As the FinTech industry strides through 2024, it finds itself at the heart of a technological revolution with Artificial Intelligence (AI) beginning to stand out as one of the drivers on the charge. This era of innovation is remapping the contours of financial services, making operations more efficient, enhancing security measures, and personalizing customer experiences. The role of AI in this transformation is critical, offering a glimpse into a future where financial services are more accessible, secure, and tailored to the needs of a digital-first population. This wave of change is underpin ..read more

Richie Serna, CEO of Finix Payments, has had a front-seat view of the rise of FinTech payments. In a conversation with Collin Canright, Richie talked about His on-the-job education in payments integration. The influence of his immigrant parents and how Finix got its name. Competition with FinTech payments leader Stripe. The history of payments distribution. The future of realtime payments and SaaS platforms. Collin: How did you get into payments? Richie: One of my close friends and mentors was the cofounder of Balance (which provides B2B payments services). He loves to say that it’s always h ..read more

The year 2024 stands as a landmark in the financial services landscape, marked in part by an expectation of continued growth in neobanking. Referring to a new breed of financial institution, these digital-first organizations are redefining the traditional banking model, catering to the modern demands for rapid, efficient, and personalized financial services by operating solely in the digital space.  Reflecting a major shift in the market, the global neobanking sector, which was valued at USD 66.82 billion in 2022, is projected to expand at a compound annual growth rate of 54.8% from 2023 ..read more

Much of my knowledge of payments comes from my daily usage. Like many consumers, I want things that work without me thinking about them. I never especially adopted mobile payments, for instance, because I found using my phone was harder than cash or a card. 1 Contactless Payments. I wait impatiently for people to scan their mobiles when a tap of the card is so much faster. It isn’t new, but it has way less friction. I imagine card transactions have increased as a result, especially given the card advertising I’ve seen. 2 Money Men. This is a book, not a payment mechanism, but it underlies the ..read more

These are the top five articles our readers opened in email this year. Emerging payments articles topped the list, with digital assets holding their own. It is, however, important to keep in mind that many of the decisions on what makes a year-end list were made months ago. We did, for instance, write as much about WealthTech this year, and we chose to cover digital assets from the perspective of payments utilities and investment research. That said, here’s what you read. 1 Planning Adoption of the Emerging Technologies Changing U.S. Payments Services Traditional payment systems that require d ..read more

This post grew out of watching demos at Finovate Fall 2023, in New York. Given that 2023 is the year of AI, it was no surprise that AI played some role in most of the demos and many of the panels.  The main essence I noticed in the demos was their focus on applications that connect to banks to supplement their clients’ financial needs. Many of the FinTech firms seek to provide their systems on a white-label or affiliate means to gain access to bank customers.  My initial assumption is that I was seeing embedded finance, and some of the firms characterized themselves as such. Emb ..read more

A panel of payment industry experts recently convened to discuss the significant shifts occurring as businesses of all sizes adopt faster payment methods, such as Automated Clearing House (ACH) and instant payments. These advances aim to transform transaction speeds and address the varied strategic demands of the financial sector’s participants. Walgreens’ Vice President of Payments & Financial Services, Maria Smith, steered the conversation, which featured input from Ginger Baker, Chief Network Officer at Plaid, and Tom Greenwood, Founder and CEO of Volt. Stacy Greiner, Chief Operating Of ..read more

Last week at Finovate Fall 2023, MoneyGram CEO Alex Holmes was interviewed by a Forbes reporter, Leo Schwartz, about cryptocurrency and its potential impact on cross-border payments and remittances. The discussion shed light on the complexities and challenges surrounding the adoption of cryptocurrencies in the payments industry. Holmes began by acknowledging the allure of cryptocurrencies, particularly their promise of instant, fee-free cross-border transactions. However, he emphasized that the reality of cryptocurrency adoption is far more intricate. MoneyGram, a legacy financial services com ..read more

At Finovate Fall 2023 in New York, Liliana Reasor, founder of SupraFin, discussed the company’s approach to cryptocurrency ratings. With 20 years of experience at institutions like JP Morgan, Deutsche Bank, and Moody’s Analytics, Reasor has a significant background in crypto, risk management, and investment banking. She highlighted the growing importance of comprehensive risk tools in understanding the complex crypto sector. FinTech Rising (FTR): “I didn’t really know from the event listing what your company did, but when I listened to your demo and saw you did ratings for cryptocurr ..read more

The digital era continues to redefine industries, propelling the payment sector to the forefront of this transformation. Both consumers and businesses, driven by the pressing need for speed and convenience, have been gravitating towards faster and real-time payment mechanisms. Same Day ACH: Meeting the Urgency As an embodiment of this demand for swiftness, the growth of Same Day ACH stands out. Although founded on the already established ACH infrastructure, it has been revamped to cater to the modern market’s urgency. The augmented volume and value, coupled with extensions in operating hours a ..read more