FORWARD A LOOK - DECEMBER 2020 - PYMNTS.com

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FORWARD A LOOK - DECEMBER 2020 - PYMNTS.com
A LOOK
FORWARD
What Executives Wish
for America And the World In 2021

                                    DECEMBER 2020
FORWARD A LOOK - DECEMBER 2020 - PYMNTS.com
What Executives Wish for America And the World In 2021

            06     ACI Worldwide                                  42   FIS                                           78    NCR                                             114   Tango Card
                   Innovation Will Accelerate The Digital              Engaging Customers Wherever They May Be             Financial Institutions Will Need To Continue          Innovations Through Uncertainty
                   Economy In 2021                                     Royal Cole, senior vice president,                  Innovating                                            Nat Salvione, chief commercial officer
                   Debbie Guerra, executive vice president             head of FI payments                                 Doug Brown, senior vice president and general
                   of merchant payments and payments                                                                       manager, NCR Digital Banking
                   intelligence solutions
                                                                                                                                                                           118   Ternio
                                                                  46   FISPAN                                                                                                    How COVID-19 Accelerated
                                                                       Embedded Banking Will Position Businesses     82    NorthLane                                             The Adoption Of Digital Payments
            10     Alacriti                                            To Thrive Post-Pandemic                             Let’s Keep The Spirit Of Innovation                   In The Cryptocurrency Space
                   2021: A Bright Future For Payments                  Lisa Shields, founder and CEO                       Seth Brennan, CEO                                     Daniel Gouldman, CEO
                   Manish Gurukula, CEO
                                                                  50   Flywire                                       86    OMNi                                            122   The Clearing House
                                                                                                                           Balanced Approach To Ensure Zero Margin               2021 Innovation Goal: Better Payments For All
            14     Blackhawk Network                                   I Wish For Embedded Payments To Become
                                                                       Ubiquitous In 2021                                  Between Politics And Technologies                     Russ Waterhouse, executive vice president,
                   2020: Better Connected Through Reflection
                                                                       Ryan Frere, executive vice president                Angélica León, chief strategy officer                 product development and strategy
                   And Focus
                   Talbott Roche, CEO                                  and general manager, B2B

                                                                                                                     90    PAAY                                            126   Transcard
            18     Brighterion                                    54   GeoGuard                                            2021: The Year Of Small Business                      Here’s To (Buyer And Seller) Unity In 2021
                                                                       Forget Space — 2021 Is A Digital Odyssey            Yitz Mendlowitz, founder and CEO                      Chris Fuller, president
                   Mastercard: Building An Inclusive Economy
                   Sudhir Jha, Mastercard senior vice president        David Briggs, founder and CEO
                   and head of Brighterion                                                                           94    Pollinate                                       130   VEON
                                                                  58   GIACT                                               The Payments Industry Cannot Be                       Why We Need To Make 2021
                                                                       It’s Time To Fight Back                             Complacent About Supporting                           The Year Of Digital Financial Inclusion
            22     Citcon                                              Melissa Townsley-Solis, head of GIACT               Small Businesses                                      In Developing Markets
                   Payments Can Be The ‘Digital Glue’
                                                                                                                           Jonathan Hughes, co-founder and CEO,                  Sergi Herrero, co-CEO
                   For Retailers
                   Chuck Huang, founder and CEO                   62   i2c                                                 Pollinate Horizons
                                                                       Embracing Connectedness                                                                             134   Vindicia
            26     Citi
                                                                       And Unpredictability                          98    PSCU                                                  Accelerating Subscription Growth
                                                                       Amir Wain, founder and CEO                          Accelerated Digital-First Strategy                    In The New Normal
                   How 2020’s Challenges Have Highlighted
                                                                                                                           Drives Priorities For 2021                            Sharath Dorbala, CEO
                   The World’s Resilience
                   Manish Kohli, global head of payments          66   Ingo Money                                          Chuck Fagan, president and CEO
                                                                       Banks And FinTechs, Together At Last
                   and receivables                                                                                                                                         138   Western Union
                                                                       Drew Edwards, CEO                             102   Rectangle Health                                      Western Union: Global citizens are the hope
                                                                                                                           A Bridge To Recovery And Revenue
            30     CSI                                                                                                                                                           for the future
                   Payments: Getting Back To Normal               70   J.P. Morgan                                         With Healthcare Payment Tools                         Hikmet Ersek, President, CEO and Director
                                                                       Rapid Digitization And A New Focus                  Dominick Colabella, CEO
                   Is Not Good Enough
                   David Disque, president                             On ESG Considerations Are Now Part Of
                                                                       How The Global Trade Industry Functions       106   Scalefast                                       142   WEX
                                                                       Natasha Condon, global head of core trade           A New World Order: Our Hopes For The                  2021 Industry Outlook: Accelerating Change
            34     Cybersource                                                                                             Global Economy And eCommerce Industry                 In B2B Payments
                   Technology And Collaboration Will Be Key                                                                                                                      Jay Dearborn, president, corporate payments
                                                                  74   Kount                                               Olivier Schott, co-founder and
                   In 2021                                                                                                 chief product officer
                                                                       Doing Whatever It Takes To Protect Partners
                   Carleigh Jaques, general manager for
                   Cybersource and Authorize.Net
                                                                       And Customers From Digital Fraud                                                                    146   Worldpay from FIS
                                                                       Brad Wiskirchen, CEO                          110   Spreedly                                              2021 Is The Year Of Recovery
                                                                                                                           Importance Of Health And Safety (Along With           And Realignment
            38     Elan                                                                                                    Payments Flexibility And Optimization)                Jim Johnson, head of Worldpay from FIS
                   2021: The Positive Impact Of Payments                                                                   Justin Benson, CEO
                   Matt Carpenter, senior vice president,
                   market director, Elan Financial Services
FORWARD A LOOK - DECEMBER 2020 - PYMNTS.com
It started with a simple premise. PYMNTS asked a cross-section of                      business dynamics that will define the    there’s an old school way of looking at
the companies we work with to give us their take on their wishes for                   year. A few themes stood out from         the current digital payments landscape.
the world as we approach 2021. In addition, we wanted to know how                      the companies and executives that         But these responses indicate that
these companies and executives were planning for a new era when                        submitted responses to our request.       the legacy world of financial services
businesses and the economy start to bounce back.                                       The first was the move from digital       will move closer to the new school
                                                                                       transformation to digital acceleration.   of FinTechs and APIs during 2021.
                                                                                       Companies are not going to be             And the world of exclusive access to
                                                                                       satisfied with the progress made during   financial products will meet the new
                                                                                       2020’s digital transformation. They       world of inclusion. Readers will learn
Lest anyone think the responses were         the overall economic picture from         will continue to push the issue, taking   about the technologies that make
predictable and safe, think again. What      looking a lot worse than it did. As one   accelerated business models like buy      companies hopeful in 2021, but they
we heard from this group was inspiring,      executive writing for this project put    now, pay later into the new year, and     will also be surprised to see more
hopeful and promising. It’s not just the     it, 2020 represented “innovation under    doubling down on innovations that will    intangible elements. Some words that
potential end of the pandemic that           adversity.”                               serve the consumer’s wish to keep         appear often in this collection: agility,
created this output. It was the sum                                                    their hands off everything from cards     opportunity, resilience, adaptability and
total of a year that was part tragic, part   It’s almost impossible not to look        to packages.                              yes, unpredictability. All of these will be
dramatic and all exceptional as the          back at 2020 when considering 2021,                                                 essential ingredients in continuing to
digital-first economy galloped toward        and every company has its story to        The second trend that stood out from      connect to consumers to commerce
its fulfillment and arguably saved           tell. But the project was about the       these responses is collaboration. Yes     and each other in the new year.

