A third of global trade now comprises digital platforms and services.

But this shift means financial institutions face new pressure to change the way they do things. Vivek Ramachandran, leads Global Trade Solutions for HSBC, an institution with a long and rich trade history. 

For the latest FF Virtual Arena, we caught up with him to get his perspective on what’s changing and, in advance of a Beijing hosted Sibos, what China and more broadly Southeast Asia’s role is in trade finance.

Watch the conversation to find out more.  

In this insightful interview, Ramachandran gives us a solid overview of the current and future trends that are transforming the world of trade. HSBC have been in the business for more than 155 years and they continue to play a crucial role in the global trade finance ecosystem.

Our Virtual Arenas are all about speaking to the experts and as Head of Global Trade Solutions, Ramachandran knows a thing or two about this space. Of the insights we’re given, none is more interesting than how much trade in services has grown compared to traditional goods trade. Historically, trade was predominantly about shipping physical goods, but according to Ramachandran now services such as cloud solutions and digital platforms constitute nearly 30% of global trade. And according to the WTO, digitally delivered services now equate to 54% of all services exports in general. It makes a big difference. For banks like HSBC it means adapting to new business models and getting tooled up to support companies operating in this new age.

Global supply chains are being fundamentally reshaped due to factors such as geopolitical pressures, cost considerations, sustainability goals, and the need for resilience. As a result, Ramachandran points out that they’re becoming more complex – some are getting shorter and others are expanding. As businesses shift their supply chain strategies, the need to manage risks, and consider sustainability and the impact of trade on the environment, has become paramount. Like many, he believes that being sustainable is no longer a “nice to have” but a “must have” and companies are now expected to address environmental and social concerns not just within their own operations, but throughout their supply chains.

For Ramachandran, sustainability now includes transparency on issues like emissions, forced labor, and supply chain safety. Financial institutions like HSBC want to help their clients solve these issues but also be seen as experts in the matter. 

We also find out about new business models in trade, especially in the realm of digital commerce. Given more and more B2B trade is now taking place digitally (as well as concerning digital services), there are increased challenges in understanding and managing new types of counterparties. Data also plays a role. Ramachandran discusses the anonymity of digital transactions and the new data these transactions generate, which require new digital decision-making tools and customer onboarding processes. 

He also provides a balanced view of the impact that cutting edge technologies could have. While early discussions about distributed ledger technologies and blockchain were promising, the path forward appears to be more government-driven initiatives like the UK Electronic Trade Documentation Act and the adoption of electronic records transfer laws by countries like France, Germany, and Singapore. These initiatives are paving the way for the future of trade digitization, but like many speakers we talk to, Ramachandran emphasizes that technology must be seen as an enabler, not an end in itself.

Of course, given the growth happening in the Asia-Pacific region, and particularly Southeast Asia, we wanted to know about developments in trade finance here. It’s a region at the heart of many of the global trends in trade, such as the restructuring of supply chains and the booming e-commerce sector. He highlights how countries like Vietnam, Malaysia, and Indonesia are becoming major hubs for new manufacturing supply chains, while Singapore leads in trade digitization. He praises Singapore for its innovative initiatives, including its National Trade Portal and its adoption of UN laws governing electronic trade.

We also hear about the annual Sibos event which this year is being hosted in Beijing, for the first time. The location potentially causes some difficulty to other attendees but Ramachandran expresses excitement about the opportunity this presents, particularly given China’s thriving digital economy and innovation in areas like deep-tier financing. He also notes that China remains the world’s largest exporter and is increasingly investing in overseas markets, offering numerous opportunities for both Chinese and global businesses. HSBC themselves have made strategic partnerships in China, to support e-commerce exporters with financing based on transaction data.

There are further points discussed so be sure to check out the whole interview and discover more great conversations just like this one on our website. 

These areas of fintech are still getting plenty of investment.

In a funding environment that has its ups and downs, there is definitely good news for startups seeking funding.

We had the pleasure of speaking to Andre De Haes, founder of Backed VC, to find out what being “a maverick fund” looks like in practice and what they look for in successful fintech founders and startups.

We talk about how the European funding environment has changed in recent years and much more.

Backed VC are “determined to do European venture capital differently”. Certainly their brand sticks out as slightly more rock and roll than some of their venture capital compatriots. According to De Haes, doing things differently involves bold bets in under-invested sectors, long-term thinking, and a distinctive culture of founder engagement.

He gives examples of their early bets on blockchain gaming, an area that seemed unconventional at the time but has since produced massive valuations, particularly with investments like Axie Infinity and Immutable X. Backed’s approach is also reflected in how they interact with founders, a relationship that often includes excursions and activities, all in service of forging long-term partnerships that go beyond the traditional fund-founder dynamic.

They focus on a few specific verticals, one of which is fintech and De Haes explains that Backed’s sector choices were born out of strategic thinking. They honed in on four key multi-trillion dollar industries ripe for disruption: computational biology, manufacturing software, Fintech infrastructure, and AI-driven drug development. They’re certainly exciting on the face of it and not only do they hold tremendous potential for tech innovation but also provide Europe with a strategic advantage over the U.S. In the interview above, De Haes points out how few VCs are tackling these challenging industries and emphasizes how Backed is leading the charge in areas like AI-driven drug discovery, a field relatively untouched by VCs.

The conversation also covers the evolving funding landscape, particularly the sharp valuation drops in later-stage funding rounds. There’s definitely been a number of changes in the ecosystem recently, with more funding even coming from Private Equity. Here, De Haes provides an insightful and thorough breakdown of the post-2022 revaluation environment, explaining that while seed stage funding has only seen minor corrections, later rounds have experienced significant declines in valuation. Interestingly, he notes that these downturns provide opportunities for investors willing to cherry-pick undervalued but strong companies.

In one of the more forward-looking segments, they discuss the future of blockchain and decentralized finance (DeFi). De Haes shares his belief that the mainstream adoption of blockchain will happen largely “invisibly” through back-end applications that consumers may not even realize are leveraging blockchain technology. He envisions broader institutional adoption and even the possibility of government-backed blockchain systems in the future.

There’s also some valuable insights into what Backed looks for in founders. We’ve asked a number of other people in the industry what they look for and it’s interesting to see how their advice compares. De Haes emphasizes the importance of “founder-product fit,” grit, execution speed, and commercial acumen. He shares fascinating examples of founders like Quinn, who is revolutionizing liver therapeutics with AI, and the seasoned team behind Travisory, who are disrupting border management systems. For De Haes, it’s not just about finding brilliant founders but those with a unique “right to win” in their specific domain.

Watch the video to find out more about the London Fintech Network, and get even more detail on the above topics. It’s a really interesting insight into the world of venture capital. Watch more conversations just like this, on our website.

The Paytech Show is back and this time we’re looking at a partnership that perfectly captures what is possible with BaaS.

In this episode we speak to Noah Sharp, CEO of Vodeno, and Neil Chandler, CEO of Aion Bank, to find out how Vodeno’s unique platform works alongside Aion Bank’s ECB license to enable non-financial companies to offer banking services without regulatory burdens.

Below you’ll read more about their thoughts on where BaaS is heading and the potential for embedded banking to meet modern digital needs.

In this episode we delve into the intricacies of Banking as a Service (BaaS) and the specific approach that our interviewees have taken. Sharp explains Vodeno’s unique positioning as a robust BaaS and embedded finance platform built entirely on the cloud and a private blockchain, where the ledger is managed by smart contracts.

