Category Archives: Business

Business, Leeds, News, Storage

Ready Steady Store celebrates 17-year milestone for its Leeds Kirkstall Road store

Leading self storage provider, Ready Steady Store, has reached an impressive 17-year milestone for its Leeds Kirkstall Road store.

Originally launched in August 2007, the Ready Steady Store Leeds Kirkstall Road site is situated next to Waterside Court and provides a range of storage options – including personal, student, furniture, stock, and tools and equipment storage – for local residents and businesses alike.

The Leeds Kirkstall Road store is also in close proximity to top universities, such as Leeds Metropolitan University and the University of Leeds and has been frequently used by students in the surrounding communities.

One of three store locations in Leeds, the Leeds Kirkstall Road store provides units of up to 320 sq ft together with a selection of drive-up external storage units, which are popular for both personal and business use.

This latest milestone comes as Ready Steady Store expands its market presence, with 23 stores situated across the UK.

“We are so pleased to celebrate this latest milestone of a successful 17 years at our store,” said Mehran Charania, Director of Ready Steady Store. “Working with the local Leeds community, from homeowners and students to tradesmen and businesses – has been a pleasure. We look forward to continuing to offer quality self storage options to our customers.”

With 24-hour access available, the facility ensures flexibility for all customers boasting extensive security measures such as 24/7 CCTV monitoring, hand scanner access, and individual lock and key systems for each unit.

Since opening its doors in 2006, Ready Steady Store has expanded its services significantly, offering cost-effective storage units located in the Midlands, and South, North and East of England.

Ready Steady Store is continuing to expand its services and operations, making it one of the fastest growing self storage providers across the UK.

For more information about Ready Steady Store’s Leeds Kirkstall Road location, please visit: https://www.readysteadystore.com/self-storage/leeds-kirkstall-road/

Business, Flexible Working, Hybrid Working, News

Hybrid Work Revolution: 72% of Business Leaders Back Flexible Future

Speakers Corner survey reveals key insights on work-life balance and productivity in UK businesses

(London, United Kingdom), Tuesday 13th August 2024: A recent survey of UK business owners and directors has uncovered significant trends in workplace productivity and employee well-being, with a strong focus on work-life balance and hybrid working models. The findings emphasise the growing importance of work-life balance and flexible working arrangements in today’s business environment, with 72%[1] of business leaders surveyed recognising the benefits of hybrid work models. Furthermore, the statistics surprisingly show a consistency of opinion across different age groups of business owners and directors.

The nationwide survey, commissioned by Speakers Corner, drew responses from 500 business owners and directors with at least 20% equity, for companies with at least 100 employees. Key findings include:

Hybrid Work Models Support Work-Life Balance

  • 72%1 of surveyed business leaders agree that a hybrid workstyle offers employees greater work-life balance.
  • 38% strongly agree with this statement, while only 5% disagree[2].

 

Age-Related Perspectives on Work-Life Balance

  • 57% of business leaders surveyed aged 45-54 and 59% of those aged 18-24 prioritise work-life balance and employee well-being.
  • Slightly fewer (53%) of those aged 25-34 share this focus.

 

Underutilised Strategies for Productivity Improvement

  • Less than 30% of business leaders surveyed consider the following strategies to enhance workplace productivity:
    • Reducing employee turnover (28%)
    • Adapting to neurodivergent individuals’ needs (27%)
    • Streamlining decision-making processes (26%)
    • Exploring outsourcing opportunities (26%)

 

Gender Differences in Promoting Work-Life Balance

  • 59% of female business leaders surveyed encourage work-life balance and employee well-being to boost productivity.
  • In comparison, 51% of male business leaders surveyed adopt this approach.

 

Nick Gold, Managing Director, Speakers Corner, said; “Whether we like it or not, it’s evident that hybrid work models are here to stay. What’s particularly interesting is that our survey findings highlight the consistency of opinion across different age groups of business owners and directors. Whether you’re looking at Gen-Z leaders in their early 20s or Gen-X leaders in their 50s, there’s a shared understanding of the importance of work-life balance. Ultimately, this generational alignment suggests that flexible working arrangements are becoming a universal expectation in the modern workplace, transcending age barriers.”

The survey also revealed potential areas for improvement in addressing employee needs and optimising workplace productivity, such as reducing employee turnover and boosting inclusivity. These low percentages (all under 30%) suggest that many business leaders may be overlooking these strategies as ways to improve productivity and address employee needs.