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FORWARD A LOOK - DECEMBER 2020 - PYMNTS.com
ACI Worldwide

                                              INNOVATION WILL
                                              ACCELERATE
                                              THE DIGITAL
                                              ECONOMY
                                              IN 2021

                                              DEBBIE GUERRA
                                              Executive vice president of merchant payments
                                              and payments intelligence solutions

                                                                                    L
                                                                                               ooking ahead to 2021, I believe that secure digital
                                                                                               transformation will remain a priority globally as
                                                                                               individuals, businesses and economies begin
                                                                                               to bounce back from the events that have so
                                                                                    challenged us all in 2020.

DEBBIE
                                                                                    A Year of Innovation in the Face of Adversity
                                                                                    Digital and omnichannel consumer journeys have accelerated

GUERRA
                                                                                    during 2020, as click and collect, buy online pick up in-
                                                                                    store (BOPIS), and contactless payments and touch-free
                                                                                    shopping have all seen an enormous boost this year.

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Debbie Guerra                                                                                                                                                                   ACI Worldwide

              Payments technology has been a           respond to the pace of change and                         Challenges and Opportunities               retailer, every organization has
              critical enabler for these in-demand     embrace the new expectations and                          Ahead in 2021                              evolving needs that omnicommerce
              services, and that will be the case as   needs of their customers.                                                                            solutions will need to rapidly
                                                                                                                 Merchants are expected to deliver
              we see the digital shift continue into                                                                                                        address. Even after the pandemic
                                                                                                                 enhanced consumer experiences
              next year and beyond.                    As economic uncertainty still                                                                        subsides, the digital acceleration we
                                                                                                                 while balancing data protection
                                                       persists, the reliance on new forms                                                                  experienced in 2020 will not — it is
                                                                                                                 and fraud prevention across all
              Increasingly, real-time payments         of credit is also expanding globally,                                                                here to stay.
                                                                                                                 channels. This is one of the biggest
              and the use of diverse new payment       as “buy now, pay later” schemes,
                                                                                                                 ongoing challenges they face, and
              methods are gaining traction —           subscriptions and installment                                                                        At ACI, we are excited about the
                                                                                                                 merchants will need the right tools
              responding to both merchant and          payment options are becoming                                                                         rapidly evolving payments landscape
                                                                                                                 in place to get that balance right. For
              consumer preferences, while at the       increasingly mainstream. Consumers                                                                   and the opportunities it affords. We
                                                                                                                 example, universal omni-tokens are
              same time challenging the traditional    have choice. They are making                                                                         are optimistic that 2021 will deliver
                                                                                                                 a powerful ally in this area, since they
              value chain that characterizes the       their voices heard. They engage                                                                      a safer work environment, healthier
                                                                                                                 enable merchants to securely and
              payments ecosystem.                      with companies that listen. While                                                                    families and new opportunities for
                                                                                                                 confidently create unique customer
                                                       generational differences in buying                                                                   social engagement and commerce.
                                                                                                                 payment experiences.
              Even eCommerce merchants                 behaviors clearly exist, those gaps                                                                  We stand ready to embrace the new
              (who are, by nature, more digitally      are narrowing. I hope and trust that                                                                 normal, and to provide consumers,
                                                                                                                 2021 is likely to be the year when
              enabled) are increasingly adapting       consumers will continue to use                                                                       merchants, intermediaries and
                                                                                                                 omnicommerce moves from hype
              their business models to evolve to       their voices, and that merchants                                                                     financial institutions with the
                                                                                                                 to reality. Whether it’s a grocery
              new consumer demands. To remain          will continue to listen, adapt and                                                                   necessary solutions they need to
                                                                                                                 store, drugstore, fuel company,
              relevant in the future, brick-and-       innovate in an effort to become even                                                                 respond to these challenges.
                                                                                                                 convenience store, telco or a general
              mortar retailers in particular must      more customer-centric.

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Alacriti

                                               2021:
                                               A BRIGHT
                                               FUTURE
                                               FOR
                                               PAYMENTS

                                               MANISH GURUKULA
                                               CEO

                                                                                     A
                                                                                                  common refrain from many people is: “I can’t
                                                                                                  wait for this year to end!” Looking back, there
                                                                                                  were plenty of reasons to impatiently wish for
                                                                                                  2020 to end and rush into 2021. However, I am
                                                                                     thankful for being in the payments space, which was a bright

MANISH
                                                                                     spot in many ways in an otherwise dreadful year.

                                                                                     The behavioral changes that were necessitated by the global
                                                                                     pandemic will have lasting impacts on the payments space,

GURUKULA
                                                                                     and in a positive way. The rapid spike in the adoption of
                                                                                     contactless payments was driven by businesses looking to

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FORWARD A LOOK - DECEMBER 2020 - PYMNTS.com
Manish Gurukula                                                                                                                                                               Alacriti

               reopen and serve customers safely      September that financial institutions                           immediate payments for workers in
                                                                                                                                                                              THE
                                                                                                                                                                     BEHAVIORAL
               without putting them at risk. This     that hold 70 percent of demand                                  the gig economy, instant payouts for
               concern for lowering the risk for      deposit accounts have access to                                 insurance claims, etc. The U.S. has
               shoppers shifted into an increase in   real-time payment capabilities via                              been behind much of the world in                  CHANGES
               blended experiences like buy online,   FinTechs connected to the network.                              real-time payments adoption, so I’m             THAT WERE
               pick up in person. The continuing      Also, Nacha’s upcoming expansion                                happy to see us catching up.
                                                                                                                                                                   NECESSITATED
                                                                                                                                                                           BY THE
               adoption of online shopping has also   of Same Day ACH — expanding
               grown the market for buy now, pay      their availability by two hours —                               My hope is that businesses have
               later (BNPL) options, which many see   will mean that more accelerated                                 a 2021 New Year resolution to                       GLOBAL
               as a flexible option for consumers     payments will enter the ecosystem                               further lean into these changes                  PANDEMIC
               during the difficult times many are    in 2021. Consumer demand for                                    that started to accelerate in 2020
                                                                                                                                                                       WILL HAVE
                                                                                                                                                                         LASTING
               facing today. These are all positive   faster payments is also increasing.                             and make them new standards for
               evolutions, even in the worst months   A recent survey that PYMNTS                                     consumer experiences. As the world
               of 2020.                               conducted showed that 30 percent                                moves back into “normal times,”                    IMPACTS
                                                      of consumers consider access to                                 we should continue to build on                      ON THE
               Arguably the greatest evolution        real-time payments a key factor                                 those innovations — with a focus on
                                                                                                                                                                       PAYMENTS
                                                                                                                                                                           SPACE,
               has been with real-time payments.      when selecting a financial institution.                         making the payment seamless and
               The Clearing House’s RTP® network      That shouldn’t be a surprise as                                 instant in those experiences.
               is moving closer to its goal of        the benefits to consumers are                                                                                      AND IN A
               ubiquity with their announcement in    significant: immediate payroll,                                                                              POSITIVE WAY.

