Episode 1: The Problem Beneath the Problem | Payments Cannot Fail ft. Mike Walters

I think the journey that I think financial services are taking, of course, on that global landscape is maturing and accelerating at a huge pace, of course.

So if you look at the transformation in other software or SaaS businesses, that transformation happened years ago, decades in some cases.

the modernization and that theory around the payment just cannot fail because so much more is dependent on it.

It's sort of the building systems from symptoms, which is what I want to touch on now.

So talk a little bit about the scale of the resilience and why customers look to Form 3 for being a partner in that ecosystem because it is really crucial for what they're doing, right?

Yeah, it is.

And I think, again, it goes back to... approaching this problem not a customer at a time, but approaching this problem really, really wanting to understand how products operate on a platform.

And you're absolutely right.

That is the sassification of many industries all over the world.

Where that is sort of heightened, I guess, from a payments perspective is that the nature of operational resilience has to be different.

So the world will tolerate a 10 or 20 second buffering in a video download or a file that you have to go and retrieve a second time or a message that you can resend or you happen to have got twice.

When you're moving money, none of those things can happen.

So not only does it always have to be on, but it has to be 100% accurate and it has to be continuously like that for all customers in the same way.

And so I guess we've had the opportunity to invest significantly on behalf of all of our customers as a group.

and to be able to do that at a level that no individual bank, regardless of size, will have been able to do.

So sort of

making the industry better for everyone.

That's exactly

right.

And I think learning from our customers, one of the things that we've been really keen on doing since we started is, you know, there are lots of insights in our clients because they've been running this payment estate for decades.

And when they ask us a question about how can we make something better from a security perspective or a performance perspective or a functional perspective, The beauty of running a platform with products on it is when we make that change, it is shared and immediate for all customers.

Of course.

And it's a global problem, isn't

it? Because it's not just a colloquial UK issue that payments can't fail.

It's a US issue.

I think the journey that I think financial services are taking, of course, on that global landscape is maturing and accelerating at a huge pace, of course.

So if you look at the transformation in other software or SaaS businesses, that transformation happened years ago, decades in some cases.

the modernization and that theory around the payment just cannot fail because so much more is dependent on it.

It's sort of the building systems from symptoms, which is what I want to touch on now.

So talk a little bit about the scale of the resilience and why customers look to Form 3 for being a partner in that ecosystem because it is really crucial for what they're doing, right?

Yeah, it is.

And I think, again, it goes back to... approaching this problem not a customer at a time, but approaching this problem really, really wanting to understand how products operate on a platform.

And you're absolutely right.

That is the sassification of many industries all over the world.

Where that is sort of heightened, I guess, from a payments perspective is that the nature of operational resilience has to be different.

So the world will tolerate a 10 or 20 second buffering in a video download or a file that you have to go and retrieve a second time or a message that you can resend or you happen to have got twice.

When you're moving money, none of those things can happen.

So not only does it always have to be on, but it has to be 100% accurate and it has to be continuously like that for all customers in the same way.

And so I guess we've had the opportunity to invest significantly on behalf of all of our customers as a group.

and to be able to do that at a level that no individual bank, regardless of size, will have been able to do.

So sort of

making the industry better for everyone.

That's exactly

right.

And I think learning from our customers, one of the things that we've been really keen on doing since we started is, you know, there are lots of insights in our clients because they've been running this payment estate for decades.

And when they ask us a question about how can we make something better from a security perspective or a performance perspective or a functional perspective, The beauty of running a platform with products on it is when we make that change, it is shared and immediate for all customers.

Of course.

And it's a global problem, isn't

it? Because it's not just a colloquial UK issue that payments can't fail.

It's a US issue.