“So why is this important? If leadership teams look at how they can address employee needs this will go some way towards retaining valuable employees longer, shaping a welcoming and productive environment for all employees, improving decision-making processes, and accommodating diverse working styles.

—

References

[1] ‘Somewhat agree’ and ‘Strongly agree’ answers combined.

[2] ‘Somewhat disagree’ and ‘Strongly disagree’ answers combined.

Business, Community News

Swansea Building Society Steps In to Support Tata Steel Employees Amid Redundancy Announcements

With the recent announcement of job losses at Tata Steel in Port Talbot, Swansea Building Society is providing support to those impacted. As part of their dedication to the community, the Society will hold ‘drop-in’ clinics at the steelworks, offering details on their savings account options to the affected staff.

Swansea Building Society, an independent mutual Building Society established in 1923, provides mortgages and a range of straightforward savings accounts. Unlike many financial institutions, Swansea Building Society does not offer investment advice linked to the stock market or pensions. This position allows them to offer a ‘safe haven’ for Tata employees who may be receiving redundancy funds and potentially a further 25% tax-free pension lump sum, depending on their age.

To further solidify their commitment, representatives from Tata Steel visited Swansea Building Society’s branch on Portland Street in Swansea on 17 July 2024. During this visit, they met with managers and staff to discuss the planned support initiatives and how best to assist the Tata Steel employees.

Alun Williams, Chief Executive of Swansea Building Society, said:

“Our hearts go out to the employees of Tata Steel and their families during this period of uncertainty. As a local building society, we are committed to providing a safe and supportive environment for those navigating the financial implications of redundancy. Our ‘drop-in’ clinics are designed to offer assistance and peace of mind to those affected.”

Barrie Evans, Steelworker and Community Union representative, added:

“We are all really grateful for the empathy and support shown from all the team at Swansea Building Society during this very difficult and stressful period, not just for the Tata workforce, but also the contractors and the wider supply chain, during the transition to greener steelmaking in the UK. We would like to thank Swansea Building Society for the continued support and look forward to seeing you during the drop-in sessions at the Port Talbot site in the near future.”

Swansea Building Society encourages all affected Tata Steel employees to take advantage of the ‘drop-in’ clinics. These sessions will provide a supportive space to discuss the use of the Society’s range of accounts as a safe and secure home for their savings.

Business, Business News, Finance News, Fintech

Swansea Building Society Integrates with Knowledge Bank for Streamlined Mortgage Criteria

In a pioneering move, Swansea Building Society has joined forces with Knowledge Bank. This partnership brings Knowledge Bank’s acclaimed criteria sourcing platform to mortgage intermediaries, enabling effortless, subscription-free access to Swansea Building Society’s wide-ranging mortgage criteria.

This integration allows intermediaries to effortlessly search and view Swansea Building Society’s comprehensive criteria across Residential, Buy to Let, and Self Build mortgages, all from a single, user-friendly interface. Swansea Building Society’s criteria, known for their breadth and inclusiveness, are meticulously maintained and updated through Knowledge Bank’s KB PRO access, ensuring that intermediaries always have the most current information at their fingertips. Access to the Knowledge Bank platform can also be found via the Swansea Building Society website.

The key benefits of this integration include comprehensive criteria access, allowing intermediaries to explore a wide range of criteria addressing all aspects of Swansea Building Society’s lending options. With the convenience of accessing all criteria in one place, intermediaries can streamline their research process, saving valuable time. Real-time updates ensure that any changes made by the lender are instantly reflected on both Knowledge Bank and the lender’s Interactive Criteria Guide, guaranteeing accuracy and reliability.

Swansea Building Society is recognised for offering some of the most extensive and sought-after criteria in the market, catering to a wide range of intermediary queries. The platform is also designed for optimal use on mobile and tablet devices, allowing intermediaries to access information on-the-go. Importantly, intermediaries can access Swansea Building Society’s criteria without needing a Knowledge Bank account.

Shane Chawatama, Sales Director at Knowledge Bank, said:

“We are thrilled that Swansea Building Society, a longstanding supporter of Knowledge Bank, has chosen to utilise our Interactive Criteria Guide. This integration not only enhances the accessibility of mortgage criteria available to intermediaries but also reinforces our commitment to providing innovative, user-centric solutions that drive efficiency and success in the mortgage industry.”

Alun Williams, Chief Executive of Swansea Building Society, added:

“Our partnership with Knowledge Bank reflects our commitment to enhancing the experience for mortgage intermediaries. By providing easy, real-time access to our comprehensive mortgage criteria, we are enabling intermediaries to make faster, more informed decisions. This collaboration underscores our dedication to supporting our customers with the best tools and resources available.”