W H A T                        E X E C U T I V E S         W I S H             F O R            A M E R I C A                    A N D          T H E       W O R L D   I N   2 0 2 1
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FORWARD A LOOK - DECEMBER 2020 - PYMNTS.com
Blackhawk Network

                                               2020:
                                               BETTER
                                               CONNECTED
                                               THROUGH
                                               REFLECTION
                                               AND FOCUS
                                               TALBOTT ROCHE
                                               CEO

                                                                                     A
                                                                                                  s the months of sheltering in place continue,
                                                                                                  many of us have wondered about how to
                                                                                                  maintain — or even build on — our most
                                                                                                  important connections. Surprisingly, physical
                                                                                     distancing may actually help us to become better connected,

TALBOTT
                                                                                     providing room for reflection, focus and ultimately, more
                                                                                     meaningful connections. It has been fascinating to see how
                                                                                     the payments industry has leaned in, helping to make these

ROCHE
                                                                                     connections possible in new ways.

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FORWARD A LOOK - DECEMBER 2020 - PYMNTS.com
Talbott Roche                                                                                                                                                                                                             Blackhawk Network

              This year has compelled many of                                      been accelerated — as consumers                                                 mobile wallets must transition to       meetings, lunches and business
              us to realize the true importance of                                 increasingly shop online, order ahead                                           support all forms of tender and         trips for conference calls and
              community. The lack of in-person                                     or opt for “touchless” payment                                                  buying experiences. Retailers and       Zoom meetings. Sequestered to
              interaction, while witnessing the                                    options. Looking ahead, the industry                                            consumers are looking to seamlessly     our homes, we have been forced to
              devastating impact of the pandemic,                                  has an opportunity to build on this                                             earn and spend points, rewards and      more deeply consider with whom
              has inspired many to support and                                     momentum. New digital payment                                                   gift cards across an omnichannel        we need to interact, in many cases,
              strengthen ties to our communities                                   solutions like eGift and QR codes                                               shopping experience. We must also       leading to deeper relationships with
              — and payments have been an                                          can deepen connections between                                                  bridge the gap between cash and         those most important to our work
              important mechanism. Digital and                                     brands and consumers, while                                                     digital payments for underbanked,       and our life. Similarly, the payments
              prepaid payments have sped relief                                    supporting new curbside and order                                               unbanked and cash-preferring            industry is at that breaking point
              pay to those who need it most.                                       ahead shopping experiences. These                                               customers. I see the payments           of clarity. The payment solutions
              According to our research, 38 percent                                innovations will persist long after the                                         industry being well-poised to           that will rise to the top in 2021
              of respondents have used gift cards                                  pandemic is over.                                                               build better connections between        and beyond will be those that
              or eGifts for some kind of charitable                                                                                                                consumers and businesses.               meaningfully connect consumers
              action since the COVID crisis began.1                                Going forward, it won’t be enough for                                                                                   and brands. My goal for Blackhawk
                                                                                   mobile wallets to merely store debit                                            Though we’re not physically             Network and my challenge to the
              Apart from charitable activations,                                   or credit card payment credentials.                                             together, we’re all in this together.   industry is simple: use payments to
              a digital payments revolution has                                    From cash to rewards and gift cards,                                            This year, we have traded in-person     forge better connections.

              1
               The “Paying for Things and Giving Gifts During a Crisis” report is based on the findings of an internet-based survey conducted
              by SurveyMonkey on behalf of Blackhawk Network on March 31, 2020. The sample size included 1,067 respondents ages 18+.

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FORWARD A LOOK - DECEMBER 2020 - PYMNTS.com
Brighterion

                                               MASTERCARD:
                                               BUILDING
                                               AN INCLUSIVE
                                               ECONOMY

                                               SUDHIR JHA
                                               Mastercard senior vice president and head of Brighterion

                                                                                     2
                                                                                                020 has been a very interesting year. For the
                                                                                                first time in my life, we’ve had so many changes
                                                                                                and big events at the same time. But I remain
                                                                                                optimistic.

SUDHIR
                                                                                     I’m hoping that commerce and financial institutions (FIs)
                                                                                     continue to think of this as a chance to build communities
                                                                                     and grow the economy in ways that are future-looking, such
                                                                                     as finding businesses that can be funded to come back to life.

H
J A
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Sudhir Jha                                                                                                                                                            Brighterion

               WHILE THERE                       At Mastercard, we committed $250                                While there has been a massive

               HAS BEEN
                                                 million over five years to support                              shift to digital payments this year,
                                                 small businesses around the world                               close to 50 million people in the
               A MASSIVE                         and $8 million to U.S. community                                U.S. remain underbanked. We’re
               SHIFT TO                          development FIs to digitize loan                                working with 200-plus cities across

               DIGITAL                           processes and ensure capital flows                              the U.S. to enable digital financial

               PAYMENTS
                                                 securely to underserved businesses.                             aid disbursements, provide data
                                                                                                                 science expertise to enable channel
               THIS YEAR,                        My wish is not only do we get people                            investments for underserved
               CLOSE TO                          back in the system, but also get                                communities, provide cybersecurity

               50 MILLION                        people into the system who were
                                                 not there before. We’ve launched
                                                                                                                 and fraud assistance, and increase
                                                                                                                 access to vital city programs.
               PEOPLE                            innovative programs in more than
               IN THE U.S.                       125 countries, successfully bringing                            It is both interesting and enlightening

               REMAIN                            500 million previously unbanked                                 to see so many good things

               UNDERBANKED.                      individuals into the formal economy.
                                                 Our goal is to reach 1 billion by 2025.
                                                                                                                 happening during such a turbulent
                                                                                                                 time. That makes me hopeful for the
                                                                                                                 future.

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Citcon

                                               PAYMENTS
                                               CAN BE THE
                                               ‘DIGITAL GLUE’
                                               FOR RETAILERS

                                               CHUCK HUANG
                                               Founder and CEO

                                                                                     2
                                                                                                 020 will be remembered by most as a year of trial.
                                                                                                 But we at Citcon believe it will also be marked as
                                                                                                 the year that prompted stunning innovation across
                                                                                                 industries.

CHUCK
                                                                                     Merchants that had focused on getting customers to increase
                                                                                     time in stores switched to efforts to decrease time in stores,
                                                                                     with digital payments playing a key role. At the same time,
                                                                                     familiarity with digital created by these merchant efforts

HUANG
                                                                                     drove eCommerce penetration. Some measures suggest

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Chuck Huang                                                                                                                                                                              Citcon

              we saw three to five years’ worth     We believe these changes are lasting.                       But this is not just a marketing         win their loyalty in-store, but online
              of eCommerce growth in seven          While some small companies will                             strategy, it’s also an insight engine    as well.
              months.                               use omnichannel facilitators, like the                      when used well. A customer in a
                                                    DoorDashes of the world, to connect                         store can be sampled upon payment        All of this is on top of the enhanced
              This positions global consumer        to their customers online, costs and                        by surveys in email receipts,            safety driven by contactless
              marketplaces for a dramatic           lower profitability will drive many of                      providing continuous feedback that       payment. While COVID may have
              shift. Demographics that avoided      them to look to create a digital glue                       drives loyalty.                          been a once-in-a-lifetime event,
              eCommerce channels are there          between the customer in the store                                                                    the thought that it may come again
              now and will continue to be so.       and their life outside it.                                  As the payment digital glue increases    will leave biological antifragility an
              Omnichannel is no longer a buzz                                                                   in criticality, driving penetration of   enterprise concern for years to
              term but a survival requirement for   That digital glue is payments.                              digital payments for retailers will      come.
              the industry. Even small companies    Progressive retailers have paved the                        become more essential. Missing out
              with little to no previous digital    way for this with email collection                          on young people who don’t have           The antifragility will be facilitated by
              connection with their customers       at registers, enabling them to                              credit cards doesn’t just mean having    payments across the full enterprise
              have suddenly become digitally        connect their customers’ behavior                           to bear the handling cost of cash        in multiple ways, making consumers
              dependent, with COVID having thrust   in-store with them online. This helps                       transactions. It also means losing a     and businesses less likely to see a
              them into the world of QR-based       decrease the cost to market to                              potent lifelong connection with the      COVID-like economic devastation
              menus.                                customers, improving profitability                          young person online. Retailers who       ever again. And that is something
                                                    and giving brick-and-mortar shops                           offer payments that these young          every executive should look forward
                                                    an asset online.                                            people are familiar with won’t just      to.