Not only that but their platform is complemented by Aion, a regulated bank based in Belgium, a tier-one regulatory jurisdiction, facilitating the distribution of regulated services and ensuring compliance. This combination allows Vodeno to serve both non-financial companies looking to offer financial services without becoming regulated entities and regulated firms needing specific solutions without the full regulatory burden.

To explain more, Chandler emphasizes how important regulatory compliance is and points out that many BaaS providers face challenges because they underestimate the importance of regulation. Our guests avoid this pitfall by being intrinsically connected, with Aion Bank’s full banking license ensuring that regulatory obligations are taken seriously.

The show also addresses current issues in the payments industry, such as challenges around cross-border payments in continental Europe. Unlike the UK, where open banking and instant payment schemes like Faster Payments facilitate efficient domestic transactions, Europe struggles with varied API robustness and cross-border payment complexities.

Companies must often adopt localized approaches to handle payments effectively, which complicates centralization efforts. Here, BaaS providers play a crucial role, offering more comprehensive financial services than simple payment service providers (PSPs), especially when deeper financial functionalities such as credit lending or deposit protection are required.

Embedded banking, or embedded financing, is highlighted as a customer-centric approach, operating on a B2B2C model. This means the bank’s products are designed to meet the end customer’s needs, often delivered through retailers or marketplaces.

For example, customers don’t want a Buy Now, Pay Later (BNPL) service for its own sake; they want the product it helps them acquire. Aion Bank and Vodeno understand this dynamic, focusing on providing digital experiences that align with customer desires. It’s an informative episode that also includes thoughts from Chandler on what the future holds for BaaS, so be sure to tune in above.

In this episode of the Paytech Show, Grant Truter from BPC, Bruce Paveley from TymeBank, and Dieter Botha from Tyme Group, uncover a partnership that is revolutionising banking in areas like South Africa.

We hear about the successful integration of digital and physical banking solutions and the implementation of BPC’s seamless card issuance.

The story of TymeBank itself is also inspiring and shows incredible growth delivering services to an underserved population. In this great episode we hear about the factors that have made that happen from cloud scalability and collaboration.

BPC Chief Commercial Officer, Grant Truter, talks about how their partnership with TymeBank allowed them to realise their vision of merging digital and in person banking experiences. Their omni-channel solution would include self-service channels for customers and allow them to build a digital bank from the ground up, with BPC providing the necessary technological backbone. It’s a classic case of a technology partner making a vision happen.

Bruce Paveley, CTO of TymeBank, elaborates on their history and mission. From beginning as a money remittance service they evolved into a full-fledged banking platform about seven years ago. High banking fees have excluded many South Africans from financial services which is what they wanted to address. In a cash heavy society wanted to build trust in other forms of banking and payment, through reliable and always-available systems. This is where BPC’s SmartVista platform came in, along with the technical support they can offer.

That’s not it however. We also get insight from Dieter Botha, Group CTO for Tyme, who provides a broader perspective on TymeBank’s operational strategy and future plans. TymeBank was their first bank and they’ve since developed another in the Philippines.

Botha notes that TymeBank’s approach involves building and operating banks profitably, and after their current successes they’re now eyeing Vietnam for further expansion. Botha introduces the concept of “phygital,” combining physical and digital elements to enhance customer engagement. In South Africa, that means employing self-service kiosks in retail stores, allowing customers to open bank accounts and receive personalised Visa debit cards within minutes, facilitated by biometric verification.

This model has been successful, with TymeBank issuing approximately 500,000 cards per month across its operations in South Africa and the Philippines.

The interview is a perfect example of a partnership that has successfully blended advanced digital technologies with practical physical solutions to drive financial inclusion. In the areas they operate this is ground breaking. Tune in to find out more and see how this could be replicated elsewhere.

If you would like to learn more about the BPC x TymeBank case study – read the full story here.

Find out how fintech is changing the retail investment space.

In this episode of the Fintech Show we’re joined by Boaz Yaari from Sharegain and Yorick Naeff from BUX for a fireside chat on the evolution of retail investing and the new revenue streams that banks can unlock.

Together, they explore the changing landscape of retail investment, predict future trends like non-purpose lending, and we find out how their companies got started. 

There’s no denying the boom that retail investing has experienced in recent years, particularly in the wake of the pandemic. Now, many consumers are looking for ways to grow their wealth and take control of their savings and investment journey, rather than relying on banks to do that for them. US stock trading volumes saw an enormous spike in 2020 and 2021 due to the immense rise in retail investing. Even neobanks are adding investment products to their offering, with great interest. Monzo got 200,000 sign ups to their investment account waiting list in just two days.

It’s in this context that both Yaari and Naeff started their companies. Both CEO/co-founders here reveal the stories that led them to where they are now. Boaz traces his path from FX derivatives trading to securities lending, recognising an untapped opportunity akin to Airbnb but for securities lending. Despite skepticism from others, Yaari’s pattern recognition and determination spurred him on to pursue Sharegain.

On the other hand, Naeff’s background in financial services and tech converged when he observed the barriers hindering retail investors from entering the market. Collaborating with a colleague, they conceptualized BUX to democratize retail investing, leveraging the rise of mobile applications. Their shared vision aligned perfectly with the evolving market, particularly the increasing demand for accessible and intuitive investment platforms. 

The conversation, which took place in our studio, delves into the dynamic shifts within the retail investing landscape. Our speakers emphasize the growing influence of private investors, particularly younger generations with a savings and investment-driven mindset. They predict a trend toward non-purpose lending, foreseeing a revolution in the lending space that could empower investors to leverage their portfolios for various financial needs. 

Highlighting the symbiotic relationship between Fintech and traditional financial firms, Yaari and Naeff stress the advantages of agility and expertise exchange. Yaari underscores Sharegain’s unique position in securities lending, while Naeff emphasizes BUX’s collaboration with industry giants like BlackRock to tailor investment packages for retail investors.

Stick around until the end also, because they have great advice to offer aspiring founders also. That includes the importance of assembling the right team, focusing on long-term growth, and staying resilient amidst challenges. 

Yaari reflects on Sharegain’s pivot towards sustainability and profitability, a testament to the team’s adaptability and perseverance. Similarly, Naeff celebrates the creation of a new market for independent agency lending, underscoring the transformative power of innovation in overcoming market barriers. It’s a really exciting area that could present new revenue streams for banks. 

Tune in to find out more. 

The potential of digital assets for financial institutions is huge.

No matter where you stand on crypto, CBDCs and DLT, there's no denying the space is moving fast.

For our latest Virtual Arena, we gathered a panel of speakers including Sabih Behzad from Deutsche Bank, Alex Gatiragas from G+D, and Teana Baker-Taylor from Crypto UK to find out how financial institutions are getting on board and what this might mean for consumers.

In this revealing discussion our expert speakers identify key areas of opportunity, the need for regulatory clarity and the importance of helping consumers with custody of their assets.

️ "We will be able to offer new products we can't even envisage today."

️ "The real innovation is happening in the open source space."

️ "We're starting to see more regulation for stable coins."

Tune in for these great insights and more.

In this episode of the Fintech Show we’re talking risk management and fraud prevention in the receivables finance sector. We speak to Ahmed Amin and Andrea Tanner from Lenvi, to find out about their work and how their software Riskfactor could hold the key to better processes in this area of finance.

Risk management in banking is as big of a concern as ever, with liquidity under pressure from high interest rates and challenging economic conditions. In this video we hear about the market dynamics affecting lenders right now and what is needed to effectively manage a growing portfolio.

