In yet another sign of the critical role technology plays in today’s payment processes, MasterCard last month announced the launch of MasterCard Labs, a new R&D organization within the company. Garry Lyons, group executive of research and development, will oversee the Labs, which will be located within MasterCard’s existing facilities in Singapore, New York, and St. Louis, Missouri. According to this article in Bank Systems & Technology, the company will be spending tens of millions annually on the Labs.

The Labs will allow the company to deliver new products and innovations more quickly and efficiently, Ajay Banga, MasterCard president and chief operating officer indicated in the announcement.

That will be key in the company’s quest to get out in front of innovation, analysts in this American Banker story indicated.