AD Report UniTeller has made a significant move in the global payments industry with the acquisition of MORE Payment Evolution.
Around the Globe
Boosting Business: Digitizing cross-border payments for SMEs
Inside Job Driving the Future of Cross-Border Money Movement: Insights from Visa's 2024 Digital Remittances Adoption Report
Industry Leader
PAUL BANCES Vice President - Global Market Development Blockchain, Crypto & Digital Currencies
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EDITOR’S LETTER
As we approach 2025, the payments industry stands on the cusp of unprecedented transformation. This is not merely a moment of growth—it’s a pivotal shift that will redefine the global financial landscape. At the forefront of this transformation is the strategic role of Mergers and Acquisitions, where collaboration and consolidation are unlocking new possibilities for scale, innovation, and market leadership. These are no longer just financial transactions; they are strategic imperatives that fuel industry evolution. They allow businesses to expand their geographic footprint, enhance product portfolios, and deliver more integrated and agile solutions to meet the demands of today’s connected world. More than ever, this strategic approach is empowering organizations to not only compete but to lead in a marketplace where digital transformation is accelerating at an unparalleled pace. This new era requires vision. Successful organizations are those that understand the profound opportunity and utilize this as a growth accelerator and as a means to deliver real value to consumers and businesses globally. Cross-border payments, in particular, are ripe for disruption, and those who strategically position themselves will shape the next generation of financial services.
Diego Muñoz
At CrossTech World 2024, we will convene thought leaders, innovators, and decision-makers to discuss how these initiatives can drive sustainable growth and innovation. This isn’t just about capitalizing on opportunities—it’s about defining the future of global payments. Together, we will explore how strategic partnerships and consolidation can unlock new potential in the rapidly evolving cross-border payments landscape. As we look ahead to 2025 and beyond, one thing is clear: The organizations that embrace strategic opportunities will lead the charge in shaping a more efficient, inclusive, and connected financial ecosystem. At CrossTech, we are committed to being at the heart of this evolution—working alongside our partners to drive meaningful change and unlock new horizons for our industry. I look forward to seeing you in Miami, where we will define the future of payments together.
Priscilla D'Oliveira COO, CrossTech
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IN THIS
EDITION Contributors ......................................... 3 AD Report ............................................. 7
UniTeller
Column of Opinion ............................... 9
BITSO - Gabriele Zuliani
AROUND THE GLOBE .......................... 10
Mastercard - Walter Pimenta
NICE TO MEET YOU
Eduardo Campos Banco Daycoval
......................... 18
INDUSTRY LEADERS ............................ 19
Paul Bances PayPal
AROUND THE GLOBE ......................... 22
GLOBAL TRENDS ................................. 12
Visa
Priscilla D'Oliveira CrossTech
INSIDE JOB .......................................... 15
COLUMN OF OPINION ........................ 23
Bantrab
Terrapay
COLUMN OF OPINION ........................ 24
dLocal
TO KEEP IN MIND ............................... 26
Jennifer Holguin CrossTech
FINTECH INSIGHTS ............................. 29
Amparo Nalvarte B89
Agenda ................................................. 30 Conference Speakers ......................... 33 Highlighted Panels ............................ 36 Our Team ............................................. 46
CONTRIBUTORS
PAUL BANCES
Vice President - Global Market Development - Blockchain, Crypto & Digital Currencies
Paul Bances is an accomplished leader with extensive experience in the financial services and payments industries, currently serving as the Vice President of Global Money Transfer at PayPal. With over two decades of expertise, Paul has spearheaded significant growth in cross-border payments, focusing on innovative strategies that enhance financial access and inclusion. His leadership spans across key areas such as remittances, digital payments, and partnerships, making him a driving force in the global payments ecosystem. Paul holds a strong track record in scaling operations and delivering impactful solutions for businesses and consumers worldwide.