There are also understandable concerns about fraud, something which poses a threat to any financial institution. The cost of fraud is huge, and according to this McKinsey report, “In 2022, the FTC reported that scams were up 49 percent from 2021, with consumers losing nearly $8.8 billion.” Nascent technology is also potentially exacerbating the issue, with AI driven fraud increasingly coming to the forefront.

Our speakers are perfectly placed to discuss the issue, as Lenvi recently released their own report oAn being prepared for Fraud. Their 2023 European Fraud Readiness Report uncovered attitudes towards and concerns around Fraud in European Receivables Finance in particular.

Some of the findings include almost 90% of respondents feeling that fraudulent activity has increased in the last year. 70% said fraud is a significant risk to their receivables finance business in particular. Most concerning is that almost one in three respondents believed their company detected no more than half of the attempts made to defraud their business.

Alongside this research, Sales Director Amin and Head of Customer Success Tanner, bring decades of experience in financial services, banking and receivables finance to this insightful conversation.

The discussion delves into Riskfactor’s functionality, highlighting its ability to leverage data from core operating platforms to detect changes in behaviour, indicative of fraud. By streamlining this whole process it means employees are better placed to take action and be more efficient.

There’s also talk about how partnerships with third-party software vendors play a crucial role in expanding the reach of their software to global markets. We hear about their European expansion and the recent release of Version five, which boasts improved user interfaces and enhanced data functionality.

Despite economic uncertainties and an uptick in fraud, there’s a lot of optimism here as a growing emphasis on automation and improving internal processes in receivables finance could change the game. Risk factor’s risk-based approach and ability to cater to diverse client segments, especially SMEs, position it as a valuable tool in navigating evolving market dynamics and managing portfolio growth efficiently.

Riskfactor could play a pivotal role in your business and this video explains why. Watch to find out more.

Introduced in July 2023, the FedNow service was launched for US banks to provide a new instant payments infrastructure across the country. Participating financial institutions can now give their customers the ability to send and receive money in seconds.

In this latest installment of the Paytech Show, we have the privilege of hearing from industry experts who give us an insight into the impact it’s had. 

Anu Somani, Senior Vice President at U.S. Bank, Nick Botha representing AutoRek, and Minal Gupta from Star One Credit Union all explore the landscape of FedNow’s impact in the United States, shedding light on the critical factors banks must consider to unlock its full potential.

According to some sources, FedNow has not been a resounding success, but its user base has undoubtedly grown significantly and the pioneering financial institutions we spoke to attest to it being a game changer. Our show above includes ‘real-time’ perspectives on this ever-evolving area of payments.

Nick Botha draws attention to one key strength of FedNow: it has the backing of the Federal Reserve. With FedNow already operational in over 464 financial institutions across the US, Botha underscores the importance of this endorsement in instilling confidence and catalyzing adoption among banks and financial institutions nationwide.

Minal Gupta and Anu Somani enrich the conversation with their firsthand experiences and observations of the new FedNow system. Star One Credit Union, where Gupta is SVP, have been vocal about their support of FedNow. Both these banking experts emphasize the critical role of streamlining reconciliation processes, highlighting its significance in ensuring operational efficiency and seamless integration of FedNow into existing banking infrastructures. Somani in particular stresses that payments transformation needs to be thought about holistically. 

Their insights offer valuable guidance for banks seeking to maximize the benefits of FedNow implementation.

To add to this, Botha delves into the transformative potential of automation in optimizing banking processes and unlocking new revenue streams. It’s clear that liquidity is a major concern for anyone going on the journey of instant payments, and it’s here that automation plays a key role. 

It’s one of the reasons why AutoRek has been selected as part of the FedNow service provider showcase which has been put together to give these providers an opportunity to connect with institutions and banks looking to implement instant payment products into their offering.  

Join us as we delve deeper into the implications of FedNow for US banks, exploring strategies for success and navigating the complexities of this groundbreaking era in payment technology.

In this episode of the Fintech Show we speak to Trevor Tannenbaum from the Cambridge Building Society, Michelle Yu and Jennifer Harris from Sandstone Technology and Tina Hughes from Yorkshire Building Society to find out how the future of building societies rely on embracing digital channels.

Building societies have a promising future ahead where good customer service entails the use of effective digital channels. As shown by Nationwide’s recent moves to acquire Virgin Money, there’s plenty of potential for this breed of mutually owned financial institutions in the UK. The question is what technology do they need to move forward. 

In this episode of the Fintech Show we spoke to Trevor Tannenbaum from the Cambridge Building Society, Tina Hughes from Yorkshire Building Society and Michelle Yu and Jennifer Harris from Sandstone Technology to find out how building societies are embracing digital channels.

Of course, digital transformation doesn’t always come easily and can be very costly. In the event that something goes wrong, and customers are affected, fines could be handed out, as TSB found out. So it’s understandable that some financial institutions are hesitant about going down this road. But it doesn’t have to be this way and there are numerous strategies for updating your services, without disrupting good customer service. 

Sandstone Technology are perfectly placed to explain how technology can be implemented into the banking and customer experience of those using building societies. In the video above, Sandstone CPO Yu, who we also spoke to in a recent virtual arena, emphasises the importance of digital channels for building societies to stay relevant, whilst Chief Customer Officer Harris explores the challenges they face in adopting new technology.

Harris recognises that moving away from or adapting legacy technology is time consuming. However, as you’ll see, the benefits outweigh the concerns and technology providers like Sandstone ensure that whatever new products or channels you want to add, they integrate seamlessly with the existing stack. 

No conversation on this topic would be complete without talking to building societies themselves. We were fortunate to speak to representatives from two of the UK’s premier institutions, Yorkshire Building Society and The Cambridge Building Society. 

In the episode, both Hughes from YBS and Tannenbaum from CBS reveal their respective organisation’s approaches to digital transformation and we hear some success stories that have come about through changes they’ve made. That includes Tannenbaum explaining how their mobile app has become their most popular channel for customers interacting with the bank.

YBS, who now see 70% of new accounts opened online, are an organisation always striving to provide a good digital service, however there are also considerations to be made about striking a balance between in-person and online experiences. Hughes echoes some comments that Yu makes about making sure older demographics are not left behind and are given a good in-store experience that can serve their needs too. 

Ultimately, all our speakers agree that a multi-channel approach that integrates and offers the same level of experience across the board is needed. 

In this episode of the Fintech Show, we speak to Mike Kresse from FIS, Marc McCarthy from Kani Payments, Sabrina Tharani from Mastercard and West Richards from ATPC, to uncover the increasingly pivotal role partnerships play in navigating the evolving American payments industry. Kani Payments CCO McCarthy highlights their recent entry into the US, at a time where streamlining reconciliation couldn’t be more important and Kresse, an SVP at FIS, provides some insight into the impact of FedNow.

We also hear from Mastercard SVP Tharani who heads up their Start Path programme, on how they’re committing to fostering partnerships with innovative companies like Kani to address key industry challenges. In Atlanta, West Richards, Executive Director of the American Transaction Processers Coalition (ATPC) sheds light on their mission to assist European companies navigating the complexities of the US market.

In this FF News Virtual Arena we speak to Oliver Prill, CEO of business banking specialists Tide and Richard Logan, Product Director at Edenred Payment Solutions to find out how their products can help SMEs during challenging times. Logan provides insight into Edenred's role as a diversified payments processor, while Prill explains Tide's how they meet the growing needs of their customers.

