UBS Napa Recap "Modern Issuer Processing Panel Recap" Chiodo

研报英文原文证据摘录

UBS Napa Recap "Modern Issuer Processing Panel Recap" Chiodo

ntly in the "second inning" of a broader market transition

ella.zimmermann@ubs.com

towards more modern financial technology, a trend that has accelerated following +1-212-713 5000

increased newsflow on agentic commerce. Specifically, panelists noted that, since

Holt Bashinskystarting from an initial customer base of trailblazing smaller FinTechs, they have begun

Associate Analyst

to see increasing traction with mid-market and enterprise customers that are now

holt.bashinsky@ubs.com

looking to replace legacy systems with modern processors to drive innovation, expedite +1-212-713 2833

development timelines, increase control over their platform offerings, and achieve better

Siddhanth Sonieconomics. Within this increasingly large customer set, one panelist noted that ~70%

lean more commercial (vs. consumer) and have inherently more complex, multi-carded

siddhanth.soni@ubs.com

programs; additionally, panelists have observed a rebundling effect in which their +1-212-649 8010

customers are increasingly building integrated product bundles that extend beyond pure

play credit/debit with additional offerings such as stablecoin rails and lending.

The role of the card networks in stablecoins: On stablecoins, panelists noted an

increasing shift to digital dollars as a way for people to hold currency globally, and

believed that the card networks will continue to play a fundamental role in the use of

stablecoins. Specifically, panelists believed that stablecoins will require a medium to be

used, and viewed the card networks as a natural way for holders of stablecoins to

purchase via traditional card network rails through stablecoin-linked cards. For