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Citi

                                               HOW 2020’S
                                               CHALLENGES
                                               HAVE HIGHLIGHTED
                                               THE WORLD’S
                                               RESILIENCE

                                               MANISH KOHLI
                                               Global head of payments and receivables

                                                                                     C
                                                                                                  OVID-19 has been an extraordinary test for
                                                                                                  governments, financial market infrastructures,
                                                                                                  banks, corporates and consumers around the
                                                                                                  world. While all prudent organizations have
                                                                                     business continuity plans to enable them to function following

MANISH
                                                                                     unexpected events, few anticipated the potential scale of the
                                                                                     pandemic or the far-reaching consequences it would have on
                                                                                     companies’ supply chains, factories, offices and customers.

KOHLI
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Manish Kohli                                                                                                                                                                                 Citi

              Now, with the benefit of nine             achieve their objectives, safeguard                         For 2021, as an industry we must         around the world to combat its
              months’ hindsight, it is worth            their employees and protect their                           hope for the best while preparing        economic impact.
              reflecting on how the world quickly       businesses in some of the toughest                          for the worst. We will continue to
              adapted to this unprecedented             times we have ever seen.                                    enhance our resilience and prepare       Moreover, as companies pivot to
              event. Governments, banks and                                                                         for a range of scenarios. With luck,     growth, they must harness the
              companies around the world sprang         The second component is                                     this same level of resilience won’t be   “can-do” spirit that defined 2020
              into action almost overnight with the     technology, which has been critical                         actively required.                       and adopt a more open mindset
              introduction of stimulus measures,        to addressing our challenges.                                                                        and new digital tools for a post-
              lockdowns and remote working              Numerous developments that                                  As we transition to a new year and a     pandemic world. At Citi, we can
              contingencies. The world’s resilience     were previously underway — most                             new environment, where the rollout       help clients adapt rapidly to this
              has been impressive.                      notably the shift of our business                           of vaccinations globally begins to       evolving environment because of our
                                                        and personal lives online — have                            create a prospect of some stability,     robust digital capabilities, capacity
              That resilience has two                   dramatically accelerated. At Citi, our                      we must draw on the lessons of           to innovate and global footprint.
              components. First is the strength         consistent investment in digitization                       2020 to build a more productive          Whether implementing digital
              of the connection and bonds that          and robust infrastructures has been                         and prosperous world. No one             collections, enabling cross-border
              unite us across communities,              invaluable in enabling our clients                          underestimates the scale of the          receivables or facilitating cross-
              countries, companies and business         to switch to remote working with                            challenges we still face. But there      border instant payments, our vision is
              relationships. The willingness of         minimal to no disruption, and to help                       is the potential for strong growth       always to deliver simple, global and
              people to go the extra mile to            achieve visibility and control across                       following the shock of COVID-19          digital solutions to our clients. That
              support those they care about has         their payments, collections and other                       and the firepower stimuli unleashed      vision is more important than ever as
              been edifying. At Citi, we are proud to   treasury functions.                                         by governments and central banks         we all work toward the common goal
              have played our part, helping clients                                                                                                          of driving economic growth.

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CSI

                                               PAYMENTS:
                                               GETTING BACK
                                               TO NORMAL
                                               IS NOT
                                               GOOD ENOUGH

                                               DAVID DISQUE
                                               President

                                                                                     C
                                                                                                  orporate Spending Innovations (CSI), like many
                                                                                                  other businesses, witnessed the substantial
                                                                                                  impact the pandemic had on industries across
                                                                                                  the globe, such as travel, hospitality and many
                                                                                     others. We looked at the challenges from a financial and
                                                                                     payments perspective and worked with our customers to

DAVID
                                                                                     assist them with the overnight change of working from remote
                                                                                     environments.

DISQUE
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David Disque                                                                                                                                                                              CSI

              There were invoices and checks           personal life. As consumers, we are                        need to be prepared for what is           achieve greater efficiencies, reduce
              going to empty offices and accounts      all connected to family and friends                        coming next. With innovations like        costs, increase security and find
              payable departments that were            through the internet, smartphones                          cloud-based payments workflow,            new sources of revenue through
              forced to send staff into the office     and online meetings. What CSI would                        automated and integrated AP, robotic      payments automation.
              to keep day-to-day operations up         like to see for America, and for the                       process automation, straight-through
              and running. CFOs became painfully       world in 2021, is for businesses to                        processing, artificial intelligence and   Finally, it is our belief that AP
              aware that digitizing AP, especially     reach the same level of B2B payment                        advanced data analytics, we believe       departments will expand beyond
              payments, was an initiative that         digitization to survive and thrive in                      that AP departments will become           tactical execution centers and
              should have been implemented             2021 and beyond.                                           truly touchless environments.             transform into profit centers — and
              years ago. They faced critical                                                                                                                that innovation, technology and
              challenges, including damage to their    We believe that more and more                              As the B2B payments market                automation will reach new heights
              supplier relationships due to late       businesses will discover that                              reinvents itself through advanced         to take us to the next generation of
              payments and cash flow shortages.        payments automation is no longer                           technologies, we will see more            digital business.
                                                       a nice-to-have, but a must-have,                           collaboration where there once
              If you look for a silver lining in the   and that companies worldwide will                          was competition. Banks, networks
              global pandemic we faced in 2020,        embrace technology and innovation                          and FinTechs will continue to
              we saw families and friends grow         as the payments ecosystem evolves                          strengthen their partnerships to
              closer and not take each other for       to meet the changing landscape of                          explore the power and business
              granted. In some ways, our very          digital business. Most companies are                       value of electronic automation. We
              existence relied heavily on digital      driven by the challenges experienced                       will focus on helping businesses
              connections for our work and             over the last eight months. We all                         of all sizes and in all industries to

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Cybersource

                                               TECHNOLOGY AND
                                               COLLABORATION
                                               WILL BE KEY IN 2021

                                               CARLEIGH JAQUES
                                               General manager for Cybersource and Authorize.Net

                                                                                     2
                                                                                                 020 was, without a doubt, the most challenging
                                                                                                 year ever; not only personally, but as a leader.
                                                                                                 As leaders, we are tuned to making data-based
                                                                                                 decisions and we always have unknowns,
                                                                                     but we like the ratio between known/unknown to be the
                                                                                     proverbial 80/20 or better. This year flipped all that on its

