As stablecoins move beyond simple payment acceleration, programmable financial infrastructure is emerging as a new way for platforms to automate complex payment flows, treasury operations and multi-party transactions at scale. Andy Wiggan, Chief Product Officer at Mangopay, explains how programmable wallets and embedded payment logic are reshaping the future of platform finance and cross-border payments.
Why is so much of the conversation around stablecoins focused on speed and why do you see that as limited?
Speed is often emphasised because it’s easy to understand and compare across payment methods. Faster settlement and quicker access to funds are tangible benefits, particularly in cross-border contexts.
However, payments infrastructure has already been moving in that direction for some time. Instant payment schemes, improvements in card settlement and ongoing upgrades to banking rails have all contributed to reducing delays.
The more significant change stablecoins have introduced is a new use case for how money moves. They allow conditions and rules to be embedded into how funds move, directly impacting how platforms design and manage their financial flows.
How does programmability change the way platforms manage payments in practice?
Platforms rarely deal with simple, one-to-one transactions. Most involve multiple parties, conditional payouts and dependencies linked to how funds should be distributed, not just transferred. After a transaction is completed, platforms need to reconcile data across providers, confirm that funds are correctly allocated and step in manually when discrepancies appear.
Programmability allows those rules to be applied at the point of transaction. Funds can be split across participants automatically, allocated based on predefined conditions or held and released when specific payment conditions are met, such as balance thresholds, risk checks or payout schedules.
This changes how platforms organise their payment operations. The logic is built into the flow itself. In practice, this is enabled by wallet-based infrastructures that allow platforms to hold funds, organise them and apply consistent rules across all transactions.
What impact do automated revenue splits and conditional payments have on platform models?
Automated revenue splits and conditional payments allow platforms to align money movement more closely with how value is created. Revenue splits can happen at the point of transaction, rather than being calculated and distributed later. That improves transparency and removes more operational work.
Conditional payments introduce more flexibility. Funds can be released based on delivery, milestones or other agreed conditions, reducing reliance on manual processes and making outcomes more predictable for all parties involved.
Taken together, these capabilities allow platforms to move from managing payments once they’ve been processed to defining how funds should move from the start.
Where do stablecoins and programmable wallets fit into cross-border payments and treasury management?
Stablecoins are particularly useful in scenarios where speed, transparency and multi-currency movement are all important, making them relevant for cross-border flows and certain treasury operations.
However, when paired with the right infrastructure such as wallets, stablecoins have a more significant impact. Wallet-based systems provide a way to hold, move and organise funds across currencies and jurisdictions within a single framework.
This allows platforms to manage liquidity more actively, coordinate pay-ins and payouts in real time and reduce reliance on fragmented payment chains. In that setup, stablecoins become one of several rails that can be used where appropriate, rather than the central component. The combination of programmable wallets and multiple rails is what enables more efficient treasury management at scale.
What is required to make programmable money viable in regulated markets?
Governance is crucial. When financial logic is automated, the impact of errors or misuse increases. At the same time, the transparency of Blockchain-based systems introduces constraints around privacy. Once a wallet is linked to an identity, transaction activity can be traced, which limits anonymity and raises data protection considerations.
To operate in regulated environments, programmability needs to be combined with identity verification, compliance processes and clearly defined user permissions. These controls ensure that financial flows remain secure and auditable, while still allowing platforms to benefit from automation.
In that context, programmability makes existing requirements easier to apply within the payment flow.
What should platforms be prioritising as they look at adopting stablecoins and programmable infrastructure?
The priority for platforms looking to adopt stablecoins and programmable infrastructure should be in identifying specific opportunities. In fact, they should sit alongside existing payment methods.
The more important focus is on building infrastructure that can support multiple rails within a single environment. Programmable wallets are central to this, as they allow platforms to manage complex, multi-party flows across both fiat and alternative rails without changing the user experience.
Platforms that take this approach can introduce more advanced payment logic while maintaining control, flexibility and compliance.