We hear about the need for compliance and how expense management and invoice processing have evolved with the rise of fintech players like Tide, who provide a suite of financial services for businesses. Both speakers reflect on their partnership and we get their thoughts on future trends in the industry, including advancements in AI, and the potential for consolidation among fintech players.

In this episode of The Fintech Show, we speak to Sophie Heller, COO of BNP Paribas and Mobiquity‘s VP Global Digital Banking, Peter-Jan Van der Venn, to find out what the banking industry is doing to meet changing customer demands. Van der Venn fills us in on Mobiquity’s Digital Banking Features Radar, a report aimed at assessing the landscape and helping banks stand apart in a crowded market where customer experience is key.

We also get some insight from Heller on the pace of change in global banking, and the fintech correction that’s shown what works and what doesn’t. The most successful companies are now in competition with incumbents who are starting to catch up, launching agile propositions to reach new demographics.

For AI to have a positive impact on banking, clarity is key.

On the latest FF News Virtual Arena, Allan Kissmeyer from SEB Bank explores the increasing role of evolving technologies in banking from his vantage point in the Nordic region.

SEB’s unique focus on large corporates in the Nordics means he can also weigh in on the importance of standardization, particularly through ISO 20022, as a foundation for leveraging the likes of AI, and offers a couple of timely concerns too.

Read on to find out more about what we discussed.

Allan Kissmeyer is the head of cash management at SEB Bank and knows a thing or two about how money is moving around Europe. Speaking to Tim Goodfellow, he’s able to offer some insights from a Nordic banking context but also explores the rise of central bank digital currencies (CBDCs) in Europe. SEB has a unique position in the market, supporting large corporates and financial institutions, a legacy that distinguishes it from other Nordic banks, particularly in the retail space.

Unsurprisingly, a major part of the conversation focuses on AI’s potential in banking. It’s something we’ve covered in many other conversations including this one exploring use cases in banking today. While AI is often hailed as transformative, Kissmeyer emphasizes that banks should proceed cautiously, particularly in the absence of clear regulatory frameworks. There’s no question however that AI offers significant opportunities, especially in enhancing internal processes like payment systems.

He highlights how cash management, which relies heavily on standardization and straight-through processing (STP), could benefit from AI by reducing inefficiencies caused by deviations in payment flows. However, Kissmeyer stresses the importance of building a solid foundation, such as the ISO 20022 standardization, before fully leveraging AI and other advanced technologies like blockchain. While ISO might seem like a behind-the-scenes development, its implementation represents a multi-billion-dollar investment critical to ensuring global financial stability.

The conversation also covered another hot topic, embedded finance. In his view, this is not only about improving operational efficiency but also about driving financial inclusion, a central responsibility of banks. However, regulatory pressures rear their head again and Kissmeyer raises concerns about the conflicts banks face, particularly the challenge of balancing anti-money laundering (AML) requirements with open banking regulations like PSD2 and the forthcoming PSD3. He underscores the need for clarity and uniformity in regulations to avoid contradictory mandates that could impede progress in areas like financial inclusion.

Finally, the discussion moves to central bank digital currencies, specifically the digital euro, and their potential impact on financial systems. The prospect of a Digital Euro rollout is gathering steam and Kissmeyer expresses cautious optimism, noting that while CBDCs could enhance financial inclusion, their broader implications remain uncertain. The other thing is that in the Nordic region, the digital euro may have limited impact due to the existing currency ecosystem, but that’s not to say they couldn’t have digital currencies of their own.

It’s a great all round look at the state of technology in banking, and there are many more conversations just like this one on our website.

In this FF News Virtual Arena, we speak to Sunil Madhu, co-founder and CEO of Instnt, to get a special insight into the current fraud landscape in financial services and find out how their unique and ground-breaking solution can help banks in the US.

Madhu, discusses the growing prevalence of First Party Fraud and what banks are currently doing to combat against it. Unfortunately this comes with the consequence of lengthy KYC processes that can reject innocent customers and cost time and money. Insuring against fraud loss whilst also providing innovative universal ID tech could be the solution. Watch this interesting interview to find out more.

In this episode of The Fintech Show we speak to Shayan Hazir, Chief Digital Officer at HSBC, Roberta Bill, Product Manager at SmartStream Technologies and Rana Bhattacharya, Chief Information and Digital Officer at Cynergy Bank to find out how they’re using AI to create efficient processes and improve customer experience. Bill lets us know how their product Air does just that, AND clears the way for better strategic analysis at the same time.

Hazir and Bhattacharya are well placed to discuss their AI ambitions using technology like this. Hazir points out that turning to AI has to begin with the customer journey and stewarding the technology effectively. Bhattacharya says that automation is good news for customers who can look forward to better insights in future.

In this episode of The Paytech Show we speak to Chetan Cariappa, Director of Strategic Accounts at Volante Technologies, and Bethann Johnston, MD of Global Transaction Services at Bank of America, to find out what’s happening in American payments, particularly following the introduction of FedNow. Cariappa sheds light on the potential revenues associated with embracing real-time payments and Johnston discusses the ongoing shift from paper to digital. We hear about Volante’s role in global fintech to date and their pivotal contributions to real-time payments, including being the first to send one in the U.S.

Johnston outlines how Bank of America assists clients navigating these changes, helping them to adopt real-time payments at their own pace. The conversation touches on modernisation opportunities in healthcare payments and concludes by addressing the benefits and challenges of ISO 20022, offering a glimpse into the future where companies look to Paytech to provide transparency, fraud protection, and efficiency.

In this FF News Virtual Arena we speak to Matteo Pomoni from ING and Michelle Yu from Sandstone Technology to find out more about the changing demands in self-service banking and its impact on customer experience. Pomoni highlights the need for an omnichannel approach in the wake of significant changes in the industry and Yu predicts the continued coexistence of different channels.

We hear about the challenges caused by branch closures and the need to serve diverse demographics, with both speakers highlighting the continued shift toward mobile banking. There's interesting discussion throughout about the exciting developments in digital self service banking and the critical balance between convenience and security. Tune in to find out where banking in the digital age is heading.

In this episode of The Fintech Show we speak to ClearBank‘s Charlene Lemard-Maxam, Alana Condratov from Freemarket, and Jane McEvoy at BVNK, to explore the difficulties facing small and medium sized businesses when it comes to cross-border payments. Fortunately there are a number of companies seeking to streamline this increasingly important function, including Freemarket. Their Business Director Condratov talks about those challenges, and why innovative companies are thriving in this space.

McEvoy who heads up Platform Partnerships at BVNK, explores the 3 things impacting cross-border payments and the opportunity this has opened up for innovation around blockchain, something they are a leader in. Senior Client Director Lemard-Maxam also talks about this technology and the possible role stablecoins and alternative payment methods can play, as well as how ClearBank fills the gaps left by traditional institutions. Together our guests provide a comprehensive picture of what the future holds.

In this episode of The Paytech Show we’re in Cambodia hosting ABA Bank‘s Head of R&D Bekzod Ruzmetov and Chief International Business Officer Polinda Hean as well as Bottomline Business Development Director Victor Kong, to find out how the technology provider is partnering with financial institutions in the region. Speaking to Douglas Mackenzie, Ruzmetov tells us about Cambodia’s rapidly changing banking landscape, including the launch of many new banks and a growing economy.

Along with his colleague Hean, they both speak about how Bottomline help them to access the Swift network and stay compliant with ISO 20022. Kong, who helps lead Bottomline’s efforts in Cambodia helps to paint a broader picture of the country’s financial ecosystem, pointing out that around 50% of commercial banks there, partner with them to deliver payments services.