CARLEIGH
                                                                                     head: 80 percent unknown/20 percent “sort of known.” And
                                                                                     the unknowns spanned the future of commerce, business
                                                                                     model viability, social and economic access, equity issues

A
J QUES
                                                                                     and community health, among others. It was frustrating,
                                                                                     maddening, emotionally draining and exhausting. But it also

© 2020 PYMNTS.com All Rights Reserved   34   © 2020 PYMNTS.com All Rights Reserved                                                                           35
Carleigh Jaques                                                                                                                                                                    Cybersource

              brought out incredible mobilization,     profound demand and overnight                                in response to the racial inequities     sized businesses (SMBs) provide a
              creativity and generosity — which        behavioral shifts.                                           that continue to be a problem            huge number of critical jobs. From
              was the inspiring antidote we all have                                                                and rally around our local small         the supply chains, to the delivery
              needed.                                  As we begin 2021, I have three wishes                        businesses who needed support            drivers, to the essential employees
                                                       for everyone.                                                now more than ever. It’s no secret       stocking shelves, fulfilling orders and
              Within payments, we saw                                                                               that when people come together,          ringing you up, everyone is equally
              tremendous agility, activation           One, that we continue to use                                 great things happen. Really, flexible    necessary. We saw how the global
              and creativity. We saw how vitally       technology to our advantage.                                 technology (going back to my first       shutdowns impacted inventories and
              important going digital is to            Technology is powering our                                   wish) helped enable much of that         scarcity. We saw how delivery drivers
              payments, commerce and life as a         increasingly digital world to make life                      collaboration whether in science,        of all kinds — commercial and gig
              whole. While we were already well        easier and more accessible to all.                           medicine, community engagement           economy — kept the wheels turning
              on the path toward contactless                                                                        or commerce.                             even when they threatened to grind
              payments and truly integrated digital    Two, that we collaborate more within                                                                  to a halt. After this year, I hope we
              commerce channels — where the            the payments industry and with                               And three, I hope we collectively        realize how essential everyone
              lines between physical and digital       others in the greater commerce                               never take for granted how many          already was and that people are the
              would overlap, if not blur — the         ecosphere. If there’s one thing                              players there are in the global          key ingredient to our success.
              need for physical distancing, fewer      we have seen this year, it’s that                            economy and how vital each
              physical touchpoints and online          collaboration is key to our survival.                        one of them is — particularly our        As the economy continues to bounce
              options greatly accelerated that path.   We saw monumental examples in                                small businesses. They aren’t just       back and we look to the future of
              Visa, Cybersource and a plethora of      the scientific community where                               commerce engines, they are the           how business is done, I truly feel that
              other technology providers are now       researchers worked together to                               lifeblood of our communities. I think    it will take this healthy combination
              speedily innovating to make sure         bring vaccine options to fruition in                         it means a lot to each of us to walk     of people, inclusive collaboration,
              that anyone, anywhere, can pay for       record time, and within the medical                          down the street with our friends         and technology to get back to where
              anything digitally. And rather than      community where staff from some                              and families and have real social        we were and beyond.
              providers or merchants having to         hospitals volunteered to help staff                          engagement with our communities.
              “steer” consumers in this direction,     at other hospitals who had been hit                          Saying “hello” to the dry cleaner or
              consumers lead the way with              harder. We also saw communities                              “cheers” to the owner of the pizzeria,
                                                       coming together to effect real change                        matters. And small and medium-

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Elan

                                               2021:
                                               THE POSITIVE
                                               IMPACT OF
                                               PAYMENTS

                                               MATT CARPENTER
                                               Senior vice president, market director, Elan Financial Services

                                                                                     T
                                                                                                 he COVID-19 pandemic has drastically changed
                                                                                                 the world, our lives and our businesses —
                                                                                                 possibly forever. For the last nine months, many
                                                                                                 of us have been learning how to work remotely,
                                                                                     communicate remotely, learn remotely, socialize remotely and

MATT
                                                                                     more. In the midst of these struggles, the payments industry
                                                                                     has risen to the occasion and innovated to become an even
                                                                                     more integral part of the economy and people’s lives.

CARPENTER
                                                                                     Throughout the pandemic, payments have been an invaluable
                                                                                     tool to connect, support and enact change. Whether through

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Matt Carpenter                                                                                                                                                                             Elan

              digital payments for grocery runs       their customers in innovative ways                           (AI) and machine learning became         are past-due. We also now offer
              or donations to local and national      through payments.                                            critical. From real-time identity        authentication mechanisms coupled
              causes, consumers have embraced                                                                      proofing and credit line access          with DIY assistance tools for making
              payments as a tool to support their     We’ve worked hard to enable                                  strategies to online card transaction    account changes.
              day-to-day goals.                       consumers to adopt contactless                               protections and safer online
                                                      payments in a seamless manner.                               payment options, Elan provides           Elan will continue to develop
              As we enter 2021, it is my wish that    The pandemic has generated a                                 layers of security so cardmembers        differentiated expertise and talents
              we continue to embrace payments         surge in mobile wallet usage so that                         can use their cards with far greater     that will help us support our
              as a powerful tool we will use to       payments can be made without ever                            confidence.                              partners’ needs. In 2021, I hope we
              create the new reality we will see      touching a card. As a result of this                                                                  see continued significant innovation
              post-pandemic, as our communities       groundswell, we’ve focused a great                           Financial institutions are also          around new ways to help consumers
              recover and prepare for what’s next.    deal of our attention on the ability to                      learning that their digital strategies   and small businesses rebuild their
                                                      instantly provision new and existing                         must deliver the same level of           financial stability and conduct their
              At Elan Financial Services, this        card credentials into digital wallets.                       service excellence that a customer       day-to-day lives. I think any hope
              means we need to continue to think      Additionally, new and reissued cards                         might expect in a branch. As such,       of returning to previous norms will
              about how to engage our partners        are being delivered with contactless                         Elan has focused its development         quickly pass, as a further heightened
              within today’s reality and how to       technology.                                                  pipeline to prioritize and invest in     level of innovation and change will
              help those partners serve their                                                                      technologies that allow customers        become the standard as we move
              customers in new ways. We need          When the pandemic forced                                     to be more self-reliant. This focus      forward in the 21st century.
              to be ever mindful of constituents      consumers online, the fraudsters                             includes new do-it-yourself (DIY)
              facing different struggles or seeking   followed suit, and we are committed                          servicing capabilities, including        Wishes to all for a safe holiday
              new opportunities. And, as normalcy     to protecting our partners’                                  enhanced functionality to facilitate     season and a positive outlook
              starts to reemerge, we need to be       cardmembers in this digital space.                           payments, report suspected fraud         heading into 2021.
              ready to help our partners best serve   Investments in artificial intelligence                       and send reminders when accounts

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FIS

                                               ENGAGING
                                               CUSTOMERS
                                               WHEREVER
                                               THEY MAY BE

                                               ROYAL COLE
                                               Senior vice president, head of FI payments

                                                                                     W
                                                                                                        hen asked to reflect on the year that
                                                                                                        was 2020, I couldn’t help but think
                                                                                                        of the messaging that FIS and other
                                                                                                        organizations published in late 2019.
                                                                                     Inspiring slogans and taglines such as “Forging into the New
                                                                                     Decade!” or “Catapulting into the New Roaring 20s” seemed

ROYAL
                                                                                     to be everywhere. Then we were all introduced to COVID-19,
                                                                                     which has affected just about every single person, industry
                                                                                     and business on Earth. Organizations have been forced to

