Money20/20: Day 2 Digest

The Open Banking to Open Everything session with Huw Davies ( Ozone API ) and Marie Walker ( Raidiam ) opened with an assessment of the current landscape. In its earliest incarnation in the UK, open banking was something of a penalty for the banks. There has been good regulations with lots of stick, but not much carrot.

Things have been approached differently elsewhere. In Saudi, they have clear objectives and outcomes that drive positive change, rather than bashing the banks.

Other markets outside the UK will get to open finance and open everything before the UK, due to the approach taken with regulation.

Marie said that the three main values driving open banking today are revenue, customer experience (the ability to control it), and efficiencies.

A few examples of how the UX is likely to continue to change for OB transactions include automatic form completion, longer-term with AI, and travel insurance that adapts to when your flight is delayed.

Huw mentioned an interesting trend of industry coalitions forming to solve specific problems and accelerate change in some regions.

Open everything will be particularly good for sectors including telecoms, health, and property. Marie furtively mentioned that she is currently helping a government body (UK possibly?) to look at ways to digitise buying and selling houses as this is a HUGE and popular change.

We all know Money20/20 likes giving visitors new experiences. Most of them are great but here’s one that wasn’t so much. For the first time ever, I turned up for a session (The Power of Embedded Finance in Travel Sector with Jakob Pethick (YouLend) and Christel Karsten (Booking.com). Not only was the session full but there was a queue of about 20 people waiting to go in just in case people left during the session. The Singularity stage is one of the smaller venues but this looks like a pretty big underestimation by Money20/20 of the level of interest in this topic and speakers. Great for Jakob and Christel to put on their CVs, though.

Next was Securing Digital Transactions – The Global Shift towards Embedded Payments with Jennifer Marriner ( 萬事達卡 ) and Alexa von Bismark ( Adyen ). They discussed the two main reasons for cart abandonment today - ease of use and security. Basic things like avoiding redirects are important, of course.

How can we improve the guest checkout? Overlaying biometric authorisation with Pass Keys is the next big thing and will finally eliminate passwords.

Tokenization is now 10 years old and 25% of online transactions are currently tokenized, said Jennifer. ?

The next session was Remittance as a Service with Alberto Guerra from Uniteller . Crypto remittances to individuals are not likely to grow aggressively mainly for reasons of high off ramp costs. AI will help customer onboarding and reduce fraud losses but will also make customer experience better.

Single purpose remittance apps are unlikely to succeed in the long-term. The future will belong to those that offer more services in a broader ecosystem including mobile wallets, bill payments, and more.

Check back for notes from Day 3 later – including 谷歌 on LLM in payments.

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