In this episode of The Fintech Show, we speak to Simon Holland, CPO at Wealthify, Peter-Jan Van de Venn, VP Global Digital Banking at Mobiquity, and Giovanni Daprà, the co-founder and CEO at Moneyfarm, to find out how wealth management firms, and increasingly popular wealthtech apps are differentiating themselves in a changing industry. From Van de Venn we learn about Mobiquity’s Wealth Management Features Radar reports that highlight must-have and differentiating features in the industry.

Holland talks about their desire to build a service that breaks down barriers to investing, and provides accessible features like ethical investment options. And Daprà echoes the need for providing peace of mind to the user in addition to actual results, highlighting features that provide visibility into the investment journey. It’s a fascinating dialogue that touches on onboarding, customer experience, data analytics and more.

In this episode of the Fintech show we speak to Azriel Chelst VP of FIS Impact Ventures, fintech thought leader and founder of Unconventional Ventures Theodora Lau, and Zak Lambert, Product Leader at Plaid, to unpack the must read FIS Global Innovation Report and reflect on some of the key changes in the fintech industry currently impacting organisational risk. In New York, we heard from co-author Chelst who is perfectly placed to discuss the findings and how businesses can tackle macro risks in order to gain a competitive edge.

From there we jetted over to Nevada to speak to Lau at the Money 20/20 Las Vegas conference, who adds some great insight into the increasing role of AI in financial services, also picking up on the report’s findings around environmental risks. We catch up with Lambert in London, who shares his perspective on the challenges of adopting an innovation strategy and how incumbents and fintechs can move forward. As the FinTech industry continues to evolve, the insights from the Global Innovation Report provide a roadmap for navigating uncertainties and seizing opportunities. The full report is available to download here.

In this episode of the Fintech Show, we speak to Fernando Zandona, CEO of Mambu and Carrie Forbes, CEO of League Data, a cooperative supporting credit unions in Atlantic Canada, to find out how their collaboration with Mambu, powered by a scale enhancing platform from AWS, is helping to overcome challenges related to size, innovation, and digitization. In this insightful conversation from Money 20/20 in Las Vegas, both Zandona and Forbes, delve into the challenges faced by credit unions in this area and how Mambu’s composable, cloud-native solution, in partnership with AWS, is revolutionizing the industry.

You’ll hear about key differentiators such as simplicity, a single codebase platform, and a configuration-based approach that enable rapid innovation, allowing financial institutions to go live in a matter of months. It’s a great case study of collaboration and the future of banking technology in action, providing simplicity and speed.

In this edition of the FF News Virtual Arena, Doug Mackenzie sat down with EJ Achtner from HSBC, Wei You Pan at MongoDB, and Daniel Pears, who leads data insights at Capgemini, to discuss what impact generative AI could have on financial institutions. Achtner emphasizes the need for a measured approach due to significant benefits on one hand but also the risks of misusing this powerful technology. The speakers also noted generative AI's current status as a buzzword, but say that we could have widespread adoption within 3-5 years.

They address challenges such as risk management, governance, and the need for a gradual transition from innovation to production. MongoDB's Pan highlights their work with generative AI, developing enhanced features like vector indexing and search. The conversation underscores the challenges of ensuring data quality and objectivity and also the importance of human involvement in validating and interpreting generative AI results.

Why should fintech startups make the trip across the Atlantic for Money 20/20 USA 2024?

We find out the answers to all this and more in the second part of our conversation with Scarlett Sieber and Zach Anderson Pettet from Money20/20 as they discuss how the global ecosystem is represented at the conference and the unique opportunities it offers for networking.

There’s comments on the current fintech landscape and how these times can actually be seen as fertile ground for resilient, impactful startups to emerge.

If you haven’t already, check out part one of this conversation on our website.

In the second part of our conversation with Scarlett Sieber and Zach Anderson Pettet from Money20/20, Ali Paterson shifts the focus toward the event’s global relevance and the strategic importance for international fintech companies aiming to enter the North American market. It could be said that in the past, a US focus may have deterred some from making the considerable expense to attend. He asks why companies from Europe, Asia-Pacific, and Latin America should consider attending?

In response, Anderson Pettet lets us know about the evolving global nature of Money20/20. He highlights the increasing participation from regions beyond North America, particularly Asia and Latin America, pointing out that the event is not just about the US anymore; it’s about creating a global dialogue in fintech. In fact, more regulators from Latin America will attend this year than those from the US, reflecting the growing significance of the region, something we’ve touched on before. He argues that for any startup, attending Money20/20 provides unparalleled exposure and the opportunity to test ideas in a concentrated, high-stakes environment. It’s a chance to see if a strategy to enter the US market is viable before making a significant financial commitment.

For Sieber the value of Money20/20 is as a platform for education and networking. The event offers more than just a chance to meet potential investors—it’s an opportunity to refine pitches, test ideas with a diverse audience, and forge partnerships. The US market might be challenging to crack, but the opportunities it offers, particularly at Money20/20, are unmatched and who knows where it could take your startup.

We also find out much more about the speakers and content at the event with Ali asking what excites our guests about the speakers. One thing that’s mentioned is how the content could potentially influence the direction of the global ecosystem and could have done in the past, if Money20/20 was around then. For Anderson Pettet, the most exciting moments are when startups emerge from stealth and end up being catapulted into the public consciousness, accelerating their growth.

Of course, while large stages and big-name speakers are exciting, some of the most impactful moments happen in smaller, more intimate settings. These can leave a lasting impression on the select few who experience them, showcasing the breadth and depth of the fintech community. Sieber also notes that the process of preparing speakers, especially high-profile ones, involves considerable behind-the-scenes effort to ensure that the content resonates and adds value.

We also get a broader reflection on the fintech industry’s current state, with Ali asking whether the industry should remain optimistic given the recent challenges, such as IPO speculations and venture capital shifts. Sieber remains optimistic, viewing the current reset as a necessary correction that will lead to more sustainable and impactful fintech businesses. She believes that the companies that can navigate these tough times will emerge stronger and become the new industry darlings.

And lastly, there may even be a couple of hints about things attendees can expect to see at this years event. Be sure to watch the video to find out more.

In this episode of The Paytech Show we continue our look at the payments landscape in Cambodia, speaking to Saren Khchav, the Head of Institutional Operations at J Trust Royal Bank and Pecharatham ‘Ice’ Chaitantipong, Business Development Manager at Bottomline, to find out more. We hear how they are implementing ISO 20022 and Khchav says the increase in structured data and greater clarity in screening will help them to send money more safely and revolutionise cross-border payments.

Chaitantipong shares research that shows the biggest payments pain points facing banks, which includes 35% saying they lack visibility of payment status. Of course, ISO 20022 will help to alleviate this but he also explores the work they’re doing during the current coexistence period.

In this episode of The PayTech Show, FF News delved into the dynamic banking and payment ecosystem of Cambodia with J Trust Royal Bank in Phnom Penh, where we interviewed Saly Lor, the Chief Operating Officer (COO).

Saly Lor began his journey with J Trust Royal Bank in 2005, steadily progressing through various roles until he took on the position of COO in 2019. His extensive experience encompasses overseeing institutional operations, personal banking, property and administrative functions, as well as central operations.

Under his leadership, the bank handles crucial aspects such as reconciliation, analytics and information management, project management, and transformation initiatives.

