A newly formed independant bill, the Embedded Payments Bill of Rights, has been set up by eight financial institutions to provide clarity and fair practice to the embedded payments ecosystem.
Independent Software Vendors, banks, merchants, and payments companies alike, have offered their support to the newly established bill in an attempt to produce defined industry standards in the embedded payments space.
The Embedded Payments Bill of Rights calls on all involved parties in the global payments industry to adhere to ‘fundamental and fair practices’ when collaborating.
The bill aims to serve as a roadmap for innovators that utilise embedded payments, establishing that accountability, transparency, customer experience, and innovation is ‘the rule not the exception’.
“No matter how big or small, every company that wants to embed payments into their business deserves transparency, respect, and the freedom to be able to control their own success,” said Todd Ablowitz, Co-Founder and Co-CEO of Infinicept, a leading contributor to the Embedded Payments Bill of Rights.
“The industry has evolved and payments providers and processors must evolve too. It is our intention that the Bill of Rights serves as a guidepost for all organisations looking to create their own payments strategy in today’s complex environment.”
Labelled as an independent resource for involved parties, the bill of rights holds several core principles that must be upheld by vendors.
Some of these principles include transparency, quality of care, equality, ethical treatment, flexibility, and more. These were laid out by a majority of the bill’s founding members, which includes, Aben, Authvia, Handpoint, Infinicept, Oasis Consulting, SumUp, Valpay, and WorkWave.
Matt Doka, CTO of SumUp North America, commented: “We know that embedded payments are critical to success, but many software companies struggle to build and retain control over their payments strategy and go to market when processors push for highly restrictive terms and focus on serving their own agendas over their clients.”
“This Bill of Rights is a call to action, laying out basic, fair, and reasonable practices that the entire industry should follow. The simple fact is that everyone wins in a transparent and open environment.”