Intermediaries are encouraged to explore this powerful new tool and experience the benefits of having extensive, up-to-date mortgage criteria readily available. With Swansea Building Society’s Interactive Criteria Guide, making informed and timely lending decisions has never been easier.

Business, Business News, Electronics, Engineering

Former Wales Rugby International Scott Baldwin Joins Kontroltek as Business Development Manager

Kontroltek, a leading provider of industrial electronic and mechanical repairs, has appointed Scott Baldwin as its new Business Development Manager. Baldwin, renowned for his distinguished rugby career, brings a wealth of strategic insight and valuable connections across the UK to his new role.

In his capacity as Business Development Manager, Baldwin will focus on creating opportunities to expand Kontroltek’s market presence and enhance client relationships. His extensive experience in high-performance environments, coupled with his proven ability to cultivate strong partnerships and build robust team cultures, makes him a valuable addition to the Kontroltek team.

Andrew Follant, CEO, Kontroltek, said: “We are delighted to welcome Scott Baldwin to Kontroltek. His track record of success and his passion for driving growth align perfectly with our vision for the future. We believe his support will play a crucial role in advancing our business objectives via his UK-wide network.”

Baldwin, a seasoned professional with a deep understanding of competitive dynamics both on and off the field, said: “I am thrilled to embark on this new chapter with Kontroltek. The opportunity to apply my skills, experience and extensive network in a different context is really exciting. I look forward to contributing to Kontroltek’s continued success.”

Prior to joining Kontroltek, Baldwin enjoyed a successful rugby career, representing Wales internationally and earning 37 caps. He played for Ospreys, Worcester, and Harlequins, where he was instrumental in winning the English Premiership. Baldwin also served as vice-captain of Harlequins and was part of the senior leadership group. Additionally, he worked as a defence coach at Newcastle.

Awards, Business, Pensions, South Wales, Wales

Swansea graduate awarded Quantum Advisory Prize for mathematics excellence

The Quantum Advisory Prize for 2024 has been awarded to a Swansea University graduate, recognising their contribution to mathematics.

 

Hal Peckett, from Exeter, graduated from Swansea University this year with a first class honours degree in Applied Mathematics. Hal was chosen as the recipient of the prize for his dissertation titled ‘The Tragedy of the Commons: Dynamical Systems of Competing Fisheries and Game Theory’.

 

The Quantum Advisory Prize is an annual award presented by corporate pension and employee benefit experts Quantum Advisory that celebrates mathematics students who have transcended throughout their degree. The award recognises the quality and ambition of their work and, as well as acknowledgement of their effort, recipients benefit from a financial grant to support them as they initiate their career.

 

In applied mathematics, researchers can apply mathematical methods and specialised subject knowledge to a range of different scientific, economic and industrial fields. In his winning dissertation, Hal applied two mathematical approaches, dynamical systems and game theory, to the field of biology to analyse access and competition surrounding finite resources in fishery settings.

 

Hal said: “I am incredibly grateful to receive this prize for my final year dissertation. I put a lot of hard work into it, and it was a very challenging undertaking. I thank Quantum Advisory for this award and must also thank my supervisor Dr Noemi Picco for her guidance throughout my project.

 

“I am going to further specialise in mathematical biology, the area of mathematics on which my dissertation was based, by continuing onto a master’s degree in Biomathematics at Exeter University. It is an area of maths that I had never heard about before coming to Swansea, and it is a topic I am excited to pursue further and develop a career out of. The prize money is a massive help for the transition into my master’s and will help support me while I take on this new challenge.”

 

Dr Noemi Picco, Senior Lecturer in Mathematics at Swansea University, said: “Hal has done a fantastic job developing an excellent piece of work centred around the problem of sharing common finite resources: the ‘tragedy of the commons’. Hal was inquisitive and motivated into exploring how this seemingly simple scenario could be described and analysed mathematically. The end result was an outstanding dissertation which brings together two distinct mathematical approaches: game theory and dynamical systems.

 

“Hal has successfully navigated his first experience of independent research work, growing in confidence and critical thinking while overcoming obstacles along the way. It has been a pleasure to witness his journey through this project, and the potential for a future as a brilliant researcher.”

 

Stuart Price, Partner and Actuary at Quantum Advisory, said: “We are proud to support Swansea University graduates as they begin their careers in mathematics and the calibre and talent of their students always greatly impresses us year on year.