Lor provided an insightful overview of the rapid evolution of Cambodia’s banking ecosystem over recent years. Recognized as an emerging financial market, Cambodia has witnessed significant growth in deposits, assets, lending, and both domestic and international payments. New players have entered the market, and there has been a marked shift in consumer behavior, with an increasing number of people integrating banking into their daily lives and business transactions.

One of the most notable trends Lor highlighted is the transition from traditional to digital banking. Consumers in Cambodia are now embracing mobile banking, foreign payments, and QR code scanning, moving away from conventional banking methods. This shift is driven by several factors, including political and socio-economic stability, technological advancements, and the impact of the COVID-19 pandemic, which accelerated the adoption of digital banking solutions.

Discussing the future of banking in Cambodia, Lor emphasized the country’s favorable conditions for growth. With a young and dynamic workforce, a median age of 26, and a strategic geographic location at the heart of Southeast Asia, Cambodia offers significant opportunities for banks and fintech companies. The nation is projected to continue its robust economic growth, with a 5.6% increase anticipated in 2023 despite global geopolitical tensions.

Lor pointed out that while banking activity has increased, there remains a substantial unbanked population, presenting a significant opportunity for financial institutions to expand their reach. Additionally, there is a segment of wealthy senior clients who prefer traditional banking methods and represent another potential market for banks to educate and transition to modern banking services.

The competition in Cambodia’s banking sector is intense, with a mix of large and small banks vying for market share. This competitive landscape drives innovation and investment in sophisticated technologies, although the pace of development can vary depending on the scale of the bank’s operations.

Lor also discussed the importance of cross-border payments, noting the increasing volume of imports and exports and the growing demand for efficient, real-time, and low-cost international payment solutions. The National Bank of Cambodia has been proactive in facilitating both domestic and cross-border payments, launching initiatives like the cross-border QR code system in collaboration with regional partners.

Emphasizing the significance of adopting international standards, Lor highlighted J Trust Royal Bank’s early move towards ISO 20022 compliance. This global standard for electronic data interchange between financial institutions enhances processing, reporting, and reconciliation capabilities. By adopting ISO 20022 ahead of the 2025 deadline, J Trust Royal Bank aims to ensure a smooth transition, minimize risks, and provide seamless services to its customers.

Looking ahead to 2025, Lor envisions a continued positive trajectory for Cambodia’s banking and cross-border payment sectors. He anticipates that customer expectations will drive further advancements, with real-time, low-cost, and predictable transactions becoming the norm. Banks will need to be agile and invest in infrastructure to meet these demands, demonstrating a commitment to thriving alongside their customers.

In conclusion, Saly Lor’s insights offer a comprehensive view of the transformative changes occurring in Cambodia’s banking sector. J Trust Royal Bank is poised to leverage these opportunities, driven by a customer-centric approach and a commitment to technological advancement, positioning itself as a leader in the evolving financial landscape of Cambodia.

In this episode of the Fintech Show we’re talking about AI in the financial sector with Jonathan Hall, Head of Digital at NatWest, Roland Brandli, Strategic Product Manager at SmartStream Technologies and Dr Shivaji Dasgupta who is Chief Data and Intelligence Officer at UniCredit. At Sibos 2023, Brandli lets us know how ISO 20022 will shake things up, making huge amounts of data available.

The challenge of course, is how institutions deal with that safely and effectively. AI could be the answer and we hear about the flexibility SmartStream offer in this area. Hall takes us beyond the buzzword and reveals multiple use cases including the ability to clean up data and identify trends. Dasgupta echoes this and talks about bringing real value to customers and staff, particularly in the area of access rights. It’s a fascinating look at where this technology is heading.

From the FF Salon at Sibos 2023 we speak to Fiserv Director of Global Sales, Felicidad Zambalamberri, who with 35 years in payments is well placed to tell us what Fiserv are doing now and some recent innovations in the field.

Serving merchants and businesses globally, from “the Walmarts of the world to a kebab shop in Edinburgh”, Fiserv are working on meeting the demand for instant payments and making things happen faster in the back end. We hear about her start in the world of payments and why she’s still passionate about it today.

In this episode of The Paytech Show we speak to Stacey Wilkinson, API Growth Manager at NatWest, and Nadish Lad, who is MD and Head of Strategic Business at Volante to find out how the ease of access to APIs is driving innovation and making fraud prevention more of a reality.

With coverage from Sibos 2023 in Toronto, this episode touches on how the proliferation of Digital Identification could streamline payments processes and how NatWest are looking to provide the technology needed for seamless onboarding. Lad talks about the growing desire for a single API that can tackle multiple bank pain points and what they’re doing at Volante to offer this.

In this episode of The Paytech Show we’re in Cambodia hosting Sathapana Bank‘s Deputy CEO Jean-Pierre Gagnon along with Bottomline Business Development Manager Pecharatham Chaitantipong, to find out how they’re partnering to increase speed and agility in advance of ISO 20022. Speaking to Douglas Mackenzie, Gagnon talks about the benefits of de-risking their transactions and improving their capacity to go cross border.

Chaitantipong from Bottomline, explains how they leverage the Swift network and Visa B2B Connect to help smaller institutions connect with the rest of the world. It’s really all about increased levels of choice and opening up new markets to facilitate growth and you’ll be fascinated to see where it’s heading.

In this interview from the FF Salon at Sibos 2023 we speak to Liam Jeffs, Director of Sales and Marketing at Icon Solutions. He points out how Sibos is a great place to network with potential customers and existing partners and we find out there’s even a 5K run that over 300 people took part in!

Jeffs also has some interesting insights into the decreasing margins on payments for banks and how increasing costs are forcing banks to look at other options when it comes to processing payments. He also shares how crucial it is that someone in his position does their research and seeks to genuinely understand their customers challenges.

In this episode of The Fintech Show we host FIS Head of International Consultants, Guy Moons, alongside Intix Director of Strategic Alliances and Key Accounts, Antoine Cuypers, to find out about their partnership and how payments data management and analysis is changing today. In Belgium, we caught with Cuypers who tells us how they help banks and large financial institutions around the world leverage huge amounts of transactional data and informs us about the technologies that could help them to solve further challenges with unstructured data.

From Sibos 2023 in Toronto, Moons talks about the changes that have occurred as a result of the rollout of ISO 20022 and why they chose to partner with a specialist third party to supercharge this area of their operations.

At the Sibos 2023 FF Salon we speak to Kris Dickinson, Director of financial services at NayaOne, a platform that helps companies and financial institutions digitally transform by providing a sandbox environment in which to test third party services and solutions. We hear about his interest in supporting both banks and the fintech community get to market quicker.

It’s interesting to hear about their recent growth and also some of his experiences on capital markets trading floors and how that’s impacted his desire to solve problems for businesses. Hear about networking at Sibos and much more in this interesting chat from the barbers chair.

In our latest FF News Virtual Arena we speak to Head of KPMG Private Enterprise Network, Conor Moore and investor and founder of Globalive, Anthony Lacavera to find out all about KPMG's global technology innovator competition. If you're a startup founder and want to know more about this fantastic competition, in time for entries opening again next year - this is a must watch!

Moore, based in San Francisco, takes us through everything you need to know, including who's eligible, how companies can get involved and what they could gain, even if they don't win. Lacavera who has founded a number of companies and is a judge on the competition, says he wishes it had been around in his early days. He also talks about the valuable opportunity to expand your network and get in front of influential decision makers as an early stage founder. We hear about previous winners of the competition and what tech they're excited to see this time around.

This could be the second biggest thing happening in the US this Autumn…

Money 20/20 is one of the biggest fintech conferences in the world.

