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NEXT-GEN ACQUIRINGPROCESSING SUCCESS FACTORS IN MERCHANTACQUIRING PROCESSING IN TODAY'SMARKET This report is based on the analysis of publicly available informationat the time of writing. The information therein was correctto the best of the authors' knowledge and illustrates Arkwright’sinterpretations and working hypothesis at the time of publication.The report is not intended to be used within investmentor management decisions and Arkwright accepts no relatedliability or responsibility. The brands and business modelsmentioned in the report are property of their respective companies. INDEX 1.FOREWORD 5 2.EXECUTIVE SUMMARY6 3.INTRODUCTION – WIDE RANGE OF TRANSACTION TYPES8 4.SPECIALISATION ALONG THE TRANSACTION LIFECYCLE4.1SPECIALISATION WITHIN THE ACQUIRING VALUE-CHAIN4.2VALUE ADDED SERVICES (VAS)4.3ARTIFICIAL INTELLIGENCE11111314 5.EXAMPLES OF SPECIALIZED ACCEPTANCE VALUE PROPOSITIONS5.1AIRLINE PAYMENT ACCEPTANCE: ELAVON5.2MODULAR PAYMENT TECHNOLOGY STACK: CHECKOUT.COM5.3AI INTEGRATION: ADYEN16161718 6.MARKET SNAPSHOT19 7.FROM CLOSED STACK TO MODULAR CAPABILITIES21 8.CONCLUSIONS22 ABOUT MPEABOUT ARKWRIGHT2526 Next-Gen Acquiring Processing Success Factors in Merchant AcquiringProcessing in Today's Market— Published ByArkwright Consulting AGAlstertwiete 320099 HamburgGermany In partnership with MPE Written and edited by:Francesco BurelliSteven JacobPatricia PohlMoritz LandauAlexandra Shypilov To request an electronic copy and for moreinformation on the topics of this report pleasecontact:francesco.burelli@arkwright.desteven.jacob@arkwright.de If you would like to be subscribed or to beremoved from our mailing list, please write to:subscriptions@arkwright.de Copyright © 2026Arkwright Consulting AGAll Rights Reserved 1. FOREWORD In an ever-evolving payments industry, a fundamental question emerges: what defines best prac-tice in payment acceptance technology? Merchant acquiring relies on its processing infrastructure to function effectively. What began aslargely in-house, monolithic platforms has evolved into a far more complex landscape. As transac-tion types have diversified and the value-chain has fragmented into specialised providers, technol-ogy and operating models have had to adapt. Many organisations today operate with a patchworkof legacy systems, while others are moving toward what can be described as Next-Gen AcquiringProcessing capabilities. This report, developed in partnership with Arkwright, examines that structural shift. Through indus-try analysis and executive perspectives, it proposes a clearer understanding of how modular archi-tectures, API-based orchestration, and ecosystem collaboration are reshaping merchant acquiring. At Merchant Payments Ecosystem (MPE), our role is to provide a platform where these develop-ments are examined rigorously and discussed openly across the merchant and acquiring commu-nity. We are pleased to present this research ahead of MPE 2026 and look forward to continuingthe conversation in Berlin. We hope you find this report insightful and thought-provoking. 2. EXECUTIVE SUMMARY Following previous research that defined Next-Gen Card Process-ing1from an issuing perspective, this report is based on the workinghypothesis that a similar concept may be applicable to acquiring pro-cessing too. Based on an analysis of the industry and interviews withmerchant acquiring and acceptance executives from merchants, theconclusion is that there are some defining characteristics for whatcan be considered “Next-Gen Acquiring Processing”. THE ACQUIRINGINDUSTRY,HAS MOVED ONFROMLEGACY, MONOLITHICINFRASTRUCTURETOA FLEXIBLE, MODULAR,ANDAPI-DRIVEN ARCHI-TECTURE The acquiring industry, and the underlying payment processing plat-forms, have moved on from legacy, monolithic infrastructure to a flex-ible, modular, and API-driven architecture. This evolution respondsto the growing number of transaction types that merchants need toaccept within the increasing number of channels and customer inter-faces consumers use to make purchases. Moreover, robust integra-tion with retail back-end systems stands as a critical, non-negotiabledemand from merchants seeking operational excellence. Based on the above points, we propose a definition of Next-Gen Ac-quiring Processing grounded in the ability to compose, orchestrate,and standardise best-of-breed components from a broader ecosys-tem, rather than relying on outright system and technology ownershipthat characterized the industry up to the “dotcom” days. In this context, we define Next-Gen Acquiring Processing as built onthree key capabilities: •Best-Fit Modular Architecture: Ability to tailor the acquiringprocessing offering based on the unique requirements of targetmerchant segments through an architecture that decouples ser-vices into discrete, reusable microservices. These are developed,sourced and assembled strategically. •API-driven Orchestration: APIs as the operational control andunified connectivity layer of