Money20/20 USA 2024 in Las Vegas has once again brought together the global money ecosystem, highlighting innovations set to shape the future of payments, fintech and financial services.
This year’s extravaganza brought together some of the most innovative minds in fintech, with a range of new product launches and partnerships aimed at advancing payments, financial services and identity verification.
Here’s a roundup of the key announcements at Money20/20 USA 2024.
Money20/20 report shows surge in AI use by fintechs and financial institutions
At its US show, Money20/20, in partnership with Acrew Capital, launched the All in on AI: Financial Services AI Adoption Index, which tracks AI usage across 221 financial institutions globally.
The report reveals that 76 per cent of surveyed firms initiated AI projects since 2023, with fintech challengers like Chime, Nubank and Gusto deploying AI at rates comparable to industry giants despite smaller market caps.
Findings suggest fintechs are leveraging AI to compete with incumbents, particularly in CFO software and Wall Street tech, where the technology is driving data reconciliation, generative AI, and predictive insights.
Lauren Kolodny, co-founder of Acrew Capital, commented: “For a while now, I’ve suspected AI might be the cataclysmic technology that forces our industry to rebuild from the ground up. Today, that changes.”
The Index aims to offer benchmarks and insights for financial services firms looking to navigate the evolving landscape of AI.
Novo expands its offering for solopreneurs
As the solopreneur economy grows, Novo, a banking platform focused on small businesses and self-employed professionals, has introduced tools to address this market’s financial challenges.
Novo’s new credit card, bookkeeping service and cash flow tool streamline processes like expense tracking and invoice management, offering solutions tailored to solopreneurs.
With these additions, Novo aims to make financial management less time-consuming, supporting a sector now representing 84 per cent of US small businesses.
“It is not enough anymore to simply offer entrepreneurs and small businesses a competitively priced and easy-to-use business credit card,” said Nathan Morgan, CEO and founder of Continental Bank, Novo’s partner bank for the Novo Business Credit Card. “Novo has created a purpose-built banking platform with products and services that are as complimentary as they are valuable together.”
Taoshi enters the wealth management space with Glitch
Known for blockchain innovations, Taoshi has developed Glitch, an AI-driven trading platform geared toward individual investors seeking sophisticated strategies without full custody of funds.
Glitch connects directly with users’ brokerage accounts, offering automated trading options that allow individuals to engage in advanced strategies independently.
Set to expand beyond its current alpha phase in 2025, Glitch signals Taoshi’s efforts to democratize access to wealth management tools traditionally reserved for larger institutions.
Arrash Yasavolian, CEO and founder of Taoshi, commented: “Our goal is to create significant wealth opportunities for as many people as possible. We’re dedicated to advancing this vision and making a positive impact on a broad scale.”
FV Bank unveils new debit and corporate expense cards with Visa
ClearBank, a UK-based clearing and embedded banking platform, has partnered with Visa to advance real-time payments in Europe, leveraging ClearBank’s cloud-native technology.
The collaboration aims to support efficient transaction processing and reconciliation across the UK and Europe. Future plans include Visa Direct, which will enable real-time cross-border payments, marking a key step in ClearBank’s ongoing European expansion following its recent licence from the European Central Bank.
Emma Hagan, CEO at ClearBank UK, said: “This announcement is only the beginning of our multi-faceted collaboration, and we’re excited to see how we can continue to provide our mutual customers with the right technology to innovate and empower them to build new propositions.”
While Mandy Lamb, MD UK&I, at Visa, also described the collaboration as a “great example of how we can work with partners to deliver the tools and services they need to help them expand their business”.
Yuno rolls out payout for simplified global payments
Payment orchestration platform Yuno has launched Payout, a feature designed to ease the burden of managing multiple payout providers for businesses with global reach, like marketplaces and gig economy platforms.
Payout centralises pay-ins and pay-outs within a single API, enabling businesses to reduce the complexity and cost associated with regional provider management. This setup supports more efficient global transactions, offering companies a streamlined alternative for cross-border payments.
“This new feature elevates our offering by providing merchants with complete end-to-end orchestration, freeing them from the burden of managing multiple provider integrations while enabling them to reduce costs and optimise their payment operations easily,” explained Juan Pablo Ortega, co-founder and CEO of Yuno. “We’re excited to see the positive impact this will have on merchants worldwide.”
Marqeta Flex boosts BNPL options in digital wallets
As buy now, pay later (BNPL) demand rises, Marqeta introduced Flex, a solution that integrates BNPL options directly into payment apps and wallets, at Money20/20 USA 2024.
With partners like Klarna and Affirm on board, Flex aims to make BNPL more accessible within the user’s payment flow, creating a seamless checkout experience. Flex is set to give digital wallets and card issuers the ability to integrate multiple BNPL choices, empowering consumers with flexible payment terms across global markets.
“Marqeta Flex is about building upon the transformational impact that Buy Now, Pay Later has had over the last decade, and helping consumers access these options intuitively from inside an even greater range of payment experiences,” revealed Simon Khalaf, Marqeta‘s CEO.
AU10TIX’s Identity Fraud Report warns of AI-driven threats
Identity verification provider AU10TIX released its Q3 2024 Global Identity Fraud Report in Vegas which reveals a significant increase in AI-powered fraud tactics.
New methods such as synthetic selfies and bots are bypassing traditional security measures, particularly targeting social media and payment platforms.
Selfies have historically been one of the least-used methods of fraud, due to the difficulty of outsmarting facial matching tech. However, fraudsters are now exploiting extremely sophisticated technology to create 100 per cent deepfaked ‘selfies’ that match the synthetic IDs they use to trick automated KYC processes.
“While companies are using AI to bolster security, criminals are weaponising the same technology to create synthetic selfies and fake documents, making detection almost impossible.” said Dan Yerushalmi, CEO of AU10TIX.
Jumio Liveness enhances identity verification with advanced security
Following this AI-driven fraud trend, digital identity verification provider Jumio is bolstering its platform’s security with Jumio Liveness, a new technology that counters advanced fraud tactics such as deepfakes and injection attacks.
By guiding users through the selfie capture process with real-time feedback, Jumio Liveness helps ensure high-quality image captures for verification, while detecting anomalies like forced verification attempts.
This enhancement supports industries requiring strict compliance by combining user experience improvements with elevated fraud prevention measures. The technology helps users capture clear, glare-free selfies with fully visible faces, eliminating issues like blur.
“Jumio Liveness is designed to address the growing sophistication of fraud tactics while keeping the user experience simple,” said Bala Kumar, chief product and technology officer at Jumio. “Our goal is to help businesses stay ahead of threats like deepfakes and ensure that legitimate users can securely access services without added complexity.”
Trulioo showcases instant verification results and transaction growth
As identity verification providers respond to increasingly complex fraud tactics, Trulioo has introduced a new instant results feature to boost verification speed and efficiency.
It has already helped an enterprise client improve verification speed by 56 per cent across 10 countries. By reducing onboarding time by an average of two seconds, Trulioo’s instant results feature highlights the platform’s focus on efficiency without compromising accuracy or compliance.
Trulioo CTO Hal Lonas said: “With our platform’s capability to deliver faster verification results, businesses can streamline onboarding, reduce friction and drive growth.”
This post was originally published on here