 

“Hal’s project and his approach really stood out this year and we are delighted to award him the Quantum Advisory Prize for his outstanding dissertation. We are delighted to hear that he is progressing his interests in this field further and wish him the very best for his master’s degree.”

 

Quantum Advisory provides pension and employee benefits services to employers, scheme trustees and members and has offices in Cardiff, Amersham, Birmingham and London. For more information about Quantum Advisory, please visit https://quantumadvisory.co.uk.

Accountancy, Accountancy & Accounts, AI, Business, Cyber Attack, Technology

ACCA UK calls for AI cybersecurity approach to emphasise global applicability

  • Leading accountancy body ACCA says the UK government’s proposed AI cyber code is a useful starting point for a global regulatory approach
  • Industry experts are best placed to manage the emerging and evolving range of cyber risks

 

Responding to a UK government consultation led by the Department for Science, Innovation & Technology outlining an AI cybersecurity code of practice, ACCA says the government is best placed to set up overarching regulatory structure and principles, while those on the frontline of AI developments should be given the space to work to combat emerging cyber risks.

 

However, the pro-innovation approach of the proposed code – as set out in the government’s white paper – needs to have safeguards and its requirements may need to be revisited. The cyber challenge in AI is dynamic, and a ‘point in time’ view can become quickly outdated.

 

ACCA also highlighted the risks and impacts to end users in small and medium enterprises (SMEs), with a significant number of its members operating in this segment. The greater challenges faced by this group of stakeholders on cyber readiness – across both skills and budgets – are well-documented. ACCA wants end-user SMEs to be safe and protected from cyber risk, yet empower them to choose AI given its potential to augment business productivity.

 

Glenn Collins, head of technical and strategic engagement, ACCA UK, said: “ACCA is pleased to see the consultation taking a principle-based approach as our current view of AI offers too many unseen scenarios. ACCA, its members and partners, will be profoundly impacted by its planned use of AI including delivering finance professionals with an optimal experience and skill set for the modern workplace.”

 

ACCA warned that adherence to any code carries a cost, including indirect costs of adhering to the code and the impact through the supply chain. Effort and cost will be needed to raise awareness of the code, as well as monitoring and enforcement.

 

Narayanan Vaidyanathan, head of policy development, ACCA, noted: “We anticipate utility from such a code for those providing assurance or third-party verification of AI systems. This is an important category of stakeholders who will have a key role to play in creating a trusted AI eco-system to supplement the regulatory and legal direction from policy makers.

 

“We do not anticipate this group to be subject to the requirements of the code itself, but assurance requires checks against a well-defined, and ideally, publicly available standard – which this code could provide. Cyber risks are a part of what the assurance of an AI system may need to check for. Therefore, those providing assurance would find such a cyber code and associated standards helpful.”

 

In its response, ACCA also called on the government to tackle the skills gap, which needs to be filled in order to combat cybersecurity risks. The Apprenticeship Levy could be expanded to a ‘Growth and Skills Levy’ that is more flexible and can be used to fund shorter-term accredited training programmes that upskill and reskill workers on the cybersecurity of AI.

 

Companies should also be able to increase the proportion of their unspent levy funds to their supply chains – ACCA suggests an increase of 25% to 40%. This could unlock millions of pounds to develop AI skills.

 

Ultimately, cybersecurity issues linked to AI need staff to be trained on current and emerging risks. If insufficient training is given, standards and frameworks will fail to achieve any impact.

 

Read ACCA’s response here.

 

Visit ACCA’s website for more information.

Accountancy, Accountancy & Accounts, Accounts and Accountancy, Business, Diversity & Inclusion

Embracing neurodiversity brings business benefits, says new ACCA report

  • New report shares stories of individuals who are neurodivergent within the accountancy profession and their experiences
  • Estimates that one in five members of the workforce are neurodivergent indicates a greater need for neuro-inclusive practices in all levels of business

Leading global accountancy body ACCA’s latest report ‘Neurodiversity in accountancy’ explores the growing awareness by employers that those who are neurodivergent have real value to bring to an organisation.

The report highlights targeted hiring programmes that have actively sought out neurodivergent talent to undertake roles.

It is estimated between 15 – 20% (or roughly one in five) of the population are neurodivergent. As a result, organisations have a responsibility to include and support neurodivergent individuals, creating workplace environments where everyone’s challenges are supported and strengths are celebrated, and where neurodivergent individuals can thrive.

