FORWARD A LOOK - DECEMBER 2020 - PYMNTS.com
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A LOOK
FORWARD
What Executives Wish
for America And the World In 2021
DECEMBER 2020
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
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.
© 2020 PYMNTS.com All Rights Reserved
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.
© 2020 PYMNTS.com All Rights Reserved 6 © 2020 PYMNTS.com All Rights Reserved 7
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.
© 2020 PYMNTS.com All Rights Reserved 8 © 2020 PYMNTS.com All Rights Reserved 9
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
© 2020 PYMNTS.com All Rights Reserved 10 © 2020 PYMNTS.com All Rights Reserved 11
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
© 2020 PYMNTS.com All Rights Reserved 12 © 2020 PYMNTS.com All Rights Reserved 13
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.
© 2020 PYMNTS.com All Rights Reserved 14 © 2020 PYMNTS.com All Rights Reserved 15
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+.
© 2020 PYMNTS.com All Rights Reserved 16 © 2020 PYMNTS.com All Rights Reserved 17
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
© 2020 PYMNTS.com All Rights Reserved 18 © 2020 PYMNTS.com All Rights Reserved 19Sudhir 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.
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
© 2020 PYMNTS.com All Rights Reserved 20 © 2020 PYMNTS.com All Rights Reserved 21Citcon
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
© 2020 PYMNTS.com All Rights Reserved 22 © 2020 PYMNTS.com All Rights Reserved 23Chuck 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.
© 2020 PYMNTS.com All Rights Reserved 24 © 2020 PYMNTS.com All Rights Reserved 25Citi
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
© 2020 PYMNTS.com All Rights Reserved 26 © 2020 PYMNTS.com All Rights Reserved 27Manish 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.
© 2020 PYMNTS.com All Rights Reserved 28 © 2020 PYMNTS.com All Rights Reserved 29CSI
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
© 2020 PYMNTS.com All Rights Reserved 30 © 2020 PYMNTS.com All Rights Reserved 31David 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
© 2020 PYMNTS.com All Rights Reserved 32 © 2020 PYMNTS.com All Rights Reserved 33Cybersource
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 35Carleigh 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-
© 2020 PYMNTS.com All Rights Reserved 36 © 2020 PYMNTS.com All Rights Reserved 37Elan
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
© 2020 PYMNTS.com All Rights Reserved 38 © 2020 PYMNTS.com All Rights Reserved 39Matt 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
© 2020 PYMNTS.com All Rights Reserved 40 © 2020 PYMNTS.com All Rights Reserved 41FIS
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 43Royal 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
© 2020 PYMNTS.com All Rights Reserved 44 © 2020 PYMNTS.com All Rights Reserved 45FISPAN
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
© 2020 PYMNTS.com All Rights Reserved 46 © 2020 PYMNTS.com All Rights Reserved 47Lisa 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
© 2020 PYMNTS.com All Rights Reserved 48 © 2020 PYMNTS.com All Rights Reserved 49Flywire
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
© 2020 PYMNTS.com All Rights Reserved 50 © 2020 PYMNTS.com All Rights Reserved 51Ryan 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.
© 2020 PYMNTS.com All Rights Reserved 52 © 2020 PYMNTS.com All Rights Reserved 53GeoGuard
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.
© 2020 PYMNTS.com All Rights Reserved 54 © 2020 PYMNTS.com All Rights Reserved 55David 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
© 2020 PYMNTS.com All Rights Reserved 56 © 2020 PYMNTS.com All Rights Reserved 57GIACT
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 59Melissa 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.
© 2020 PYMNTS.com All Rights Reserved 60 © 2020 PYMNTS.com All Rights Reserved 61i2c
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
© 2020 PYMNTS.com All Rights Reserved 62 © 2020 PYMNTS.com All Rights Reserved 63Amir 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
© 2020 PYMNTS.com All Rights Reserved 64 © 2020 PYMNTS.com All Rights Reserved 65Ingo 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
© 2020 PYMNTS.com All Rights Reserved 66 © 2020 PYMNTS.com All Rights Reserved 67Drew 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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