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The Payment Hub is Dead – Long Live the Digital Ecosystem

The business of payments – and payments technology – has transformed. In the pre-internet age, banks made money primarily from lending and deposits, supported by batch mainframe systems, with payments a minor sideshow. As electronic payments volumes started to take off in the early dot-com era, banks began to treat payments as a distinct business, driven by fee and transaction revenues. They packaged their offerings as monolithic, silo-ed financial products—and mirrored them with a complex silo-ed technology architecture.

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