Boston, September 22, 2020 – Although the payments ecosystem has transformed in the last 30 years into to a fully digital real-time global processing ecosystem, the rate of technological change and the complexity of the payments space resulted in an ad hoc, unmanaged evolution. Until recently, a consolidated payment processing capability wasn’t available, and the set of processes that merchants needed to manage their payment activities was costly, complex, and inefficient. But VELA is one of the first offerings that can give merchants a single connection for all their payment and transaction processing requirements.

Aite Group’s Impact Innovation Awards are designed to recognize and celebrate innovation achieved by organizations that leverage technology to surpass the status quo. Award recipients are leading the industry by identifying and implementing new products, capabilities, and/or levels of automation and effectiveness that are bringing our industry one step closer to the next generation of financial services offerings. Other reports in this series feature Aite Group’s Impact Innovation Award in Digital Wallets for customer experience, market adoption, product design, and value-added services.

Clients of Aite Group’s Retail Banking & Payments service can download this seven-page Impact Brief. To learn more about the topic covered in this Impact Brief, please contact us at [email protected].

This report mentions Alipay, Apple, Google, Mastercard, PayPal, and Visa.