Priscilla D’Oliveira, is an executive with over 15 years of experience in strategy, process improvement, and international payments. Her career began at American Express, where she successfully led diverse teams within the payments industry, driving key initiatives that shaped the company’s growth trajectory. Transitioning to the Latin American market, Priscilla played a pivotal role in developing Long-Range Planning (LRP), business planning, and overall growth strategies, significantly contributing to the region’s success. PRISCILLA D’OLIVEIRA COO - CrossTech
WALTER PIMENTA
Executive Vice President, Products and Engineering, Mastercard Latin America and the Caribbean
After a distinguished career at American Express, Priscilla took on the role of Director of Student Success at Laureate International Universities. There, she spearheaded a comprehensive student retention strategy across Latin America and Europe, further showcasing her ability to lead transformative projects on a global scale.
Walter Pimenta is Executive Vice President of Commercial and New Payment Flows for Latin America and the Caribbean at Mastercard. Leading initiatives in digital, B2B, and multi-rail payments, Walter draws on over 20 years of experience and deep industry expertise to support digital transformation across the region. Since joining Mastercard in 2011, he has held multiple leadership roles, driving innovation in payment solutions with a focus on security and customer experience. Before Mastercard, he held management roles at Citibank and Gemalto. Walter holds a Master’s and Bachelor’s in Computer Science from the Federal University of Lavras in Brazil.
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CONTRIBUTORS
EDUARDO CAMPOS
Director of Exchange - Banco Daycoval
Eduardo Campos is a seasoned leader with 31 years of professional experience in the foreign exchange market, currently serving as the Director of Retail Exchange at Banco Daycoval. His career spans roles at banks, brokerage firms, and credit promoters, where he has consistently driven innovation and client-focused solutions. With training in Law and Management of Retail Companies, Eduardo brings a unique blend of legal insight and operational expertise to his leadership. His strategic vision, combined with a commitment to responsible growth and empathy, has positioned Banco Daycoval at the forefront of cross-border payment solutions in Latin America, making him a key figure in the region’s evolving financial landscape.
Gabriele Zuliani, Director Bitso Business, is a specialist in the Payments industry, motivated on applying innovation and new technology to evolve payments for the needs of XXI century digital and global companies.
GABRIELE ZULIANI Director Bitso Business
JENNIFER HOLGUIN
With more than two decades of C-suite experience working for Fortune 500 and Fintech companies, he has held leadership roles in Product, Business Development, and General Management in highly competitive, multicultural environments across the world, having developed high skills and passion on business disruption, teamwork, and sustainable growth.
Jennifer Holguin is an accomplished international consultant with expertise in Finance, Sales, and Marketing. At CrossTech Consulting formerly known as Mohr World Consulting, she is crucial in crafting effective business strategies and acts as the company’s representative, fostering collaborations within the financial sector. Her banking experience spans Latin American countries, including Citibank and Banco de Occidente positions, allowing her to respond to market demands and drive company growth effectively.
Lead Consultant - CrossTech
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CONTRIBUTORS
Amparo, recognized by MIT as a young innovator under 35 years of age in Latam, is a prominent entrepreneur and expert in the world of fintech and cross-border payments. He founded Culqi, the payment gateway that transformed e-commerce in Peru. A lover of finance and technology, his passion is creating solutions that improve people’s lives. AMPARO NALVARTE CEO Cofunder - B89
UniTeller Financial Services, a subsidiary of Grupo Financiero Banorte, one of the largest Financial Groups in Latin America and the second-largest in Mexico, is a Cross Border Payment Processor based in the United States and one of the market leaders offering International Remittance and Cross Border Payment Processing Services. With an extensive network of more than 200,000 paying locations worldwide, UniTeller offers coverage in Latin America, Asia, Africa, and Europe.
Visa Inc. is the world’s leader in digital payments. With a mission to connect the world through the most innovative, reliable and secure payment network VISA is enabling individuals, businesses and economies to thrive. Visa’s advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying the brand, products, people, network and scale to reshape the future of commerce.