The business benefits for organisations that embrace neurodiversity include:

  • Diverse thinking: neurodiversity brings unique viewpoints, problem-solving approaches, fresh ideas and innovative solutions.
  • Increased productivity: accommodations for neurodiverse individuals enhance overall productivity.
  • Talent attraction: focusing on building neuro-inclusive workplaces attracts candidates – especially Gen Z.
  • Talent retention: a neuro-inclusive environment fosters loyalty and reduces turnover.
  • Enhanced creativity: neurodiverse individuals often think ‘outside the box’.
  • Positive workplace culture: Employees feel respected and valued, leading to better morale.

 

The report shares stories of individuals who are neurodivergent within the accountancy profession and ultimately celebrates thinking differently, representing organisations as diverse as accountancy firms EY and Cooper Parry, recruitment firm Michael Page Malaysia, HMRC, and The Ritz London hotel.

Numerous benefits to organisations were cited, from brand recognition and winning new business, to accessing previously untapped talent pools. Bringing innovation, creativity and other valuable skills to the organisation was also recognised as a key benefit. Ultimately, a proactive approach in this area has an impact on creating value for an organisation, both financially and socially.

Report co-author Jamie Lyon, head of skills sectors and technology at ACCA, says: “Supporting neurodivergent employees is essential for creating an inclusive workplace and this doesn’t need to be complex. Often knowing where to start can be the biggest challenge. Organisations can approach neuro-inclusion at both an organisational and individual level. The aim for any organisation should be neuro-inclusive design, where possible adjustments and ways of working are part of standard practice and no longer need to be requested.”

Report co-author Tania Martin, Neuro-inclusion consultant at PegSquared: “With an estimated one in five of the workforce being neurodivergent, and more people willing to openly share their stories, it is becoming even more important that employers are proactive in understanding and building neuro-inclusive workplaces. So often we find what works for one, benefits so many. But broader than that, neurodiversity also impacts employers’ clients and customers. Having an understanding of neuro-inclusion can be a competitive advantage – harnessing neurodiversity is ultimately good for business.”

The research sought to understand the challenges neurodivergent individuals face at work and in education; their strengths; how organisations have implemented support at both the organisation and individual level; and thoughts about the future of neurodiversity at work.

It concludes with key recommendations for organisations to better support their neurodivergent employee community, from leadership buy-in and sponsorship, education and training opportunities, through to inclusive job descriptions and recruitment practices.

Read the report and access the employers’ guide here.

Visit ACCA’s website for more information.

Appointments, Business, Cardiff

Swansea Building Society Sponsors Cardiff Business Club and Appoints Richard Miles to Board

In a strategic partnership, Swansea Building Society will sponsor Cardiff Business Club for the upcoming season. This announcement follows a year of exceptional growth and record profits for the Society in South East Wales and the Welsh borders. Additionally, Richard Miles, the Society’s Head of Savings & Marketing / Area Manager East Wales, joins the Cardiff Business Club Board.

As a longstanding pillar of the Welsh financial community, Swansea Building Society recognises the importance of fostering strong business networks and supporting the local economy. The decision to sponsor Cardiff Business Club aligns with the Society’s commitment to giving back to the business community that has been integral to its success.

Cardiff Business Club, founded in 1912, is a leading organisation of its kind in Wales. It aims to offer an environment where all their members can connect with decision makers from across the private, public and charitable sectors to support and promote their businesses.

Richard Miles brings a wealth of experience to his new role on the Cardiff Business Club Board. With a robust background in sales and marketing, Miles has demonstrated exceptional leadership and strategic vision. His roles as a board member of Cardiff YMCA Housing Association Limited and Linc Cymru have further honed his expertise in governance and community engagement, making him a valuable asset to Cardiff Business Club.

Swansea Building Society, founded in 1923, is one of only three remaining mutual building societies in Wales. With its headquarters in Swansea and branch offices in Mumbles, Cowbridge and Carmarthen, it is gaining an increasing presence in South East Wales and the Welsh Borders. The Society’s main objective is to offer a wide range of savings and flexible mortgages accounts. The Society prides itself on their face-to-face approach that can suit all its members.

Richard Miles, Head of Savings & Marketing / Area Manager East at Swansea Building Society, said:

“Due to expansion across the area, we thought it would be a great idea to sponsor Cardiff Business Club to allow us to contribute to the vibrant business environment in Cardiff. It is an honour to be appointed as a board member at the Business Club. I relish the opportunity to bring my deep understanding and knowledge of sales and marketing to continue developing Cardiff Business Club and to continue to give back to the local business community.”