COLE
                                                                                     adapt and change in almost every way. For example, FIS, like
                                                                                     many companies, had to take on the challenge of moving

© 2020 PYMNTS.com All Rights Reserved   42   © 2020 PYMNTS.com All Rights Reserved                                                                        43
Royal Cole                                                                                                                                                                          FIS

               a global workforce to work from         experiences that serve customer                                 With all that being said, my hope
                                                                                                                                                                        OMNICHANNEL
                                                                                                                                                                             PAYMENT
               home in a matter of days in order       needs for safety, reliability, service                          for 2021 is that we can get back to
               to keep processing transactions and     and overall experience. That means                              seeing the faces of our family, friends
               powering the financial ecosystem.       meeting customers and engaging                                  and colleagues safely. The ability               SOLUTIONS OF
                                                       them on their terms, where they are,                            to build relationships with face-to-               THE FUTURE
               Despite these turbulent times,          when they need you. Omnichannel                                 face contact will not only improve
                                                                                                                                                                            WILL NEED
                                                                                                                                                                          TO BE BUILT
               organizations have kept to their        payment solutions of the future                                 people’s headspace, but will help
               2019 messaging. This year has           will need to be built for maximum                               with business-related activities as
               spawned innovation and creativity       flexibility within existing channels,                           well.                                            FOR MAXIMUM
               that has not been seen for some         with an emphasis on digital-first                                                                                   FLEXIBILITY
               time. Financial institutions are now    and, when needed, digital-only.                                 It cannot be said enough how proud
                                                                                                                                                                               WITHIN
                                                                                                                                                                             EXISTING
               offering and accepting close to every   Some organizations have even                                    and thankful I am for how each of us
               form of payment type, from person-      gone so far as to revamp their                                  has been able to overcome the many
               to-person payments to real-time         entire loyalty programs in order to                             challenges of the past year — and                   CHANNELS,
               payments. These types of solutions      offer consumers rewards that are                                to have done all of it virtually. I look              WITH AN
               have gone from an upcoming
               convenience to an absolute
                                                       customized to fit what they need.
                                                       In some cases, this has allowed
                                                                                                                       forward to building and improving
                                                                                                                       relationships in 2021 so that we may
                                                                                                                                                                        EMPHASIS ON
               necessity to face the new normal.       individuals to use their loyalty points                         capitalize on the innovations that               DIGITAL-FIRST
                                                       as actual currency to buy essentials                            have come as a result of this past                 AND, WHEN
               Earning and retaining consumer          at a time when we all may be                                    year.                                                 NEEDED,
               loyalty requires engaging digital       watching our spending very closely.
                                                                                                                                                                        DIGITAL-ONLY.

W H A T                        E X E C U T I V E S          W I S H              F O R           A M E R I C A                    A N D          T H E            W O R L D   I N   2 0 2 1
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FISPAN

                                               EMBEDDED
                                               BANKING
                                               WILL POSITION
                                               BUSINESSES
                                               TO THRIVE
                                               POST-PANDEMIC
                                               LISA SHIELDS
                                               Founder and CEO

                                                                                     M
                                                                                                     y wish for 2021 is that as small businesses
                                                                                                     across the country emerge from the ruin of
                                                                                                     2020 and reopen their doors, they can fully
                                                                                                     participate in sophisticated global supply
                                                                                     chains and act as local point-of-service distribution centers.

LISA
                                                                                     My hope is that banks, payments providers, and FinTech
                                                                                     companies will be able to collaborate to launch the services
                                                                                     and solutions that can remove the technical burden for

SHIELDS
                                                                                     business users and eliminate the need for them to become

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Lisa Shields                                                                                                                                                                           FISPAN

               INITIATIVES                       payments experts, allowing them to                              they hold cash flow and accounts           examples of massive opportunities

               LIKE
                                                 focus on growing their business.                                receivable data for their customers        for payments providers in 2021
                                                                                                                 that allow them to underwrite              that are ready for the taking. By
               OPEN                              The groundwork has been laid to                                 efficiently. But banks hold vastly         connecting the tools and services
               BANKING                           make finance embedded in a more                                 more raw data. By partnering with          that small businesses use with

               CAN HELP                          standardized way. Initiatives like open
                                                 banking can help unlock financial
                                                                                                                 FinTechs and payments companies
                                                                                                                 in 2021, this raw data can be
                                                                                                                                                            electronic payments rails, digital B2B
                                                                                                                                                            commerce can become an invisible
               UNLOCK                            data for small businesses and let                               contextualized to bring underwriting       and ubiquitous part of daily life on
               FINANCIAL                         them share it with many potential                               efficiency to more categories of Main      Main Street.
               DATA FOR                          lenders. Some small businesses                                  Street businesses.

               SMALL                             have been left out of relief programs,
                                                 and have felt the burn, or even been                            Even brick-and-mortar small
                                                                                                                                                            At FISPAN we are very bullish
                                                                                                                                                            on the future and the role that
               BUSINESSES                        forced to shutter. This may have                                businesses have transitioned in the        banks can play by connecting
               AND LET THEM                      happened because they don’t meet                                last year to online order acceptance,      their products and services to the

               SHARE IT                          the requirements or because banks                               cloud procurement and cloud                business applications used by their

               WITH MANY                         refused them based on standard                                  accounting. Facilitating digital invoice   clients. By starting to make banking

               POTENTIAL
                                                 pre-pandemic criteria. Part of the                              exchange between global buyers             and commerce embedded in a
                                                 reason some tech companies (such                                and small business suppliers or            democratized way, businesses will be
               LENDERS.                          as Amazon and Shopify) have gone                                integrating SMB foreign exchange           positioned to thrive, which will in turn
                                                 into small business lending is that                             and contract financing services are        enable communities to thrive.

W H A T                        E X E C U T I V E S    W I S H            F O R             A M E R I C A                    A N D          T H E       W O R L D            I N       2 0 2 1
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Flywire

                                               I WISH FOR
                                               EMBEDDED
                                               PAYMENTS
                                               TO BECOME
                                               UBIQUITOUS
                                               IN 2021
                                               RYAN FRERE
                                               Executive vice president and general manager, B2B

                                                                                     P
                                                                                                   ayments have typically been the exclusive domain
                                                                                                   of banks, card issuers and FinTechs — distinct
                                                                                                   from a product or service offering and usually
                                                                                                   requiring distinct motions for both the buyer and
                                                                                     seller to complete a transaction. But that is changing — slowly

RYAN
                                                                                     but surely.