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CONTRIBUTORS
BANTRAB TerraPay. nace en 1966 para promover el desarrollo y bienestar de los trabajadores guatemaltecos, así como para atender sus necesidades de ahorro, inversión y financiamiento. Un banco privado con sentido social. Se convierte en Grupo Financiero en 2010 y, gracias a su buen desempeño, se constituyó en el banco más rentable del país y en el sexto en volumen de activos. Su Misión es trabajar duro por el bienestar de todos los trabajadores. Su Visión es hacer de los trabajadores la principal fuerza financiera del país. Los valores bajo los cuales trabaja son: la responsabilidad, transparencia, equidad y trabajo con pasión.
TerraPay. Headquartered in the United Kingdom, TerraPay believes that the smallest payment deserves a borderless journey as safe as the largest. Backed by the world’s most trusted institutions: The International Finance Corporation (IFC), Partech, and Prime Ventures, the company has been building an ever-expanding payments highway that empowers businesses to create transparent customer experiences with an uninterrupted, secure, and real-time global passage for every payment, however small or large. Registered and regulated in over 26 global markets, TerraPay is a leading global partner to banks, mobile wallets, money transfer operators, merchants, and financial institutions, creating a more expansive and inclusive global financial ecosystem.
dLocal powers local payments in emerging markets, connecting global enterprise merchants with billions of emerging market consumers in 40 countries across Africa, Asia, and Latin America. Through the “One dLocal” platform (one direct API, one platform, and one contract), global companies can accept payments, send pay-outs and settle funds globally without the need to manage separate pay-in and pay-out processors, set up numerous local entities, and integrate multiple acquirers and payment methods in each market.
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AD REPORT
UniTeller Unites with MORE Payment Evolution UniTeller has made a significant move in the global payments industry with the acquisition of MORE Payment Evolution. This strategic merger brings together two leading players in cross-border payments, aiming to expand capabilities and strengthen their presence in international markets. A Synergy of Excellence and Innovation By joining forces, UniTeller and MORE Payment Evolution are set to deliver more efficient, innovative, and seamless payment solutions. This collaboration creates a powerful synergy, combining technological innovation with operational expertise. Both companies contribute distinct strengths, including UniTeller’s extensive cross-border payment network and MORE’s cutting-edge technology platform. Together, they are building a more agile and scalable operation that boosts efficiency while expanding the company’s global reach. Currently operating across 15 countries, the merger significantly enhances UniTeller’s presence in key markets, including the United States, Canada, Mexico, South
America, Europe, and Africa. With a global network now spanning over 200,000 locations in more than 120 countries, UniTeller and MORE are poised to facilitate faster and smoother cross-border transactions, serving both developed and emerging markets. Revolutionizing Global Payment Networks This merger is not just about expanding geographically—it’s about transforming the global payments infrastructure. With enhanced connectivity and a broader network, UniTeller and MORE aim to bridge the gaps between diverse markets, simplifying complex cross-border payment processes. Their combined resources will streamline payment flows, reduce transaction times, and improve currency exchange efficiency.
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AD REPORT
By leveraging advanced technology and a strategic market presence, the merger sets new benchmarks for speed, security, and reliability in global transactions. This is particularly important as the payments industry faces growing demand for real-time transfers, enhanced security protocols, and more cost-effective solutions.
Additionally, the partnership prioritizes security and regulatory compliance in an increasingly interconnected world. By integrating their systems, UniTeller and MORE are enhancing security measures to protect against fraud and financial crime, adhering to the rigorous standards set by international financial regulators.
Alberto Guerra, CEO of UniTeller, highlighted the broader vision: “With the MORE acquisition, UniTeller is positioning itself as a global player in payment networks, with multiple local presences providing the platform to scale beyond remittances into new cross-border payment products.”
Conclusion
Sergio Pérez, CEO of MORE Payment Evolution, added: “We are very excited about the future of our combined companies. The synergies, added capabilities, and cultural alignment will enable UniTeller | MORE to become a leader in cross-border payment services, not just in the Americas but globally.”