The US iteration kicks off in Vegas next month.

We had to find out what sets it apart and give those at the top an opportunity to argue the case for events like this and let us know what’s happening in the fintech space across the Atlantic.

Find out more below.

In a lively discussion, Ali Paterson speaks to Scarlett Sieber and Zach Anderson Pettet, who both play pivotal roles in the strategic direction of Money20/20 globally.

The conference now takes place at 3 locations around the world, throughout the year, including Europe and Asia, earlier this year. You can watch our Money20/20 Europe coverage here.

Here, Pettet talks about his dual role as the Director of Content and VP of Fintech Strategy, which means he oversees the event’s global scope. The Fintech industry is constantly changing which, he says, necessitates a constant evolution in the event’s content to reflect current trends and future developments. Of course, AI gets a mention and regulatory changes are also impacting the industry in a big way so the event must continuously adapt.

Sieber, Money20/20’s Chief Strategy and Growth Officer, explains that her role involves managing the overall product of Money20/20, including content, marketing, and creative aspects. For her, surprising and delighting attendees is a key goal and notes that the way people engage with events has changed. New ways of doing things are needed and technology plays a key role in this. Of course, there’s lots of different stages and formats, such as the “Off The Record” stage and the “Press Briefing” stage, which they hope will create more engaging and transparent discussions.

Our panel also talks about how this year’s event will differ from previous years. Sieber points out that the 2024 event will be particularly significant, occurring just days before the upcoming U.S. election, a significant moment in history if ever there was one. This of course adds an extra layer of relevance to the discussions on policy and regulation.

They also tease some of the high-profile speakers and topics that will be featured at the event, including discussions on AI, regulatory updates, and embedded finance. Speakers will include Lynn Martin, President of the New York Stock Exchange, and Danielle Omodei, CEO of Anthropic, who will provide insights into the future of Fintech and its intersection with emerging technologies.

It’s an energetic conversation, and you’ll definitely get a sense of the speakers’ deep enthusiasm for the event and the industry. And this is just Part 1. Watch out for Part 2 coming soon.

At the FF Salon we had the pleasure of speaking to Caroline Haas, Capital Markets Head of Climate and ESG at NatWest, about how they support financial institutions and companies through their ESG transition. From Sibos 2023 we hear some key points from a talk titled ‘It’s not easy being green’, about how companies can overcome the tremendous workload required to stay in line with regulations.

We also hear about their focus on female entrepreneurship and decarbonisation as well as her thoughts about her journey so far and what’s needed to succeed and flourish in a financial career.

We speak to Swift CIO Tom Zschach at the FF Salon at Sibos 2023, to hear from the man driving innovation at ‘the Society’. He says it’s a fascinating time to be in payments and cross border transactions and that a lot has changed in the sector, even in the last 3 years.

Zschach also talks about the importance of lifelong learning and humility when working in this industry and how collaborating with others is much better than trying to do it on your own. At Swift they’re uniquely positioned to work with a wide range of organisations across the industry and he’s looking forward to finding ways of dealing with emerging technology.

From Sibos 2023 we speak to Marijke Koninckx who is Chief Product Officer at BankiFi. In the FF Salon chair she tells us about their platform that allows banks to embed financial workflows into their existing channels and gives us an insight into her journey so far.

We hear what it’s like to keep saying ‘yes’ in the ‘crazy world of payments’ and how there is always more to learn. There are also the joys of getting the product in the hands of users and there is a lot to look forward to in the year ahead. Of course, whatever you have planned, Koninckx says, you always have to stay fluid and adapt to changes and new regulations.

We’re back with another episode of The Insurtech Show, featuring Hastings Direct Chief Information Officer Sasha Jory, Piers Williams who heads up Global Insurance Sales at AutoRek and Jonathan Fletcher, the CTO of CFC, to hear how insurance automation is pulling the industry into the future. In the FF News Studio, Piers Williams speaks about the desire to save valuable time and streamline the customer experience by automating data collection.

CFC and Hastings are both making serious strides in that area and Jory talks about the changes they’ve made to their infrastructure to get ahead of the competition and respond to changes in the market. Fletcher points out where they can add value and even create a better experience for their employees too. In this episode we also hear about how insurers can respond to real time data and the accelerated use of APIs and SaaS to change the trajectory of your company.

We’re back at the FF Salon at Sibos 2023 talking to Marc Andrews, VP of financial services at Pega. He speaks about how they are helping banks reduce costs and get to real time payments processing faster. We also hear about the difference between the US and other markets in this area.

There’s conversation on the potential merits of AI, including an interesting point about injecting generative AI into the payments stream, helping human operators to translate cryptic machine messages. He also challenges those who might see new technology as simply a way to do pre-existing tasks faster, instead suggesting it should open up whole new ways of doing things.

At the FF Salon we spoke to Hassan Khan, who is the co-founder and CEO of TodaQ, to find out more about what they’re doing in the world of API-to-API micro-payments. Speaking at Sibos 2023, he filled us in on where they’re heading and the testing they’ve done so far of their technology, which is built to help businesses benefit from super quick payment times.

Khan also raises the benefits of walking meetings at an event like Sibos and how as a Toronto local he’s able to take guests to some cooler spots off the beaten path. Of course, Sibos has presented some great opportunities to network but he talks about how there’s still a requirement to communicate the benefits of their product in it’s simplest terms.

We speak to Nick Jones, co-founder and CEO of Zumo at the FF Salon at Sibos 2023 about how we could be on the cusp of a blockchain breakthrough. Jones who helped set up the crypto and DeFi based company in 2018, talks about his entryway into this exciting world and how we can move towards using data in a way that is transparent and efficient.

He also has some advice for companies setting up a tech business in the current climate. Capital is scarce so there’s even greater imperative to build out your idea and prove and validate the product. And there’s few better people to talk about this than someone who cut his teeth in an exciting new company and then started his own business.

In the FF Salon chair we’re joined by David Hooper, VP of Open Banking and Payments at consulting firm CGI at Sibos 2023. With a long and varied history in payments he’s well placed to talk about the how real time payments are changing things for banks. Now businesses have the potential to benefit from improved cash flow as payments are settled instantly in the back end.

We also hear how enabling banks and businesses to send and receive money more quickly than ever before is a key priority for CGI and the impact and satisfaction when the work they’ve done, quietly succeeds. Hear about this and his journey so far in this great interview.

In this episode of The Fintech Show we host CEO of Jumpstart, Ray Leach and JobsOhio Financial Services MD, Ron Rock, to find out why Ohio is the place to do business. We also speak to Rajesh Gupta, CFO at OakNorth Bank and Mohsin Masud, founder of Ohio based startup Akru, to find out why their companies have set up in the US.

The American Midwest is increasingly being seen as a hub for fintech and insurtech companies, so we travelled over to find out what’s happening. JobsOhio act as a catalyst for growth in the state and Ron Rock is well placed to tell us why companies are setting up or moving here. Our friend and Ohio native Jim Marous also speaks to Ray Leach to find out how companies can get investment in the current climate.

Rajesh Gupta lets us know what it takes to set up a new bank in the US and Mohsin Masud tells us why he built his startup in Ohio. We hope you enjoy learning more about this fascinating area.

Damien Dugauquier, CEO and Co-Founder of iPiD visits the FF Salon to talk about their international payments solution and how they’re aiming to make international payments as safe and seamless as domestic payments.