Richard Miles will join an illustrious panel on the Cardiff Business Club Board. This includes Club President, Baroness Grey-Thompson, who over 16 years and five Paralympic Games won eleven gold medals, three silver and one bronze, cementing her reputation as one of the most gifted sportswomen of her generation. Another famous name on the Club Board is its Secretary, Paul Thorburn, the former Neath RFC and international Wales rugby union player, who still holds the record for the longest successful kick in an international test match.

Phil Jardine, Chair of Cardiff Business Club, said:

“It is great to have Swansea Building Society to sponsor us this year. It is a privilege to have Richard join our Board due to his success with the Society in the South East Wales area. I am positive that he will be a great asset to Cardiff Business Club.”

Business

Why Flexible Payment Systems are Critical to the UK’s Fast-Growing Businesses

Today, flexible payment systems are more necessity than convenience. In simple terms, this technology enables businesses to offer a wider range of payment options to their customers, so however they want to pay, from credit and debit cards to digital wallets to mobile payments, and buy-now-pay-later options, they can be accommodated quickly and safely.

Retailers that don’t embrace these kinds of flexible payment systems are likely to miss opportunities for growth.

Opportunities for growth

Convenience

The most obvious drawback of cash-only market vendors is that they will see fewer sales as many shoppers prefer the ease of mobile payments. Cash can be bulky, fiddly to use and awkward to transport. Many shoppers now carry minimal amounts of physical cash or none at all. By ensuring that a wide variety of payment methods are catered for, store operators can ensure that they aren’t limiting their potential customers.

Data

Flexible payment systems generate a lot of data and this means the potential for lots of insight for store owners. By gaining a better understanding of who is coming into their store, what they are purchasing, when, and by what method, store owners can profile their customers. This allows them to tailor their products and services more effectively, enhancing the experience for both the retailer and the customer.

Joined Up Experiences

Flexible payment systems integrate with various touch points, including payment solution providers (PSP), merchant acquirers, and different payment technologies like unattended payment solutions, mobile devices, and traditional payment terminals. This integration allows them to function seamlessly in both in-store and online environments.This means that for businesses operating in connected ecommerce, they can offer a joined up experience for customers, for example tracking a customer’s purchases wherever they’re made and awarding loyalty points.

International Setups

Many businesses have the ambition of expanding internationally, entering new markets and engaging customers from around the world. Whilst this means embracing exciting opportunities, this is also fraught with challenges, such as ensuring that your company is compliant with regulations in the new jurisdiction you’re operating in. By embracing flexible payment systems you can ensure that payments flow easily across borders, so as a business owner you have a good overview of performance across the whole operation. In addition, customers in different countries or jurisdictions may use different payment methods and are likely to use different banks or payment providers. Flexible payment systems allow you to accept payments from customers quickly and safely, regardless of where you are in the world, what currencies they use or how they choose to pay.

The Importance of Flexible Payment Systems in the UK

The UK’s payment landscape is constantly shifting. According to a recent report from Statista, contactless payments saw a 29% increase in 2023, a trend that demonstrates the crucial need for businesses to adopt flexible payment systems in order to stay competitive and meet customer expectations. Businesses that fail to offer a variety of payment options are likely  to alienate customers who are accustomed to the efficiency and safety of being able to pay with the tap of a card or a touch of their phone.

What’s next in the payment landscape?

Payment orchestration is key for players to offer a flexible payment system, as flexibility means to be able to quickly integrate or change, and to be equipped for whatever comes next in paytech. So, if it’s clear now that a flexible payment system through payment orchestration is fundamental for any growing business that relies on in-person payments, what does the future hold? What new trends will ambitious businesses need to look-out for if they want to be on top of their game? There are several technologies emerging at the moment that are likely to change the payment landscape and make flexible payment systems even more attractive to store operators and their customers. .

In a recent guide, flexible payment technology provider Aevi, explored the disruptive potential of biometric payments, which could revolutionise the way consumers interact with payment systems and the way payment security is managed. By integrating biometrics, such as fingerprint or facial recognition, businesses are able to offer faster and safer payment options.

Digital currencies are another trend that store operators need to be aware of. Whilst crypto currencies have had mixed press over the past few years, several central banks are beginning to seriously consider issuing their own digital currencies and store operators need to watch the development of this technology and be ready to take payments in this format.

Overall, the payment landscape is set to evolve at pace over the coming years in ways that are both exciting and security enhancing. The question for businesses is how to take advantage of these developments in a way that works for both themselves and their customers.