A group of payments companies created the Embedded Payments Bill of Rights in an effort to influence players in the payments ecosystem to act ethically and cooperate.
According to the legislation, everyone who is a member of the integrated payments ecosystem has the right to assume that payment providers will uphold the principles of equality, openness, flexibility, greater control, moral behavior, and freedom.
Every business that wants to include payments into its operations needs transparency, respect, and the flexibility to determine its own success, according to Todd Ablowitz, co-founder and co-CEO of integrated payments software provider Infinicept and a prominent backer of the bill.
The market has evolved, and he said that payment processors and suppliers must adjust as well. It is “our aim that the Bill of Rights serves as a guidepost for any company desiring to establish their own payments strategy” in today’s fast-paced world.
Authvia, SumUp, and Valpay, among other companies, support the Embedded Payments Bill of Rights, which was unveiled at Infinicept’s annual “Ignite” conference, according to a news release. In addition to WorkWave, Aben, Handpoint, and Oasis Consulting LLC, the bill’s authors.
According to Matt Doka, chief technology officer of SumUp North America and a contributor to the bill. Many software firms “battle to create and keep control over their payments strategy and go to market when processors push for excessively restrictive terms and focus on serving their own agendas over their customers.”
Infinicept unveiled a single, open payment operations solution last month to let users connect with any processor or alternative payment rail of their own.
The Infiniport technology allows payment facilitators, payment enterprises, and software platforms with embedded payments to “bring their own processor.”
At the time, Infiniport was one of the company’s most strategically planned go-to-market initiatives, according to Senior Vice President of Growth Michael Bradley of Infinicept. We are far closer to achieving our goal of empowering businesses to take control of their destiny through integrated payments thanks to these capabilities.
