FinTech Magazine is in attendance at Money20/20 USA this week, and following a bumper first day at the event, we round up the highlights from the show.
Worldpay from FIS
We caught up with three arms of the Worldpay from FIS business, speaking to its EVP of Strategy and Growth, Eric Queathem, about the growth of embedded finance and how businesses and retailers can overcome payments friction today.
He says: “In the e-commerce space, it’s all about authorisation rates. Every single transaction lost is revenue not hitting the top and bottom lines. So improving authorisation rates is key – approving good transactions and eliminating false positives.
“There are many different ways of doing that. There’s no one silver bullet. It’s a whole strategy you need to employ. Of course, customer experiences are paramount to that. The big change we discussed over the last decade is creating omnichannel experiences – the ability to buy online, pick up in-store, etc. This helps overcome friction.”
We also caught up with Nicole Asling, VP of Global Enterprise Partnerships at Worldpay, about the importance of partnerships, and Nabil Manij, Head of web3 and crypto about the major role CBDCs will play in future.
Later, we met with i2C’s Chief Client Officer, Serena Smith, who discusses the importance of tailoring solutions to the specific needs of a client, in order to help them meet the individual needs of their clients.
She says: “Everything that we do is with a customer in mind. What's great about our technology is that it offers building blocks, to fit market demand as well as customer demand.
“If a client says they need a new BNPL solution, we will actually build that solution based on the specific use case of the client. We don't come with these predetermined products, we will actually build them to meet the customer demand that's there.
“You have to meet customers where they live, right? One product, one service doesn't fit everybody around the globe. So our product set has to be able to meet customers where they are, whether they sit in the US or they sit in the UK or they sit in Africa or wherever that is.”
She says: “We really try to help our partners through compliance and help them to understand what compliance requirements are. I think the key is enabling the consumer to have data portability, which is embedded in a lot of privacy regulations already.
“I think although technology is rapidly changing, there is enough similarity where financial bodies generally know what they need to do from jurisdiction to jurisdiction.”