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Money20/20 USA Day 2 Round-up

October 24th-27th sees the return of the US edition of Money20/20. Hosted live in Las Vegas, Money20/20 eschews any notion of webinars, remote conferencing, or hybrid events, and aims to bring in-person innovation back to the world of fintech events. 

2021 marks the 10th anniversary of Money20/20 Las Vegas, and the organisers have spoken a lot ahead of time about how there has been a conscious effort to make this year’s event unique, with larger stages, a greater number of speakers and a more diverse topic of discussions than ever before.

The Fintech Times will be bringing you regular updates throughout the event, with reports on the key highlights from each day, and analysis of the latest company announcements. Let’s take a quick look at what happened on Tuesday, the penultimate day of the event.

Tuesday’s Headline Sessions

Forming part of the strand “A Tokenized, Transparent, Trustless Tomorrow”  was the intriguing session titled “Can TradFi Data Help DeFi Become Mainstream?” DeFi promises radical financial inclusion but, as the space develops, some of DeFi’s greatest strengths have become vulnerabilities. Adoption among early enthusiasts has been strong yet mainstream adoption is still out of reach. Taking place on the Immersion Stage, this panel explored whether traditional finance data such as identity and credit data has a place in DeFi and whether TradFi data in DeFi will stray from its core principles of decentralization and inclusion.

In attendance at this discussion were John Sun, CEO, Spring Labs; Kristin Smith, Executive Director, Blockchain Association; and Yuri Mushkin, Chief Risk Officer, BlockFi. It was moderated by Liz Pagel, SVP Consumer Lending Business Leader, TransUnion.

Next we had “The Fintech View: Data & Analytics”. This linked in with the theme of “Striking Digital Gold”, and featured a broad panel including Shanker Ramamurthy, Global Managing Partner – Banking, IBM; Andrew Stucchio, Vice President, Global Pricing & Analytics, Discover Financial Services; J. Christopher Ward, Executive Vice President, Data, Digital & Innovation, Treasury Management, PNC Bank; and Lisa Cochran, Chief Information Officer, VyStar Credit Union.

In partnership with IBM, and taking place on the Immersion Stage, this was a fun take on the popular daytime talk show “The View”, where the panellists weighed in on current industry “hot topics” and shared their “hot takes” on everything from successful data management programs to the new tech that’s enabling innovative data analysis. They also dived into how data experts are striking gold while standing secure and compliant. Carol Grunberg, Citi TTS, Global Head Strategic Partnerships & Innovation, Citi was the moderator.

Tapping into one of the most popular strands of events at Money20/20, “Every company is a Fintech company was “Will There Ever Be Toast or Square of Healthcare Payments?”, which took place on the Immersion Stage. John Talaga, EVP & GM, Healthcare, Flywire and Lex Oiler, CEO, Peachy Pay, Inc. were the speakers, and the session was moderated by David Jegen, Managing Partner, F-Prime Capital. 

Toast and Square are of course now household names – having transformed the payment experience for retail and restaurants. And even now, they continue to simplify the payment process for consumers and business owners. This panel explored if it is possible for consumers to have the same experience with their healthcare providers – know the cost before they buy and pay before they leave, along with a discussion about the latest trends in healthcare payments.

Money20/20: The Latest Company Announcements

Another day, and another range of exciting developments and announcements from the fintech companies in attendance at Money20/20.

First up, we have Very Good Security (VGS), the modern standard for digital data security, compliance, and custodianship, who announced the release of a suite of products to optimise payment acceptance, approvals, and costs in any payments ecosystem. Collectively known as VGS Payment Optimization, the suite allows businesses to customise their payments ecosystem across multiple gateways, payment service providers (PSPs), and 3rd party APIs from a single platform. Merchants, payment facilitators, and SaaS companies can all benefit from this new platform.

“Whether your business is growing vertically, horizontally, or globally, Payment Optimisation is a force multiplier in achieving business objectives whether you’re working with a single PSP or multiple PSPs,” said VGS co-founder and CEO Mahmoud Abdelkader. “The Payment Optimisation suite saves time and developer resources, increasing your bottom line and freeing you up to focus on your core business.”

Next, we had Amount, a leading technology provider for financial institutions, and Marqeta, a global modern card issuing platform, who announced the first virtual card and loan origination partnership to help banks rapidly enter the buy now, pay later (BNPL) space. The partnership aims to alleviate the digital tools gap that currently prevents many banks from entering the BNPL space. It may also potentially allow these banks to go to market in months with a BNPL offering and virtual card that drives revenue, captures market share and increases loyalty online and in-stores.

Also getting involved with the announcements was Circle, a leading fintech that enables businesses to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide, and the principal operator of USD Coin (USDC), they shared news of an integration with a full suite of risk management tools developed by TRM Labs, a blockchain intelligence provider, to further enhance the platform’s ability to detect and defend against fraud, scammers and suspicious activities. The partnership underscores an increasingly proactive commitment by many in the crypto ecosystem to implement best-in-class systems and procedures to prevent fraud and financial crime from occurring on their platforms, and embed practices that promote trust, safety and cooperation with the regulatory community.

What’s Happening in the Money20/20 Finale?

Wednesday is sadly the last day of Money20/20 Las Vegas, but will feature a full agenda of events, with some really interesting discussions planned to bring the event to its conclusion for another year. In tomorrow’s round-up we will look back on some of the highlights of this week, including the key discussions and announcements from across Wednesday’s stages.


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