The acquisition of MORE Payment Evolution by UniTeller marks a forward-thinking strategy that aims to reshape the global payments industry and redefine how cross-border transactions are conducted. This union is setting the stage for a new era of global financial connectivity. With UniTeller and MORE leading the way, the future of payments is more inclusive, secure, and connected than ever. Together, they are ready to chart new paths, redefine industry standards, and unlock the full potential of global payments, ensuring financial services are faster, more secure, and accessible to everyone.
Navigating the Future of Cross-Border Payments As the global economy evolves, the need for more interconnected and interoperable payment systems grows. In an era of rapid advancements such as artificial intelligence, blockchain, and real-time payments, the combined expertise of UniTeller and MORE positions them to navigate the complexities of the international payments landscape effectively. This merger empowers both companies to innovate at scale, anticipating future trends in the payments ecosystem. Together, they are setting new standards for cross-border payments, with a shared commitment to financial inclusion. This ensures that even underserved regions benefit from more accessible and affordable financial services. 8
COLUMN OF OPINION
How to move money between countries in XXI century By Gabriele Zuliani, Bitso Business Director
GABRIELE ZULIAN Bitso Business Director
In an interconnected world where international trade fuels economic growth, being able to move money across borders is essential. Yet, many businesses face inefficiencies, outdated infrastructure and unnecessary costs, due to fragmented and incompatible banking systems around the world that makes global payments an expensive, slow and inefficient process.
The root of the issue lies in antiquated correspondent banking systems that require multiple intermediaries to facilitate transactions, leading to delays and fees. Additionally, businesses often have to "pre-fund" accounts in foreign currencies, locking up capital in costly ways. As this system was not designed for today's globalized and fast-paced environment, an alternative is rising to transform companies' cross-border payments. The use of stablecoins based on the blockchain technology eliminates numerous intermediaries, providing a cost-efficient, real-time solution and also adding transparency to the whole process. Some of the challenges today are regulation and local rails, as converting digital assets to fiat currency requires local banking system integration. By working with regulated payments institutions like Bitso Business, companies can have an efficient and secure access to the local payments systems to move money without the need for prefunding. The future of cross-border payments looks promising. The shift to blockchain systems mirrors the transition from physical to online payments, which took years of consumer education and trust-building but ultimately transformed commerce. B2B payments are on the brink of a similar transformation. While the inefficiencies of correspondent banking won't vanish overnight, the journey toward a faster, more efficient and transparent blockchain-powered future has begun.
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AROUND THE GLOBE
BOOSTING BUSINESS: DIGITIZING CROSS-BORDER PAYMENTS FOR SMES By Walter Pimenta, Executive Vice President, Commercial & New Payment Flows, Mastercard LAC
The digitization of cross-border payments is transforming the business landscape for small and medium-sized enterprises (SMEs) in Latin America. As the region’s economic backbone, SMEs make up 99.5% of all companies and contribute to 25% of GDP. Yet, these businesses have long faced challenges when dealing with international transactions, including payment delays, and lack of transparency. However, the rise of digital payment solutions is beginning to break down these barriers, creating significant opportunities in the industry for growth and efficiency. For many SMEs, the ability to process international payments quickly and transparently can make the difference between profit and loss. Historically, small errors or the complexities of the corresponding banking networks could cause funds to be held for weeks, disrupting operations and cash flow. This is especially problematic for businesses with tight margins and limited working capital. End-to-end digital money movement solutions are changing this by providing trackable, real-time transfers with greater transparency around fees and delivery times. While the digital pivot by small businesses in Latin America is encouraging, developing digital tools can be a complex task for a single bank, as it touches many internal systems whose roadmaps are already stretched with regulatory and modernization requirements. Mastercard Move, Mastercard’s comprehensive portfolio of money transfer solutions, is providing banks with a one-stop solution to ease cross-border payment friction for customers. 10
AROUND THE GLOBE
Moreover, governments also are recognizing the need to promote financial inclusion and economic growth by encouraging fintech innovation and creating supportive policies for digital payments. This momentum, together with the region’s young and tech-savvy business demographic, is accelerating the adoption of innovative platforms that streamline international transactions. Mastercard Move provides the technology to banks and other institutions to revolutionize cross border payments, enabling them to provide fast and reliable cross-border payments tailored to the SME segment, among others. With Mastercard Move, SMEs specifically, can conduct international transactions without needing specialized in-house expertise or face a costly, complex infrastructure. These efficiencies mean these businesses can further focus on growth, innovation, and market expansion. As digital payment solutions continue to evolve, Latin America’s SMEs, and those who support them, stand to gain significantly.