There’s talk of combatting fraud with their API based offering and he discusses the challenges of being a smaller provider in a big pond. However they’re seeing real movement and increased opportunities in the last couple of years. The impact they’re seeing makes it all worth it.

It’s time to make the ISO 20022 shift.

The new global standard promises to unlock a new era for banking. It could be time to get on board.

In a brand new FF News Virtual Arena, Ali Paterson spoke to Greg Murray from Santander Bank in the U.S. to find out more. Promising greater data richness and improved transaction efficiency, Murray explains how banks like Santander are heavily investing in the transition to ISO 20022 to meet regulatory deadlines and adapt their systems.

It’s a topic on everyone’s lips and something we’ve covered in other videos on our website, including this video on getting ISO 20022 ready in Cambodia, and this article looking at the benefits of making that shift.

There is some concern for how smaller businesses will cope with the shift and to help with this Murray says the transition needs to be a collaborative one. Read on to find out more.

The financial industry is undergoing a significant transformation with the adoption of ISO 20022, a new global standard for exchanging electronic messages between financial institutions. It will replace older messaging formats like SWIFT MT, offering a more flexible, efficient, and data-rich way to process transactions and communicate across the financial landscape. But what exactly is ISO 20022, and why does it matter?

In our interview, Greg Murray, Managing Director of Treasury Services Product Management at Santander Bank in the U.S., shared his insights into the new standard and its impact on the global financial system.

ISO 20022 is an international standard that provides a common language for financial messaging. Unlike its predecessors, it is not just a format but a comprehensive methodology that includes a data dictionary and a set of guidelines for message creation and use. It is designed to handle a wide range of financial transactions, including payments, securities, foreign exchange, and trade finance.

The standard was developed to address the limitations of older messaging formats like SWIFT MT, which have been in use since the 1970s, although as Murray points out SWIFT (the Society for Worldwide Interbank Financial Telecommunication) are very much championing this change. He points out that existing messaging systems are limited by their rigid structures and lack of support for the rich, structured data that modern financial transactions need.

ISO 20022 is not just about replacing old standards; it’s about enabling a new way of handling financial data. The move towards ISO 20022 is driven by several key factors:

Rich Data Handling: ISO 20022 messages can carry much more detailed information than older formats. This means more data can be transmitted in a single message, reducing the need for multiple messages to complete a single transaction. For example, it allows for up to 140 characters of remittance information, compared to the 35 characters allowed in SWIFT MT messages.

Standardization Across Markets: Currently, different regions and banks often use different messaging formats, creating complexity and inefficiency in cross-border payments. ISO 20022 offers a unified standard that can be adopted globally, simplifying processes and reducing the risk of errors.

Enhanced Compliance and Transparency: The new standard supports better data granularity and quality, which is crucial for meeting regulatory requirements. As Murray points out, regulators around the world are increasingly demanding more detailed and accurate data, and ISO 20022 provides a way to meet these demands.

Future-Proofing Financial Systems: With the increasing digitization of financial services, there is a growing need for systems that can handle large volumes of complex data. ISO 20022 is designed to be flexible and extensible, making it easier to adapt to future technological advancements.

The adoption of ISO 20022 is already underway globally, with many major financial institutions and market infrastructures moving towards the new standard. The transition is being spearheaded by SWIFT, which has set a roadmap for migrating its members to ISO 20022 by the end of 2025. This is the big deadline that most institutions are looking towards.

Murray noted that while the initial transition may pose challenges, the benefits far outweigh the difficulties. He emphasized that ISO 20022 is not just a compliance requirement but an opportunity for financial institutions to enhance their operations and offer better services to their customers.

For example, the European Central Bank (ECB) and the Eurosystem have already adopted ISO 20022 for their Target2 payments system, and other central banks around the world are following suit. In the U.S., the Federal Reserve has also announced plans to adopt the standard for its Fedwire Funds Service.

Transitioning to ISO 20022 is not without its challenges. One of the major hurdles is the need for significant investment in upgrading legacy systems to support the new standard. Financial institutions must also train their staff to handle the new messaging format and develop new processes and procedures to accommodate it.

Murray highlights that a common concern among financial institutions is the complexity involved in migrating from legacy systems to ISO 20022-compliant platforms. This transition requires not only a technical overhaul but also a cultural shift towards embracing data-centric operations.

Additionally, there is the challenge of ensuring interoperability between different systems and markets. While ISO 20022 aims to standardize messaging across the financial world, there will still be a period where both old and new systems need to coexist, which could create temporary friction and inefficiencies.

Murray, speaking from a major institution’s point of view, is optimistic about the future of ISO 20022 and believes that its adoption will bring long-term benefits to the financial industry. He views it as a critical step towards a more connected and efficient global financial system. “This is not just another compliance exercise; it’s a chance to rethink how we handle data,” he said. He also pointed out that while there will be short-term challenges, the industry must focus on the bigger picture – the potential for innovation, improved customer experience, and streamlined operations.

ISO 20022 represents a significant evolution in the way financial data is exchanged and managed. It is not just a technical upgrade but a strategic opportunity for financial institutions to modernize their operations, enhance data quality, and better serve their customers. As our interviewee emphasized, the move to ISO 20022 is an essential step in future-proofing the financial system for the digital age.

While the road to full adoption may be complex, the potential benefits – from increased efficiency and reduced costs to better compliance and more innovation – make ISO 20022 a game-changer for the global financial industry.

In this episode of FF Virtual Arena we host Temenos Global Head of Partners Paul Carr, Joerg Schmuecker from database dynamos MongoDB and Mark Ashton from CapGemini Financial Services, to find out why componentisation and tech partnerships are essential today.

Having worked with the best in banking to help them innovate, Carr points out that adding components is not just about upgrading legacy systems but also finding new revenue streams. In an increasingly competitive market, banks are increasingly looking at moving data around and leveraging rich data to deliver a better service.

Schmuecker and Ashton have a lot of expertise to offer in this area and talk about accessing data in real time, getting a more holistic view of customers and potentially making AI work for them. We hope you enjoy this fascinating discussion from three financial experts at the heart of innovation.

From the FF Salon at Sibos 2023 we caught up with Barb MacLean, Head of Technology, at Coastal Community Bank to find out what makes her tick and why she’s passionate about the field she’s in. We hear about her journey from computing to business and the way she’s able to go beyond what some of the bigger banks can do when working with smaller community banks.

MacLean talks about the importance of the fintech and finance community, which she is an active and visible part of. Somewhere like Sibos is a great opportunity to make connections and build relationships. Of course, she says, it’s also important as an introvert to take time for yourself.

We’re joined at the FF Salon by Steve Naudé, MD of the Wise Platform at Wise, who gives us the news that they’ve recently partnered with Swift to bring their payments powering platform to more financial institutions around the world. Speaking at Sibos 2023 he gives us an overview of how Wise are continuing on their mission to make moving money ever easier and faster and are becoming an increasingly established player in the infrastructure layer.

Naude also talks about how innovation in the space is often defined more by incremental improvements than seismic changes. Many of the challenges are the same but the solutions are evolving and there are always more ways payments technology can be applied to fresh niches.

Welcome back to the FF Salon where we’re joined by Eric Fulwiler, co-founder and CEO of growth marketing agency, Rival, who speaks about his experience in the fintech and marketing sectors.

Fulwiler, who (dare we say it) is a fan of the FF Salon format, shares some of his journey so far, with stops at VaynerMedia and 11:FS along the way, before starting his own company. He also talks about some of the things he’s learnt, including the importance of finding good mentors and sources of experience.