Payments gateway firm NMI is working to carve out its niche by providing “the picks and the shovels” for banks to remain competitive with fintechs in the merchant space, the company’s CEO said.
As payments fintechs like Stripe and Block-owned Square have bundled merchant services with payment processing to serve business owners, “that’s been very disruptive, obviously, to the incumbent banks and merchant acquirers and processors,” said Vijay Sondhi, CEO of Schaumburg, Illinois-based NMI.