GLOBAL TRENDS
Driving the Future of Cross-Border Money Movement: Insights from Visa's 2024 Digital Remittances Adoption Report By www.visa.com/visadirect Between December 2023 and March 2024, Visa surveyed nearly 45,000 remittance senders and receivers across twenty countries, including North & Latin America, Europe, the Middle East, and Asia Pacific, with the intention of understanding how, why and when people send money across borders. The results of Visa’s "Money Travels: 2024 Digital Remittances Adoption" report underscored the pivotal role of cross-border money movement in humanitarian efforts and its increasing digital transformation. Humanitarian Assistance: A Leading Driver Humanitarian assistance has emerged as a significant driver for remittance usage. According to the survey, many senders prioritize supporting people in need amid global crises. This aligns with the broader trend of remittances being a lifeline for millions of migrant workers and their families. 12
GLOBAL TRENDS
The Shift to Digital The report also reveals a clear preference for digital applications in remittance transactions. Over two-thirds of remittance users prefer digital methods, with 43% experiencing no issues when sending or receiving digital remittances. In contrast, 76-77% faced challenges with physical remittances like cash, checks, and money orders. This shift to digital is crucial for faster, easier, and more secure payments, which are vital for families, communities, and economies worldwide. Regional Variations in Remittance Motivations and Methods Digital remittances continue to be the preferred method amongst surveyed consumers across most countries. In all markets except the UAE and Saudi Arabia, digital apps are favored over sending remittances from a physical location. Similarly, digital apps are favored for receiving remittances in all markets. The motivations for sending remittances vary across countries: In India (52%), Australia (49%), and Singapore (49%), supporting the lives of people in crisis is a major reason for sending remittances. In Latin America, respondents send money due to unexpected needs, with 27% in Peru and 36% in Mexico doing so, while in Brazil, 37% sends remittances for their own accounts or investments. This new research shows the incredible acceleration of digital payments. While progress is evident, there is still more the industry can do to bring streamlined remittances within reach for more migrant workers and their families who rely on these lifeline payments. With Visa Direct, Visa is focused on creating new opportunities for financial inclusion and wealth building by helping to simplify cross-border payments and streamline the way money travels. For more information, visit Visa Direct.
