redefine Flexibility, Agility, Reliability and Scalability During an Economic Crisis?

Payments / Open Banking
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These four elements are all being redefined under today’s COVID-19 circumstances. No one saw the global pandemic coming nor could they have predicted it. Jim McCarthy, President of i2c Inc., was a recent guest speaker of PYMNTS Trend Talk and said “The extreme nature of what happened … and the response to [the crisis] showed some of the weaknesses in terms of … how people need to think about planning and being ready for … [the] Black Swan event,” adding that moving entire workforces to secure remote operations with online collaboration requires technology partners that behave like utilities. Shutting off is not an option.

There will be other “black swans,” McCarthy said. “This will become part of business recovery planning. Any enterprise of any size will have to really rethink the rainy day, and how you respond to these types of things. If you‘re … at the executive level in any organization, let alone … financial institutions and FinTechs, you really need to rethink how you plan [and] respond to these things, both [with] business systems [and with] financial planning and human resources.” That’s about agility.

Watch the Trend Talk video in its entirety below:

 

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