Money 2020, Amsterdam: “Where Money, Tech & Magic Met”
NorthRow were proud to support Money 2020 Europe in Amsterdam (3rd-5th June 2019) showcasing their latest suite of Anti-Money Laundering (AML) Know your Business (KYB) and Know your Customer (/KYC) solutions.
Money 2020 Europe labelled as Europe’s largest FinTech event celebrated its 4th Birthday this week, welcoming 350 speakers onto 7 stages over 3 busy days. Tracey Davis, President of Money 2020 opened the conference (which was located in the RAI Amsterdam Conference Centre) using an ‘Alchemy” theme, encouraging the 6000+ participants to mix “money, technology and magic” into a big chemistry conical flask of ideas!
Money 2020’s Agenda managed to cover topics ranging from Banking Transformation to Payments Evolution & Innovation; from Cyber Security & Risk Management and Identity & Authentication to Data Driven Innovation and Regulation & Compliance. Speakers from industry specialists through to companies such as Amazon, Mastercard, PayPal as well as from Stripe took to the stage offering thought-provoking questions or proposals such as SoftBank’s Akshay Naheta, Managing Partner pondering if …
“WhatsApp will become the next global finance company which will transition us into a cashless/mobile society within five years”.
The quality of the presentations was set from the start, seeing Ambassador Susan Rice United States National Security Advisor 2013-2017) and U.S Ambassador to the United Nations (2009-2013) on Day one discussing Banking Security, Global Affairs, and the age of reputation crisis at the Financial Crime Summit, commenting “You’re never going to have perfect information.You have to get comfortable with making decisions with less than perfect information, using your best judgement and bringing history to bear.”
There were some common themes which came across during the three days agenda at Money 2020 with “Trust”, “Partnerships” and “User Experience” heading the list, numerous insightful discussions about what the traditional banks can learn from so-called ‘Challenger Banks’ and other FinTech companies too, all with repeated calls to just drop “Digital” and “Artificial Intelligence (AI) as this is now the ‘norm’ in the world of banking!
Anthony Fenwick, Head of AML Advisory Compliance at Citi continued to reinforce this during his presentation highlighting that “(Banks) must reduce the cost of compliance” and during a connected panel discussion regarding commercial models in payments for SME businesses, his colleague Tony McClaughlin reported “payment providers and other financial services may ultimately all serve businesses through mega-platforms. The importance of companies working together through open APIs end-to-end is the test of survival”.
With the UK & EU payments and financial landscape moving so fast, the Money 2020 audience was given the opportunity to reflect over the last 12 months with thanks to Imran Gulamhuseinwala, Implementation Trustee for OpenBanking, explaining the lessons learned in the UK since last year with Salim Hashan, McKinsey providing other useful insights gained, reporting that “ … there is a competitive advantage of doing KYC and OnBoarding well”
NorthRow is immensely proud to support OpenBanking’s identity-proofing and verification processes, ensuring security and customer needs are embedded at its core. FCA-regulated parties will be able to apply to access the data, therefore thorough and comprehensive verification checks are paramount.
Thank you Amsterdam for hosting another great Money 20/20 Europe Conference, see you in 2020!
Oliver Dix is the Head of Product Marketing at NorthRow
NorthRow simplifies complex compliance checks for financial services firms to streamline the client onboarding journey, improve operational efficiency and reduce business risk.
NorthRow delivers a unique combination of automated and managed single API. Identity Verification (IDV), Know Your Business (KYB) and Know Your Customer (KYC) checks via a single API. This can help ensure that onboarding is as frictionless as possible, meets Anti-Money Laundering (AML) and other compliance requirements, including client suitability and appropriateness under MiFID II. NorthRow also offers a fully managed service when enhanced due diligence is required.