                                                                                     We are seeing payments become an inextricable and largely
                                                                                     invisible part of customers’ experiences with different product

FRERE
                                                                                     or service providers. Payment capabilities and related financial
                                                                                     services are increasingly being embedded into software that

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Ryan Frere                                                                                                                                                                                   Flywire

              enables both buyers and sellers        an unprecedented urgency around                              •     A limited number of firms are           •   For many travel businesses,
              to minimize friction at the point of   digitizing B2B payments. I hope we                                 using embedded payments to                  such as agencies, tour operators
              sale, enhance engagement and drive     can leverage that urgency to prioritize                            streamline the international                or destination management
              higher margins.                        a lot more examples of embedded                                    invoicing and AR processes with             companies, approximately 80
                                                     finance on the B2B side in 2021.                                   their customers. This enables               percent of the monies they take
              Ridesharing is an example we all                                                                          overseas customers to be                    in from their clients have to be
              know well. The payment process         To get there will require solutions                                invoiced and to pay in their local          distributed to multiple parties
              is woven entirely into the service     that integrate directly into an                                    currency while allowing the biller          involved in delivering the travel
              via software. There is no need to      organization’s existing AP and AR                                  to reconcile those receivables in           experience. Some are using
              fumble with cash or hand a payment     workflows, whether that means                                      its financial system of record and          embedded finance via a preferred
              card to the driver — it happens        connecting to the business’ ERP                                    currency. This simplifies a typically       payment channel to streamline
              automatically. Apple iTunes is         system or streamlining processes                                   complex, costly and slow process            this process, manage currency
              another. Virtually all cloud-based     and complexities with global                                       for both parties.                           risks and provide better visibility
              subscription services use some form    FX, reconciliation and cash flow                                                                               from end to end.
              of embedded finance. There is no       management. It doesn’t have to                               •     B2B sellers are also using
              separate payment motion involved to    be complicated, though. It’s really                                analytics and artificial intelligence   Over time, as FinTech continues to
              utilize the service.                   more of an easy-to-access payment                                  (AI) to automate the offer of           be embedded into financial and
                                                     service via APIs than a new piece of                               flexible credit terms to business       increasingly non-financial products,
              Most of the examples we know           enterprise software.                                               customers at the point of sale,         it will become a less and less visible
              of today are on the B2C side.                                                                             reducing risk for the merchant          element that will add an increasingly
              That’s no surprise, given the pace     We already have good examples                                      and increasing the consumer’s           critical level of value to both sides of
              of innovation in B2C versus B2B        of embedded B2B finance to go by                                   buying power. This eliminates a         the B2B relationship.
              payments over the years. But the       in manufacturing, technology and                                   multi-step process that often
              pandemic has changed that, creating    professional services:                                             has negative effects for both the
                                                                                                                        buyer and seller.

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GeoGuard

                                               FORGET SPACE
                                               — 2021 IS
                                               A DIGITAL
                                               ODYSSEY

                                               DAVID BRIGGS
                                               Founder and CEO

                                                                                     F
                                                                                                rom a business and consumer perspective, 2020
                                                                                                has been both intensely transformative and
                                                                                                cripplingly recessive. There have been mighty
                                                                                                winners, but also horrific declines. Although travel
                                                                                     has been the poster child for COVID’s negative impact on

DAVID
                                                                                     commerce, cash has also been deleted from many aspects of
                                                                                     daily life in Europe and North America.

                                                                                     2021 will therefore be an interesting recovery story as some

BRIGGS
                                                                                     of COVID’s business victims, such as travel, rebound at a
                                                                                     ferocious pace, while others never do.

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David Briggs                                                                                                                                                                         GeoGuard

              The Reign of Cash Is Over:              Digital-First Will Be First                                 that support them) is a tremendous        future from the canny upstarts who
              Digital Is King                         From the area we know best,
                                                                                                                  challenge, and most of 2021 will          stole the lead during lockdown.
                                                                                                                  simply be holding on through hyper-
              Cash is sure to be one of COVID’s       iGaming, this dichotomy of winners
                                                                                                                  growth. Compared to being on the          And consumers will, I am sure, just
              victims that never recovers. Many       and losers has been clear. Land-
                                                                                                                  wrong side of COVID’s impacts, this is    be happy to have some options on
              retailers will never remove their       based gaming and its long reliance
                                                                                                                  a good problem to have, but not one       the table again — to travel, to visit
              “CASH NOT ACCEPTED” signs, and          on cash and in-person visitation
                                                                                                                  to be underestimated, nonetheless.        land-based merchants and yes, even
              consumers, led by the youngest, will    (mostly from older demographics)
                                                                                                                                                            have the exotic thrill of paying for
              abandon the practice of carrying        has been nearly obliterated in some
                                                                                                                  New Kids on the Block vs                  something in cash again.
              paper currency in a wallet.             places, and the fear is that a large
                                                                                                                  The Empire: A Battle for
                                                      portion of these establishments will
                                                                                                                  Dominance                                 However, once the nostalgia of
              What will this mean for the payments    never reopen.
                                                                                                                                                            old-school 2019 life is over and we
              and commerce sectors, and how                                                                       Competitive pressures are sure
                                                                                                                                                            are in late 2021, the future will be
              will it impact our focus as we all      Those savvier digital-first operators,                      to change as the dust settles and
                                                                                                                                                            irreversibly digital.
              recalibrate for the new world order?    led by DraftKings, have soared and                          consensus is reached that the “new
              For some startups and challengers,      are set to ride the updrafts of the                         kids on the block” who have rocketed
              this change will accelerate their       extreme channel shift that COVID has                        to pre-eminence in 2020 are no
              rollout and drive the innovation they   prompted.                                                   longer niche/early-adopter players,
              have been advocating for years.                                                                     but now the mass-market category
              For others who are slower to adapt      These companies saw extraordinary                           killers. The empire(s) will strike back
              or more oriented toward the old-        growth, and that looks set to                               for sure, as those once-dominant
              world order (ATM manufacturers, for     continue, even after the world settles                      players that still have firepower make
              example), the post-COVID world will     down to “normal.” Scaling these                             a final effort to wrest control of the
              be brutal.                              organizations (and the likes of ours

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GIACT

                                               IT’S TIME
                                               TO FIGHT
                                               BACK

                                               MELISSA TOWNSLEY-SOLIS
                                               Head of GIACT

                                                                                     F
                                                                                                raud was red-hot in 2020.

                                                                                                Its impact was felt by consumers and businesses
                                                                                                alike, compounding an already precarious financial
                                                                                                outlook.

MELISSA
                                                                                     Fraudsters targeted consumers when they were most
                                                                                     vulnerable — as they struggled to keep their jobs and families
                                                                                     healthy. According to the FTC, Americans issued over 200,000
                                                                                     complaints and lost more than $145 million in COVID-related

TOWNSLEY-SOLIS
                                                                                     scams alone.

© 2020 PYMNTS.com All Rights Reserved   58   © 2020 PYMNTS.com All Rights Reserved                                                                       59
Melissa Townsley-Solis                                                                                                                                                                  GIACT

              Businesses also increasingly found      What’s more, businesses have                               approach to their fraud prevention      2020 was a tough enough year
              themselves the target of highly         also begun to experience whiplash                          strategies.                             already. As a nation, we experienced
              sophisticated fraud schemes.            for not prioritizing the security of                                                               loss and hardship. Good people lost
              Particularly stunning this year was     their customers. For example, we                           My hope is that small businesses,       their jobs. Contracts with vendors ran
              the volume of business email            sponsored a study, developed by                            which make up the backbone of           dry. It should be a reminder to take
              compromise (BEC) attacks, which,        Javelin Strategy & Research, that                          our economy, hear this message as       nothing for granted.
              according to the FBI, is already a $2   found that “over 60 percent of fraud                       well. And that they fight back, too.
              billion-a-year business.                is self-identified by consumers using                      It’s important for everyone that Main   Here at GIACT, we plan to continue
                                                      various monitoring techniques.”                            Street gets back on its feet.           doing what we’ve been doing every
              Well-funded and organized fraud         That’s a recipe for negative reviews                                                               day for the past 16 years: to innovate,
              operations, meanwhile, continued to     and frustrated feedback on social                          The approach to fraud in 2021           to fight and to stay a step ahead
              amass more capital, manpower and        media.                                                     should be one that looks at holistic    of fraud. 2021 will be a particularly
              technology.                                                                                        solutions and considers every step      strong year as we look to integrate
                                                      For the benefit of these businesses,                       of the customer lifecycle. Too often,   new data assets, product sets and
              It’s time to fight back.                my hope is that they recognize that                        businesses put up a patchwork of        areas of expertise from our position
                                                      they can no longer afford to continue                      solutions, adding them piecemeal        as a Refinitiv company. We know that
              Businesses across the U.S. have         operating at the status quo. Even as                       as issues arise, like plugging leaks    in the year ahead, fraud networks will
              already begun to pick up the mantle,    we exit the nightmare of COVID and                         in a boat in the middle of the          not give up the fight. And neither will
              recognizing the severe financial        look forward to brighter days ahead,                       ocean. Fraudsters are sure to take      we.
              damage that can result from fraud.      it’s more important than ever for                          advantage of that mindset, scoring
                                                      businesses to take a comprehensive                         big as they find vulnerabilities and
                                                                                                                 leaving businesses to founder.

