The rapid convergence of AI-driven decisioning, tokenised payment instruments and multi-rail settlement is reshaping the foundations of global payments. As financial institutions re-architect their systems to meet these structural shifts, issuer processing has moved from a background utility to a critical layer that determines how institutions deliver real-time, data-rich and cross-border payment experiences. This shift was evident throughout the Singapore Fintech Festival (SFF) 2025, where discussions centred on the technology blueprint for the next decade of finance. In this environment, the issuing stack has become a strategic capability that must support programmable money, digital wallets, embedded finance, wallet-based ecosystems and new forms of digital value that move at higher speed and across a greater variety of networks. The expectations placed on issuers have widened, from simple card provisioning to orchestrating flows across tokenised assets, account-based payment rails and alternative settlement mechanisms, while maintaining compliance across multiple jurisdictions. Against this backdrop, Jeff Parker, CEO of Paymentology, outlined how the company is redesigning its infrastructure to support these shifts. Speaking during the festival, he noted that the industry is “rethinking the underlying architecture” required to remain “agile and future ready,” reflecting the growing demand for issuer processing that can operate across diverse markets, support embedded financial journeys and respond dynamically to the spread of stablecoins, virtual cards and digital wallets. His remarks capture the broader transformation of issuer processing as a strategic enabler of modern payment experiences. From artificial intelligence (AI)-led personalisation to the coordination of stablecoin and blockchain-based rails, Parker’s perspective illustrates how issuers are preparing for a future defined by programmable money, intelligent decisioning and cross-border interoperability. Rethinking issuer processing for AI and tokenised money Parker said the rise of AI and tokenisation has forced institutions to “rethink the underlying architecture” of their issuing systems to stay “agile and future ready.” While front-end experiences dominated past investment cycles, firms now recognise that agility depends on cloud native and application programming interface (API)-first infrastructure. Paymentology’s approach uses a single code base across markets, which he said “allows our clients to take advantage of the latest technologies” and operate across jurisdictions without additional complexity. He argued that issuing must be treated as a strategic asset. Many institutions, he noted, “just don’t think about” their underlying infrastructure even though it determines how quickly they can configure new use cases, support tokenised credentials or enter new markets. He pointed to virtual cards and mobile wallet tokenisation as examples where issuing infrastructure now directly affects competitiveness. Tokenised value transfer is accelerating this shift. Parker highlighted Paymentology’s support for stablecoin-backed cards in several markets, including Latin America and Asia, where users hedge against currency volatility or trade digital assets. He expects blockchain-based rails to become “an additional payment rail” and predicted a broader industry shift where “we’re going to start talking about tokens in exchange for payments” as traditional identifiers such as 16-digit card numbers are replaced. These changes require issuer processors to act as orchestration layers that bridge traditional and token-based networks. For Parker, the ability to support programmable money, dynamic settlement flows and multi-format credentials will be essential as the industry transitions towards token-driven models. AI-driven personalisation and real-time intelligence Parker noted that clients across remittances, wealth management, expense management and digital banking, all expect fast deployment and personalised payment experiences. Digital-native institutions want to deliver a “Revolut, Square, Chime experience in a matter of weeks”, which demands an issuing layer capable of rapid configuration and real-time adaptability. He said AI is central to this shift, enabling Paymentology to use data to make “real-time decisions” and supply insights that help issuers tailor propositions to specific customer profiles. AI-driven decisioning also strengthens fraud control, behavioural analysis and product configuration across multiple payment flows. These capabilities matter more in a world where transactions move across multiple rails. Real-time processing requires embedded risk scoring, instant data utilisation and systems that can respond dynamically to market conditions. It reflects an industry moving from batch processing to integrated AI-led orchestration. Embedded finance and wallet ecosystems reshape product design Parker described embedded finance as an established expectation in Asia, where consumers increasingly access financial services through non-bank platforms. He pointed to use cases such as insurance payouts, retailer disbursements and salary payments, where Paymentology powers embedded payment credentials behind the scenes. He said embedded finance will accelerate as users rely more on brands and platforms rather than traditional banks for financial interactions. AI and tokenisation make this embedding more seamless by enabling secure, dynamic and low-friction credentialing across different partners. Wallet ecosystems are also expanding rapidly. Parker said “almost every use case now has a store value wallet perspective” and noted differing regional patterns. Stablecoin-linked wallets are gaining traction in Latin America, while telco-led and super app wallets dominate in Asia and Africa. Some are card-backed, others account-to-account, but all require flexible issuer infrastructure to support their underlying logic. These shifts reinforce the need for processors that can handle diverse architecture models, as institutions no longer rely on a single rail but operate across cards, accounts, tokens and wallets. Regional diversity and scaling across multiple markets Demand for modern issuing infrastructure varies across Asia. Parker highlighted strong growth in the Philippines, where Paymentology is integrated into the domestic BancNet switch, enabling support for both domestic and cross-border flows. He also noted Hong Kong as a historically strong market and recognised Singapore’s role as a regional hub for innovative firms. He emphasised that Paymentology’s “single code base, single platform, single set of APIs” allows clients to integrate once and expand quickly across markets. In jurisdictions requiring local data processing, domestic switch integration or on-soil cloud deployment, Paymentology manages the complexity by adapting its infrastructure to regulatory conditions. Parker advised institutions to design infrastructure with multi-market expansion in mind from the outset, because retrofitting systems later is costly and slows growth. His comments reflect the growing need for issuer processing that is both globally consistent and locally compliant. Interoperability and the evolution of multi-rail settlement Parker sees stablecoins playing a growing role in markets with currency volatility and in use cases requiring “instant 24/7 transfer of value”. He pointed to the rise of cross-bank interoperability initiatives and expects stablecoins to “shape the market for the next five years and beyond”. Issuer processors will need to become orchestration layers across multiple payment rails. Paymentology is expanding beyond card-centric flows to support account-to-card, card-to-account and account-to-account transactions, alongside embedded stablecoin workflows. He said the aim is to “remove the complexity” for clients by providing a unified layer that handles fraud management, chargebacks and dispute resolution across rails. This reflects a broader industry movement towards multi-rail settlement models in which tokens, accounts and card networks coexist and interoperate through common layers. Strategic priorities towards 2030 Parker said Paymentology will continue expanding into new markets as client demand grows. The company is also broadening its capabilities, including the launch of its credit ledger. He noted that most innovation has been focused on prepaid and debit, while credit remains underdeveloped despite its importance for underserved segments. He added that around 90% of the market still operates on legacy systems that “move slower” and cannot meet expectations for real-time and mobile-first experiences. He sees continued digitisation, especially in cash-heavy markets, as a major opportunity to create value by modernising payment flows. These priorities align with the festival’s broader focus on modernising infrastructure for the next decade. Issuer processing becomes a strategic foundation for the next decade Parker’s observations show that issuer processing is becoming a strategic layer within the future financial system. AI, tokenisation, embedded finance and multi-rail settlement require infrastructure that is flexible, data-driven and globally scalable. His comments underscore that modern issuing platforms must act as orchestration engines capable of supporting programmable money, dynamic settlement and diverse market conditions. In a landscape where customer expectations, regulatory requirements and payment rails are changing simultaneously, Parker positions issuer processing as a critical enabler of next-generation financial services. Paymentology’s strategy reflects this shift by focusing on infrastructure that supports rapid configuration, cross-market expansion and real-time intelligence as the industry moves towards 2030.
