Payments, Podcasts

Adyen’s Roelant Prins: ‘Modern technology can personalize issuing services for merchants’

  • Adyen has recently introduced a new card issuing service.
  • The payment firm's chief commercial officer joins us to discuss how merchants are benefiting from it.
close

Email a Friend

Adyen’s Roelant Prins: ‘Modern technology can personalize issuing services for merchants’

Card issuance is enjoying a lot of fintech light shone on it as technology and use cases catch up to the modern economy. From Marqeta to Stripe and now Adyen, payment firms are moving quickly in this space.

Roelant Prins, chief commercial officer of Adyen, joins us on the podcast to talk about his firm’s new card issuing service, where the idea came from and what type of customer demand they’re seeing for it. We discuss Adyen’s global approach and drill down into what he describes as unified commerce.

SubscribeApple Podcasts I SoundCloud I Spotify I Google Podcasts
The following excerpts were edited for clarity.

Adyen’s growth trajectory

It’s been a fantastic ride. 13 years ago, you had no idea where this would lead. We’re building for the long term as a company with all the decisions we make. In terms of your personal trajectory in a company like this, you look at the next one or two years and see how things evolve. The cool thing about it after 13 years is that it’s always interesting — there’s never a routine. Every year, there are new challenges and new things we’re doing.

There are a few key things about how we work that haven’t changed since the beginning. We are very linked to helping our merchants grow their businesses. That’s always driving how we develop our products and what new features we build. That’s been our approach from day one.

New card issuing service

We are working more and more with platforms and marketplaces. We see a lot of food delivery companies and travel companies. The existing issuing solutions that they were working with were very limited because some of it is old technology and limits these merchants in what they can do.

Issuing has various use cases. For example, it’s a great tool for the platform economy to enable sellers or drivers with their activities. Food delivery companies have people who fetch the orders, pay for it, and deliver it. To pay for it, either you give them cash or build an account with the underlying restaurant or store.

Or, you issue a card to these people with a specific amount, only valid for a specific retailer during a certain window. You can make funds available in a very defined window and that’s super valuable to these companies to manage their cashflow and their risk. It’s a solution that just wasn’t available with more legacy issuing products out there. We’re using modern technology to make these issuing services much more fitting to what merchants are looking for.

Going global

If you want to build a payments company for the long run, scale and volumes are important. We’re originated from the Netherlands, a country with 17 million people — it’s kind of hard to build a local business and have lots of scale. We think internationally by default. Our first customer was a German merchant and we started out building a pan European solution from day one. Quite soon after, we went to the U.S. and Brazil. We were always interested in building a global company because that’s where the market and merchant needs were going. That makes it a lot of fun.

Unified commerce

We work with large tech and ecommerce companies as well as large retailers around the world. Originally, that work was around helping them with online payment solutions. Increasingly, they were asking us to help them fix problems in store. They have fragmented infrastructure and old solutions in their physical stores. They were operating 20 – 40 different solutions across their different markets. Combine that with how significantly consumer behavior has changed over the past few years — moving more control to the shoppers.

In order for retailers to build relationships with today’s consumers, you need a different way to interact with them. You want to give them the same experiences online that you have in store. You want them to easily be able to return something they bought online in store. Payments play a key role here — having a unified payment infrastructure online and in store — makes all this so much easier. That’s been driving the retail activity we have. We’re investing heavily here. There’s big demand as all these companies go through a digital transformation process.

The U.S. market

The U.S. market is a highly strategic area for us. It’s always been — from the early days, we’ve been working closely with a lot of tech firms in the Valley to help them expand across the world. Most of the consumer-focused companies work with us.

Over the past few years, we’ve been heavily investing in the solution for the domestic market in the U.S. We have a large team — over 125 people — specifically in New York and San Francisco. This year, Subway decided to roll out with Adyen across the country. This was a big moment for us. Subway is largely still in-store payments with a franchisee model with many location across the U.S. It really signals that we’re here with a domestic solution.

0 comments on “Adyen’s Roelant Prins: ‘Modern technology can personalize issuing services for merchants’”

Finance Everywhere, Podcasts

Conductor sees big opportunity in Latin America for payments and banking as a service

  • Embedded finance is expanding all over the world.
  • Brazil's Conductor, fresh off a big fundraising, has big plans across Latin America.
Zachary Miller | December 03, 2020
Finance Everywhere, Podcasts

‘How to build a credit card product like a Lego rocketship’: Railsbank’s Dov Marmor

  • Dov Marmor has led banking as a service businesses at Currencycloud, Green Dot and now Railsbank.
  • The European embedded finance player is launching in the U.S. with a credit-card-as-a-service offering.
Zachary Miller | December 01, 2020
Podcasts

‘Combining our customer-first focus and local brand’: Inside Seattle Bank’s partnership with Google

  • Google's new bank accounts are being launched in partnership with banks around the U.S.
  • Seattle Bank, a community bank serving Puget Sound, is collaborating with Google to launch a new Google Plex account.
Zachary Miller | November 26, 2020
New banks, Podcasts

Building the Marcus brand: Goldman’s 2021 vision for its consumer banking product

  • Marcus by Goldman Sachs, Goldman’s consumer banking product suite, reached $96 billion in deposits in the third quarter of 2020.
  • Goldman will grow the Marcus product suite in 2021, encompassing checking, wealth management, savings and personal finance management.
Suman Bhattacharyya | November 25, 2020
Data, Podcasts

‘With Boost, we had to break things’: Experian’s Gregory Wright

  • Credit bureaus are moving along the value chain.
  • Experian's chief product officer joins the podcast to talk about lessons the firm has learned from Silicon Valley.
Zachary Miller | November 23, 2020
More Articles