Q&A with Acculynk Co-Founder and Guest Speaker at CMSPI’s Debit Acceptance Event24th July 2018
We caught up with Nandan Sheth, SVP and General Manager of Global Debit Solutions at First Data (Acculynk).
Nandan is a seasoned financial technology executive with 18 years of experience in the industry. Mr. Sheth has started multiple financial technology companies that have successfully driven product innovation in the payments and digital commerce marketplace. Most recently Nandan served as President & Co-Founder of Acculynk, a debit and alternative payments solution provider.
How important are events like this to facilitate discussion between merchants and the industry?
Really important…Atlanta has a critical mass of payments and FinTech professionals, so it’s great to see events like this one that are bringing likeminded professionals together for the purpose of networking, innovation and sharing of best practices.
What are the major movements (innovation, change or regulation) in the debit market that merchants need to be aware of?
Debit innovation is really building steam right now, and it’s an exciting time for merchants and networks alike! Atlanta-based companies like Acculynk and Cardlytics are at the forefront of debit innovation, so now is the perfect time for merchants to take advantage of these innovations and consider their debit arrangements carefully. The key mega-trends to track include: debit routing, cross-border debit, debit tokenization, virtual pre-paid debit, and real-time debit disbursements. I’m looking forward to talking about a few of these in more detail at the event next week.
In your opinion, what are the key barriers to change/improvement in the card processing industry?
This is an interesting question, and definitely an important consideration. It’s exciting to talk about innovation and the future of the industry, but it’s also important that we give consideration to potential obstacles as well. In my opinion, the most significant barriers to change in the card processing industry are technology debt, concentration of power, and real-time/guaranteed funds availability.