2024 Thoughts: Infrastructure orchestration
What does payments infrastructure orchestration mean? And how is it enhancing efficiency for financial institutions? Tribe Payments MD Alex Reddish reveals all in the last of our preview articles for next year.
Infrastructure orchestration is the key to greater efficiency all round – not just in the back office but in every component of a financial institution. Previously there was a clamour for large businesses to try to each become all-in-one providers and cater for every need possible. Then there was the great unbundling, with fintechs providing a specific service at a higher level of quality, thanks to being dedicated to it rather than it being an afterthought.
What we’re now seeing is somewhat of a re-bundling. Not every financial institution wants to build everything in-house, and more banks are recognising that handing off a technology process or CX process to outside specialists can make game-changing improvements.
Tribe acts as an infrastructure orchestrator – we have customer-facing technology that is also designed for use at the back end. We combine front-end wallet capabilities for end users to manage cards, bank transfers and crypto payments with back-end functionality that supports banking services.
The principal design is to reduce aggravation to customers and deliver a richer, more seamless experience. We’re bringing together a fragmented market, and crucially, it’s a quick route to market for those looking to deliver multiple pieces of technology. It’s about the aggregation of relevant products.
Catch up on our other 2024 thoughts here: