Name: Revolutionizing cross-border payments: the next frontier
Uploaded: 2024-09-24T11:32:21.400Z
Duration: 490.96
Description: Join Kevin Brown, CMO and Head of Corporate Development for Onbe, as delves into emerging trends in digital payments, the ongoing relevance of paper checks, and the potential of AI in revolutionizing payment systems. He also sheds light on the importance of context-driven payout choices and the future of cross-border payments.

FF.SP.07 - Kevin Brown 500mb v2.mp4

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FinovateFall 2024

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FF.SP.07 - Kevin Brown 500mb v2.vtt

English

{{00:00:04}}
Hi, I'm William Mills.

{{00:00:05}}
I'm at Finovate Fall in New York, and
I'm pleased to be joined by Kevin Brown,

{{00:00:09}}
CMO and Head of Corporate Development
for Onbe how are you doing today, Kevin?

{{00:00:13}}
Good.

{{00:00:14}}
It's great to be at Finovate,
and thanks for having me.

{{00:00:16}}
Appreciate it.

{{00:00:17}}
Well, first, tell us about Onbe
and your company's primary mission.

{{00:00:20}}
Sure.

{{00:00:21}}
Not surprisingly, given we're
at Finovate, Onbe is a FinTech.

{{00:00:24}}
We are a payouts platform, and what we
do is for our clients, so they could be

{{00:00:30}}
enterprises, banks, software platforms.

{{00:00:34}}
We make it easier, we make it safer,
and we make it cheaper for them to

{{00:00:39}}
issue payouts to their end consumers,
maybe employees, or individuals.

{{00:00:45}}
And so it's easy, it's safe,
it's cheap, and we provide a

{{00:00:50}}
modern digital payout choice.

{{00:00:51}}
So that could be a virtual card,
that could be PayPal and Venmo,

{{00:00:56}}
that could be ACH, so any number of
payout modalities while enabling the

{{00:01:03}}
corporate to be able to move faster.

{{00:01:04}}
Well, that makes a lot of sense
because we've, the last few years,

{{00:01:07}}
seen a huge uptake in consumers
using tap to pay, virtual payments,

{{00:01:11}}
digital wallets, you name it.

{{00:01:13}}
What are some of the emerging trends
in digital payments that you think

{{00:01:16}}
businesses should be more aware of?

{{00:01:19}}
Absolutely.

{{00:01:20}}
So, you know, being here
in New York and in the U.

{{00:01:22}}
S., one of the very prevalent
modalities, or payment instruments that

{{00:01:29}}
still exist are paper based checks.

{{00:01:31}}
So we did research worked with
the team at Oliver Wyman, and in

{{00:01:35}}
2023, there were still 1.7 trillion
dollars of paper, check, or cash

{{00:01:42}}
based business to consumer payments.

{{00:01:45}}
Really?

{{00:01:45}}
Right.

{{00:01:46}}
Huge amount of paper that's out there.

{{00:01:47}}
And by the way, checks are dated,
not a great customer experience.

{{00:01:52}}
requires action on behalf of
the consumer and they're really

{{00:01:55}}
expensive to corporate clients.

{{00:01:57}}
Yes, well we can talk about and we'll
I'm sure talk about the evolution

{{00:02:00}}
of the different digital payment
modalities, the importance of the

{{00:02:04}}
arrival of context driven choice,
the immediacy of those payments.

{{00:02:10}}
As an industry, we have a huge opportunity
to still alleviate a significant amount of

{{00:02:14}}
pain, both for the ultimate enterprises,
and then their consumers and recipients,

{{00:02:19}}
just by the doing away of paper checks.

{{00:02:22}}
Considering FedNow and the rise of
real time payments, what innovations do

{{00:02:26}}
you anticipate in the digital payment
world in the next 5, even 10 years?

{{00:02:31}}
Sure.

{{00:02:32}}
Look, and I'm sure that we've, heard
it on the stage here at the show,

{{00:02:36}}
and trends that I continue to see.

{{00:02:38}}
Taking a step back, we spend a lot of
time with our clients, of course, but then

{{00:02:42}}
understanding the ultimate desires and
the important data points for consumers.

{{00:02:49}}
And so we do an annual payment study
and very consistently year over year

{{00:02:53}}
we hear when we ask consumers to
rank for payouts, the top drivers

{{00:02:58}}
of how they receive their money?

{{00:03:00}}
Choice, speed, and convenience.

{{00:03:04}}
Choice consistently, actually it's
interesting, choice ranks number one.

{{00:03:08}}
And that's because you as a consumer
when you step off the stage here,

{{00:03:12}}
how you want to receive your payroll
might actually be a different.

{{00:03:15}}
You might probably want that
if you have a bank account, I'm

{{00:03:18}}
guessing right in your bank.

{{00:03:19}}
But if you were going to receive
a $100 rebate or $200 rebate for a

{{00:03:24}}
mobile phone, you might want that
right in your mobile wallet so that

{{00:03:29}}
you could spend that back at a store.

{{00:03:31}}
Which is differently than if you wanted
to go send money abroad for another

{{00:03:36}}
reason, maybe because you're traveling.

{{00:03:38}}
The context in which you're receiving
that payment is critically important.

{{00:03:42}}
I think, yes, there's a natural inkling
to say, digital, it just needs to be fast.

{{00:03:47}}
Absolutely, but more important that
we find is context driven choice.

{{00:03:51}}
I like that because I'm not hearing choice
as being the driver in a lot of this.

{{00:03:56}}
One of the things that you've
seen at Finovate, all over the

{{00:03:59}}
place, is AI is everywhere.

{{00:04:03}}
What is the role do you see AI playing
in payments in the coming years?

{{00:04:08}}
Sure, I think about AI in payments
at a couple different levels.

{{00:04:12}}
Fundamentally at a business level.

{{00:04:15}}
Ranging from, again, thinking about
the audience here, you could be

{{00:04:19}}
part of the world's largest bank,
to part of the earliest stages

{{00:04:23}}
of a, pre funding round FinTech.

{{00:04:27}}
The ability to be able to leverage
AI as part of your core platform,

{{00:04:32}}
and be really efficient in leveraging
tools, whether it's for servicing,

{{00:04:36}}
whether it's for marketing Whether
it's for gaining insights on

{{00:04:40}}
product development and insights.

{{00:04:41}}
I think AI is of course going
to be embedded into all that we

{{00:04:44}}
do from a business standpoint.

{{00:04:45}}
What that means practically is,
startups can get stood up quicker.

{{00:04:49}}
Larger firms can really think about
operating with efficient margins

{{00:04:53}}
and getting more done with less.

{{00:04:54}}
So I think that's any business.

{{00:04:55}}
And they need to be thinking about
how AI can come into their workflows

{{00:05:00}}
and ultimately deliver better
client or consumer experiences.

{{00:05:03}}
So that's kind of one point.

{{00:05:05}}
I think that the second point on top of
that, AI specifically around payments,

{{00:05:09}}
back to the point around choice that
I gave, there's a great insight to

{{00:05:13}}
saying, instead of the the need to
pattern match or ask the question

{{00:05:20}}
around for a payroll versus a rebate
versus a refund, being able to leverage

{{00:05:25}}
data, being able to leverage those data
sets and service up a, maybe what's a

{{00:05:30}}
menu of 15 different payout options.

{{00:05:32}}
But in real time, based on the data
that's gained from those LLMs and

{{00:05:36}}
AI, we can actually surface up, let's
say, the top two or three choices

{{00:05:40}}
that might be the most relevant, well,
it sounds like we're just scratching

{{00:05:43}}
the surface on AI and payments.

{{00:05:46}}
Everything's better, faster,
secure, but cross border

{{00:05:49}}
payments,  are still challenging.

{{00:05:51}}
How can FinTech better help with a more
convenient, fast, and complete solution?

{{00:05:56}}
Why cross border payments?

{{00:05:59}}
Yeah, look, I mean, cross border and
Onbe, that's a capability we offer.

{{00:06:04}}
We have the opportunity to power a number
of the world's largest cruise lines where

{{00:06:09}}
we can issue money in compensation in U.S.

{{00:06:12}}
dollars.

{{00:06:12}}
And then we offer foreign exchange
capabilities on the back end of that.

{{00:06:16}}
And for Cross border in general.

{{00:06:18}}
I think there's two things.

{{00:06:19}}
There's one, within the different
countries and the overall regulatory

{{00:06:22}}
regimes, as different digital modalities
are offered in different markets,

{{00:06:29}}
being able to make sure that there's a
level of integration across the world.

{{00:06:32}}
That's one.

{{00:06:33}}
And then two I think smart routing,
the ability to be able to move things

{{00:06:37}}
quicker at a better, more efficient cost.

{{00:06:40}}
Just given the nature of the lower cost
base to provide those services, that's

{{00:06:44}}
something that we'll just see continued
efficiency as the years tick on.

{{00:06:47}}
In closing, what is the one most
important point that you'd like

{{00:06:52}}
to share with viewers today?

{{00:06:54}}
That's a tough one, but look, I think
that for us it's I'll echo the comments

{{00:06:59}}
that the fellow panelists and I was on
stage a little bit earlier, and we talked

{{00:07:03}}
about meeting customers, so that could
be a client or that could be a consumer,

{{00:07:07}}
meeting them where they're at, right?

{{00:07:08}}
So giving them the options for what
they need to transact in that moment.

{{00:07:13}}
And so that could be likely in this
world in 2024, that is digital of some

{{00:07:18}}
way, but give them instant, give them
that choice and give that a convenience.

{{00:07:23}}
That makes a lot of sense.

{{00:07:23}}
Well, Kevin, I really
appreciate your time today.

{{00:07:25}}
And again, this is William Mills
at Finovate Fall in New York.

I'm at Finovate Fall in New York, and
I'm pleased to be joined by Kevin Brown,

CMO and Head of Corporate Development
for Onbe how are you doing today, Kevin?

It's great to be at Finovate,
and thanks for having me.

Well, first, tell us about Onbe
and your company's primary mission.

Not surprisingly, given we're
at Finovate, Onbe is a FinTech.

We are a payouts platform, and what we
do is for our clients, so they could be

We make it easier, we make it safer,
and we make it cheaper for them to

issue payouts to their end consumers,
maybe employees, or individuals.

And so it's easy, it's safe,
it's cheap, and we provide a

So that could be a virtual card,
that could be PayPal and Venmo,

that could be ACH, so any number of
payout modalities while enabling the

Well, that makes a lot of sense
because we've, the last few years,

seen a huge uptake in consumers
using tap to pay, virtual payments,

What are some of the emerging trends
in digital payments that you think

So, you know, being here
in New York and in the U.

S., one of the very prevalent
modalities, or payment instruments that

So we did research worked with
the team at Oliver Wyman, and in

2023, there were still 1.7 trillion
dollars of paper, check, or cash

And by the way, checks are dated,
not a great customer experience.

requires action on behalf of
the consumer and they're really

Yes, well we can talk about and we'll
I'm sure talk about the evolution

of the different digital payment
modalities, the importance of the

arrival of context driven choice,
the immediacy of those payments.

As an industry, we have a huge opportunity
to still alleviate a significant amount of

pain, both for the ultimate enterprises,
and then their consumers and recipients,

Considering FedNow and the rise of
real time payments, what innovations do

you anticipate in the digital payment
world in the next 5, even 10 years?

Look, and I'm sure that we've, heard
it on the stage here at the show,

Taking a step back, we spend a lot of
time with our clients, of course, but then

understanding the ultimate desires and
the important data points for consumers.

And so we do an annual payment study
and very consistently year over year

we hear when we ask consumers to
rank for payouts, the top drivers

Choice consistently, actually it's
interesting, choice ranks number one.

And that's because you as a consumer
when you step off the stage here,

how you want to receive your payroll
might actually be a different.

You might probably want that
if you have a bank account, I'm

But if you were going to receive
a $100 rebate or $200 rebate for a

mobile phone, you might want that
right in your mobile wallet so that

Which is differently than if you wanted
to go send money abroad for another

The context in which you're receiving
that payment is critically important.

I think, yes, there's a natural inkling
to say, digital, it just needs to be fast.

Absolutely, but more important that
we find is context driven choice.

I like that because I'm not hearing choice
as being the driver in a lot of this.

One of the things that you've
seen at Finovate, all over the

What is the role do you see AI playing
in payments in the coming years?

Sure, I think about AI in payments
at a couple different levels.

Ranging from, again, thinking about
the audience here, you could be

part of the world's largest bank,
to part of the earliest stages

The ability to be able to leverage
AI as part of your core platform,

and be really efficient in leveraging
tools, whether it's for servicing,

whether it's for marketing Whether
it's for gaining insights on

I think AI is of course going
to be embedded into all that we

What that means practically is,
startups can get stood up quicker.

Larger firms can really think about
operating with efficient margins

And they need to be thinking about
how AI can come into their workflows

and ultimately deliver better
client or consumer experiences.

I think that the second point on top of
that, AI specifically around payments,

back to the point around choice that
I gave, there's a great insight to

saying, instead of the the need to
pattern match or ask the question

around for a payroll versus a rebate
versus a refund, being able to leverage

data, being able to leverage those data
sets and service up a, maybe what's a

But in real time, based on the data
that's gained from those LLMs and

AI, we can actually surface up, let's
say, the top two or three choices

that might be the most relevant, well,
it sounds like we're just scratching

Everything's better, faster,
secure, but cross border

FinovateFall

Expert Insight

Join Kevin Brown, CMO and Head of Corporate Development for Onbe, as delves into emerging trends in digital payments, the ongoing relevance of paper checks, and the potential of AI in revolutionizing payment systems. He also sheds light on the importance of context-driven payout choices and the future of cross-border payments. 