**London**: In a discussion with PYMNTS, Weilynn Tan of North emphasised a collaborative approach in the payments landscape, highlighting the importance of strategic partnerships, data-driven performance metrics, and the human element in fostering enduring relationships for mutual growth and innovation.
In a rapidly evolving payments landscape, collaboration is increasingly becoming the cornerstone of success for various stakeholders in the ecosystem. The dynamic interplay among FinTech startups, banks, merchants, and traditional payment providers like Visa and Mastercard facilitates the creation of seamless consumer experiences. Recently, Weilynn Tan, the head of Ecosystem Partnerships and Senior Vice President of Product Integrations at North, shared insights into how her company approaches partnerships to enhance this ecosystem.
Speaking to PYMNTS, Tan articulated the philosophy guiding North’s partnership strategy, stating, “We look for partners who not only bring innovative solutions that align to the needs of our clients and our merchants but also align to the vision of making payments as seamless and value-driven as possible.” Central to this strategy is a data-driven approach, with performance metrics such as adoption rates, transaction volumes, customer retention, and revenue being closely monitored.
Tan emphasized that the relationship between partners doesn’t conclude upon signing a contract; rather, it initiates an ongoing journey. Regular meetings with key stakeholders are essential for aligning on key performance indicators (KPIs) and assessing the health of partnerships. She reflected on this by noting, “Partnerships don’t really end when you sign the contract. It starts.”
In addition to the analytical aspects, Tan highlighted the human element inherent in partnerships: “It’s kind of like the partnerships and relationships that we have as people. I take that personal approach to my work partnerships as well.” This human touch plays a vital role in navigating the complexities of customer journeys in an increasingly multi-faceted environment.
Integral to North’s strategy is a thorough vetting process to identify potential partners who not only fit within the existing ecosystem but also demonstrate a capacity for innovation and growth. Tan stressed the importance of structured engagement through quality standards and data tracking. “Finding partner solutions that can help bridge those gaps of legacy systems is really important to continue growing,” she explained, underscoring the necessity for frictionless integrations supported by comprehensive documentation and developer assistance.
An example cited by Tan showcases North’s capacity to adapt strategies based on partnership needs. The integration of payment features into an appointment scheduling product transformed a basic functional offering into a substantial revenue generator. This highlights North’s ability to tackle diverse challenges with tailored solutions.
As the FinTech sector matures, so too does the approach to partnerships. Tan observes a shift towards quality over quantity, where strategic alignment and market impact take precedence. “The players who are key value-added services are really choosing where they want to place themselves for the most meaningful distribution,” she noted, reflecting a broader industry trend.
In a commoditized landscape, maintaining partner loyalty transcends financial incentives. Tan remarked on the essence of being a “really good partner,” one that actively engages in meetings, aligns with KPIs, and shows genuine interest in understanding partner products. North encourages this loyalty through collaborative efforts, including co-marketing, joint product development, and by providing partners with access to its expansive network. As she concluded, “A big part of maintaining our partners’ loyalty is all of that, and making sure partners feel like they’re also growing with us and not just transacting. That’s very important.”
Through these strategic efforts, North aims to cultivate a collaborative environment that fosters innovation and growth, ultimately benefiting all stakeholders involved in the payments ecosystem.
Source: Noah Wire Services
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