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Financial Technologies are on fire. If five years ago, if I told you that Apple and Google will be major competitors to VISA, JPMorgan Chase, and traditional banks, you’d say I was crazy. We have ringside seats for the excitement being generated in the payments industry as new players like Stripe, Square, and ApplePay and new rules open up the international field.

Today we saw WorldPay go public and FDMS is next up at bat. We are seeing significant innovation in Payments to improve our overall user experience. Not all are successful yet: I tried PayPal at Home Depot; I’ve sent $20 peer to peer with BitCoin; I’ve used ApplePay; tried the new Coin card to store credit & debit cards – these are all new offerings not seen before.

Banks have realized that payment innovation is no longer something they can ignore. A new report from the World Economic Forum explains that fintech firms have the ability to reduce customer friction and churn like never before. However, the underlying issuer authorization network is broken. Sometimes seemingly bazaar and random reason response codes deny legitimate transactions from settlement.

The efficient use of big data with multi-threaded risk logic is not here yet. That’s why Vindicia Select is such a unique offering to salvage legit transactions from decline. Innovation is coming from all sorts of unlikely sources and that's what keeps us all interested as professionals and consumers of financial technology.