Money20/20 rewind: 5 trends that were not about AI

AI wasn’t the only star of the show at this year’s Money20/20 conference. While it certainly grabbed its fair share of attention, there were several other hot topics that shared the limelight and are set to shape the future of finance. From dynamic bank-fintech relationships to the evolving payments landscape and regulatory shifts, these were some of the top trends that were at the center of many conversations. Let’s take a closer look.

Bridging the divide

The Money20/20 conference is a stark reminder of the complex relationship between banks and fintechs in a heavily regulated industry. While there's a growing recognition of the potential for innovation and financial inclusion, outdated regulations can slow down the development and launch of new products and services. The industry's need for clear guidelines and standardized operating rules is evident, as seen in the emergence of initiatives like the Coalition for Financial Ecosystem Standards (CFES). This points to the importance of active engagement between banks, fintechs, regulatory landscape that supports innovation without compromising safety and soundness. By leveraging secure platforms and engaging in industry forums, participants can address shared concerns like fraud and AML. Additionally, active engagement with regulators is crucial to shape a regulatory landscape that supports innovation without compromising safety and soundness. As the industry continues to evolve, it's imperative for banks and fintechs to work together to build a future where technology and traditional finance can coexist harmoniously.

The 1033 rule of open banking

The 1033 final rule, also known as the Open Banking rule, was a major talking point at Money20/20. This landmark regulation, issued by the Consumer Financial Protection Bureau (CFPB), empowers consumers by granting them greater control over their financial data. By requiring financial institutions to provide consumers and authorized third-party providers with access to their financial information, the rule is poised to revolutionize the financial services industry. This increased data accessibility will foster innovation, competition, and the development of new financial products and services. While the rule presents challenges for financial institutions, it ultimately benefits consumers by giving them more choice, transparency, and control over their financial lives.

Powering the global economy

International payments were a major focus at Money2020. It's clear that cross-border transactions are the future of finance. Whether it's businesses importing goods, or travelers paying for a hotel room, these payments are becoming increasingly essential. The real game-changer is digital remittances. Traditional methods of sending money home are slow, expensive, and often unreliable. Fintechs are disrupting this space by offering faster, cheaper, and more secure options. This trend is not just about convenience anymore; it's about empowering people and driving economic growth – and the future is bright!

The new gold standard for financial transactions

While on the topic of international payments...The adoption of ISO 20022 will be taking place over multiple years, with the goal of implementing it for cross-border payments by November 2025. It's like a universal language for financial transactions, making cross-border payments smoother and more efficient. By adopting this standard, financial institutions will be able to streamline operations, improve data quality, and expand their global reach. It's clear that ISO 20022 is the future of financial messaging, and those who embrace it will be well-positioned to thrive in the digital age.
Learn: Cross River is already getting ready for fedwire’s shift.

The future of money is invisible

It’s clear that the future of finance is digital. So, it was no surprise that virtual cards and accounts were at the forefront of many Money20/20 conversations. They are no longer a trend; they’re reshaping how we transact. They offer flexibility and security, but also empower businesses to offer tailored financial solutions giving consumers greater control over their money. By embedding financial services into our everyday apps and platforms, we're witnessing a seamless shift towards a future where payments are invisible. As technology continues to evolve, we can expect even more innovative payment solutions to emerge, shaping a future where financial services will be as effortless as scrolling through our phones.

Money20/20 is always a great time to see where things are moving across financial services. This year’s conference highlighted several key trends beyond just AI, and we can’t wait to be back for the 2025 edition.

Cross River is a technology infrastructure provider that powers the future of financial services. Get in touch to learn more.