2021. What an interesting year. With the world turned upside down by a pandemic that seemingly had its sights set on...
OmniPayments brings choice to diverse economies
Developing solutions for emerging economies is proving illuminating to even the most developed economy; with OmniCloudX, Payments Service Hub on NonStop X
The world supports many different economic models some that have developed over the centuries even as others begin to play catchup. Not everything that has taken time to develop is of immediate value to those economies dealing with the dramatic changes taking place all around them nor is the infrastructure being implemented in some parts of the world appropriate for others. Take for instance power. While some continue to build dams and mine coal there are many others turning to wind, solar and yes, even trash – microbes that can turn even the least valuable asset of a community into fuel. When it comes to payments however, there are many ways payments can be made and received and the infrastructure in place in the developed world that may be less appropriate for emerging economies; on the other hand, developed economies can take valuable lessons from the rapid development of the so-called emerging economies.
Take the growth in Peer-to-Peer transactions or, as it is more commonly referred to Person-to-Person (P2P) payments. In the developed world so much can be done electronically with money moving around in a system comprised of manufacturers, distributors, retailers, transportation and yes, taxes. It all happens rather seamlessly and at the push of a button. But what happens when you don’t have a bank account? What happens when it’s difficult just to keep cash in circulation? Ultimately, goods are provided and cash is paid but increasingly, even in the poorest of emerging economies, other factors come into play – security and trust are equally as important. Fortunately, wireless networks and smart phones are coming to the fore often negating the need for expensive infrastructure to be developed and just as importantly, a desire for a level of automation without the need to invest in expensive human resources. After all, in economies where there are no bank branches to speak of and where deals continue to be done on a handshake, skilled staff to manage complex IT systems continues to be a rarity.
Recognizing these situations, OmniPayments is pulling together solutions from existing modules whilst adding new ways to interface to applications even as IT itself can be relegated to the cloud managed by experience payments solutions staff located anywhere in the world. The world indeed does support many different economic models but increasingly the world is also supporting many different ways to deploy critical infrastructure technology. As OmniCloudX takes off, it holds the exciting promise of being able to bring so many payments solutions to so many communities needing greater access to financial tools and already, traction is developing among users both small and large. OmniCloudX is a very bold move, according to OmniPayments CEO Yash Kapadia, and it’s easy to see why as according to Yash, “OmniCloudX is playing two very important roles for OmniPayments – it’s lowering the entry costs to run a payments solutions including the switch even as it masks the presence of NonStop and the concerns that often arise when reference is made to such a sophisticated system.”
Into this environment, OmniPayments has introduced OmniHub, its payments services hub. Built directly on top of the OmniPayments bus, OmniDirector, and interacting with relevant business logic, OmniHub provides support for the complete cycle of payments transactions from the time a farmer delivers goods to processors and factories and is paid to where that same farmer in turn purchases goods for himself. In a world too where consumers expect a simple, integrated customer experience wherever they are, no matter the channel, OmniHub handles this as a matter of course. To add further benefits for the user, be they a farmer or any other small business user, mobile wallets can be set up that free these communities from having any direct interaction with a financial institution. When there are no branches and where there is an “unbanked community” OmniPayments makes life so much easier for all parties.
“What is proving intriguing to me,” added Yash, “is that while the intent was to make it easier for emerging economies to play catchup when it comes to technology and payments solution, we are finding that even the biggest enterprises in finance and retail are beginning to take very seriously this approach to transaction processing. After all, they are financiers and retailers, why do they need to also become technologists and divert so much capital into areas where the costs to hire, train and then retain technical skills is disproportionate to the compensation needed to retain skilled financiers and retailers?” The world is most definitely changing and while there is much the developed world can bring to emerging economies, what is transpiring within those countries without extensive supporting infrastructure is beginning to change the minds of even the most developed country. Shouldn’t payments be as easy as is depicted in the figure above?
If you see similar changes taking place around you and would like to know a lot more about OmniCloudX as well as our new Payments Services Hub – all running today on NonStop X, of course – then please let us know. Feel free to contact me – Jessica@OmniPayments.com or call us at +1 787 918 0025