This week, FinTech Magazine is attending Money20/20 USA in Las Vegas, where the second day of the show was every bit as good as the first. Here are our highlights from day two.
Fiserv on embedded finances
“When we look at participants in the financial economy, we think about four different types of components,” he told us. “They all have assets, they have debt, they have income, and they have expenses. Fiserv is building out a unified API and a set of tools so that any type of entity can offer any types of these components.
“What we're looking to do is really simplify this down and create a one-stop shop for both the acquiring and issuing side. Fiserv is uniquely positioned to do that because of our strength in merchant acquiring, as well as our strength on the account processing side.”
Deloitte looks ahead to 2024
This event is the last in the Money20/20 calendar for 2023 following the success of other Money20/20 events throughout the year, including Money20/20 Europe in Amsterdam back in June. It’s giving many people the opportunity to reflect on the year gone by, but also to look ahead at some of the biggest trends and topics that will shape the future of finance.
Deloitte is uniquely positioned to cast their eye on those trends, and at Money20/20 USA we caught up with Deloitte Principal Zach Aron to explore what lies ahead: “What we see next year is a couple of things. First is what we call ‘solidifying the infrastructure’.
“There's been a lot of changes that have taken place regarding the proliferation of faster payments, as an example. We know that's going to lead all of our clients to really think about the way that they run payments; how to ensure that they're reliable, that they're safe, that they manage the risk, that they're scalable; and that they enable the type of value that people want to get out of payments.”
TerraPay’s future ambition
Lastly, we met with TerraPay, a payments company whose global network traverses international borders. It’s been a good year for them, having raised a massive US$100m in Series B funding earlier in the year.
Ambar Sur, CEO at TerraPay, let us in on their plans for future growth: “We've been a profitable company all along,” he tells us. “The extra equity funding comes in at a good time. We're looking at expanding markets, expanding regulatory coverage, and going into new product lines.
“We've now launched acquiring and issuing as well. So those are verticals we're looking at, and apart from the P2P that we used to handle, we’ll now look at some more cross-border verticals that need a flow of funds.”