In finance, legacy payment systems can be like trying to stream Netflix on a dial-up connection. Built decades ago, they weren’t designed for today’s demands — real-time transactions, frictionless user experiences, and global scalability.
These "old rails" often mean:
- Hard-coded logic, like a vintage video game that can’t be updated
- On-prem infrastructure - think Blockbuster in a Netflix world
- Compliance headaches that feel more like Game of Thrones politics than what’s possible with modern tech stack governance
This is why financial institutions and fintechs alike are hitting pause on patchwork solutions and hitting play on reinvention.
In our recent livestream, payments experts from Skaleet, Oaklen Consulting, and Marqeta came together to explore the challenges of legacy infrastructure and the innovation reshaping the industry, led by fintechs like these represented.
The problem: Simplicity is now a superpower
As Skaleet asked in our livestream: "How do we simplify an industry that is anything but simple?"
Old platforms often resemble a tangled web of middleware and manual processes. When it takes months to launch a new feature, or worse, to comply with PCI DSS or DORA, you know it’s time to modernize.
Enter: The new rules
Is anyone else hearing Dua Lipa now?
Modern fintechs like Marqeta and Skaleet are ditching the old playbook and rewriting the rules with:
1. Cloud-native infrastructure
- Elasticity – Scale like Taylor Swift ticket sales.
- Automation – Less manual process, more let the tech “set it and forget it.”
- Resilience – Redundancy and multi-site architecture that make downtime as rare as an Elvis sighting.
- Cost efficiency – Pay for what you use, like your streaming subscriptions.
2. API-first architecture
Think of APIs as the Avengers of payments. They assemble the right functions at the right time. Want to spin up a virtual card in seconds? Done. Need real-time fraud controls? Done.
3. The micro-services model
Break the monolith. Each function runs independently, so you can update your KYC workflow without crashing your entire platform. That’s like updating your Instagram bio without needing to reboot your phone.
Industry leaders like Oaklen Consulting are recommending partners such as Skaleet and Marqeta to their client base due to their API-first, cloud native infrastructure designed to work effortlessly together.
Embedded finance: The Spotify of payments
Integrated finance is becoming the standard, not a feature. It’s what allows users to order food, pay, and split the bill without ever leaving the app.
It gives:
- Better UX – No more bouncing between platforms.
- Revenue streams – Monetize payments like YouTubers monetize their content.
- Market reach – Access customers in places the competition can’t go. It’s a bit like a fintech version of Barbie in the real world.
Time to ditch the CD player
For institutions still running on "old rails," it’s time for a new soundtrack. Whether you're a legacy bank, a scaling fintech, or a platform dipping your toes into embedded finance, the future is built on cloud, APIs, and micro-services.
And remember—new rules aren’t just for Dua Lipa. They’re how you stay relevant in a payments world that won’t slow down. Watch the full livestream here.
Get connected to learn more about how Marqeta can help you modernize your card program.