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i2c

                                               EMBRACING
                                               CONNECTEDNESS
                                               AND
                                               UNPREDICTABILITY

                                               AMIR WAIN
                                               Founder and CEO

                                                                                     M
                                                                                                     y foremost wish for the world as we approach
                                                                                                     2021 would be a heightened realization for
                                                                                                     how truly interconnected we all are, and a
                                                                                                     greater appreciation for unpredictability and
                                                                                     the wisdom of preparing —not just now while the loss is fresh

AMIR
                                                                                     in our minds, but also as a way of carrying ourselves moving
                                                                                     forward.

                                                                                     As far as payments are concerned, I think the world witnessed

WAIN
                                                                                     the case for why they need to be electronic and digital,
                                                                                     and why the systems on which they rest need to be more

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Amir Wain                                                                                                                                                                           i2c

               agile and better prepared for the         much time and overhead to build                                 them through an unforeseen event,
                                                                                                                                                                        DEALING WITH
                                                                                                                                                                             A LOT OF
               unpredictable.                            agility and reliability into systems,                           and through nature’s unpredictability.
                                                         but it’s encouraging to know that
               The fact is that the future of            embracing such an approach and                                  As part of our collective planning             ABSTRACTION
               payments is not predictable, and          making it part of our foundational                              for 2021, perhaps we ought to give                      AND
               the events of 2020 may well be an         organizational and technical structure                          thought to how our organizations
                                                                                                                                                                      CONTEMPLATING
                                                                                                                                                                             A LOT OF
               indication of how we ought to be          made a difference in people’s lives                             think about technology and, in
               planning for the future. I’m reminded     this year.                                                      particular, agility.
               of how logical a choice insurance is                                                                                                                   CONTINGENCIES
               after a disaster, and how easy it is to   This spring, when our client PayActiv                           You see, timelines are not really of
                                                                                                                                                                         IS NOT EASY.
               see as an added expense before one        needed to quickly enable virtual                                our choosing. Neither will we get to
               occurs.                                   cards and digital provisioning as                               choose the next world-altering event.
                                                         a result of the pandemic, it was                                My wish today is that our people
               In my own case, one might say I’ve        fortunate that they were able to                                and organizations part with false
               taken unpredictability as a given.        satisfy that urgent need and make                               isolationist ideas and that we come
               “Relentless preparedness,” as a           the adaptation on the same platform                             to see unpredictability as a norm
               colleague put it, has served our          they were already using. The ability to                         that we all prepare for to the best
               company well. Dealing with a lot of       “conceive and configure” — to look                              of our abilities and to our collective
               abstraction and contemplating a lot       within their own context and choose                             benefit.
               of contingencies is not easy. It takes    the right way forward — helped see

W H A T                        E X E C U T I V E S            W I S H              F O R           A M E R I C A                    A N D          T H E          W O R L D   I N   2 0 2 1
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Ingo Money

                                               BANKS AND
                                               FINTECHS,
                                               TOGETHER
                                               AT LAST

                                               DREW EDWARDS
                                               CEO

                                                                                     A
                                                                                                   s I write this, it has been reported that the first
                                                                                                   COVID-19 vaccine was just administered in the
                                                                                                   U.S. While the swift development and upcoming
                                                                                                   rollout is a very hopeful step toward the end
                                                                                     of this pandemic, the vaccine by itself will not be enough.

DREW
                                                                                     The economic fallout and resulting financial challenges that
                                                                                     many Americans face still weigh heavily and will need to be
                                                                                     addressed.

EDWARDS
                                                                                     From a payments perspective and how our industry might
                                                                                     help, my wish for America and the world in 2021 is for banks

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Drew Edwards                                                                                                                                                                            Ingo Money

              and FinTechs, like Ingo Money, to        benefits of reduced financial stress                           had become — and their need to           companies have moved business to
              partner together in order to fast-       and the ability to pay their bills on                          modernize.                               these treasury banks to access true
              track the modernization of payments      time. FinTechs began working directly                                                                   disbursements modernization. My
              for the future. By creating a digital    with early adopters in the lending                             All of these events point to the         wish, and even a prediction for 2021,
              disbursements experience with            and insurance verticals to deliver                             fact that the demand is here for         will be that this is the year more
              recipient choice, consumers and          instant payment options that could                             a modern, digital disbursements          treasury banks embrace partnerships
              small businesses will have an ability    save them money, differentiate their                           experience. Both government              with FinTechs and start taking
              to be paid faster and often instantly,   offerings and drive customer loyalty.                          entities and businesses are asking       modern disbursement solutions to
              to an account of their choosing,                                                                        their treasury banks for solutions.      their clients that include recipient
              thereby giving them better access        Then in 2020, the coronavirus hit.                             The tipping point is that we are now     choice with ubiquity.
              and control over their cash flows.       Physical stores shuttered, handling                            seeing an accelerated openness for
                                                       cash became undesirable and we                                 banks and FinTechs to work together,     As the world gets smaller with
              If we look back at the last few years,   saw a massive shift toward using                               leveraging the banks’ expertise          digital experiences connecting us
              we have been approaching a tipping       digital in how we shop, pay and                                with treasury banking and FinTech’s      all, it’s clear that a broadly available
              point for banks and FinTechs to          communicate. The CARES Act                                     experience with innovation. The belief   modern disbursements experience
              collaborate to bring instant digital     resulted in the distribution of $2.2                           is that each party can help solve the    accelerates with large treasury bank
              payments to ubiquity. The notion of      trillion in relief, but not without major                      problems of the other, and together      interoperability, and with those
              faster payments took hold in 2019        challenges. Examples included                                  can better solve their clients’          banks recognizing that partnering
              when the gig economy platforms           improper payments, fraud and                                   disbursement challenges.                 with FinTechs is a 1 + 1 = 3 equation.
              Uber and Lyft introduced the option      tens of millions of people waiting                                                                      Jointly, we can bring digital, instant
              to get paid on demand. Adoption          weeks for paper checks to arrive.                              We already have several large            payments to hundreds of millions of
              went through the roof as many            This put a major spotlight on just                             bank partnerships in place, and          people around the world who want
              drivers, living paycheck to paycheck     how antiquated the government’s                                can already see the impact as two        and need faster, more convenient
              as many Americans do, touted the         disbursements infrastructure                                   of the nation’s largest insurance        access to their money.

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