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INSIDE JOB
Bantrab lleva innovaciones financieras a los connacionales en el extranjero En sus 58 años, Bantrab continúa su compromiso de promover el bienestar de los guatemaltecos. Con su estrategia de bienestar ha alineado sus productos y servicios a tres pilares fundamentales: Financiero, Social y de Desarrollo, y Digital. Con esta estrategia como guía, ha procurado ser un bálsamo ante las necesidades de aquellas personas que han dejado su país natal para cumplir sus sueños y el de sus familiares. Para Bantrab, la comunidad guatemalteca en Estados Unidos es una representación de amor, resistencia y trabajo. En consecuencia, en 2019 lanzó el programa Estés donde Estés, con el que pone a disposición distintos servicios que permiten mantener la cercanía de esta comunidad con sus seres queridos en Guatemala, por medio de la facilidad de envío de remesas, seguro y asesoría financiera. 15
INSIDE JOB
Envío fácil Conscientes de que detrás de cada remesa existen anhelos, esfuerzo, dedicación y amor, la App Remesas Bantrab es una herramienta amigable y segura, diseñada para permitir a los guatemaltecos en Estados Unidos enviar dinero directamente a cuentas bancarias, ya sea para pago en ventanilla o para servicios básicos. Por medio de esta aplicación, el banco promueve la bancarización más allá de las fronteras. Los usuarios pueden hacer envíos directos y sin costo a Guatemala todos los días, así como obtener un tipo de cambio competitivo. Hasta la fecha, el Grupo Financiero trabaja con más de 20 remesadoras para que los connacionales puedan enviar su dinero de manera segura y rápida. Además, cuenta con más de mil puntos en Guatemala para que los residentes cobren su remesa. Además, les brinda de manera gratuita el Seguro Estés donde Estés, que da cobertura médica y asistencia funeraria a clientes que residen en Guatemala. En contraparte, a quienes están en el extranjero también les ofrece asistencia especial de repatriación de restos desde Estados Unidos, Canadá y/o Latinoamérica hacia Guatemala.
Asesoría financiera El programa Estés donde Estés también promueve educación financiera para los migrantes guatemaltecos en Estados Unidos, para que su esfuerzo no sea en vano y esté enfocado en cumplir sus sueños. En el 2023, Bantrab puso a disposición los Centros de Asesoría Financiera, con la finalidad de facilitar el envío de remesas y que los migrantes guatemaltecos tengan acceso a educación acerca de finanzas, inversión y emprendimiento. Asimismo, que puedan considerar el ahorro como una acción primordial en su economía personal. Hasta la fecha existen 8 Centros de Atención Financiera en Consulados en Estados Unidos, y han funcionado para asesorar a más de 23,000 guatemaltecos. Los 8 Centros de Atención Financiera en Estados Unidos están ubicados en los consulados nacionales en: • • • •
Los Ángeles San Francisco San Bernardino Maryland
• • • •
Providence Riverhead Lakeworth Raleigh
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NICE TO MEET YOU
5 Minutes with Eduardo Campos Top Insights into His Vision and Leadership
In anticipation of CrossTech Magazine‘s upcoming Brazil Special Edition, we’re excited to offer a preview of our conversation with Eduardo Campos, a leader at Banco Daycoval who is redefining cross-border payments in Brazil. With a sharp focus on technology, security, and client-centric solutions, Campos provides powerful insights into the future of global payments. In his interview, Campos explores the impact of fast-paced digital transformation in Latin American markets. He discusses how innovations like Pix and Brazil’s new Foreign Exchange Framework are setting the stage for faster, more transparent transactions, while also emphasizing the importance of responsible growth. Campos sheds light on his team’s approach to managing rapid shifts, balancing cost-effectiveness, speed, and security to deliver exceptional client experiences. He also highlights the critical role of empathy in leadership, reminding us that each transaction tells a story of aspirations, dreams, or urgent needs
Top 3 Insights into Eduardo Campos’ Vision and Leadership 1. Commitment to Responsible Innovation: Emphasis on the importance of balancing innovation with security and compliance in cross-border payments. His focus is on sustainability and legal integrity, reflecting Banco Daycoval’s approach to ensuring high standards in a fast-paced industry. 2. Transformational Impact of Digital Solutions: Focus on creating business opportunities for Banco Daycoval to continue leveraging Pix and other digital technologies to reduce transaction costs by over 50% and increase processing speeds, showcasing the bank’s dedication to delivering fast, reliable financial solutions. 3. Client-Centered Leadership Philosophy: Strong belief that every transaction tells a story, whether it’s fulfilling a dream or responding to an emergency. His approach underscores Banco Daycoval’s commitment to handling each payment with empathy, respect, and a focus on the customer’s needs. Stay tuned for the full interview in our upcoming CrossTech Magazine Edition, where Eduardo Campos shares his vision for Brazil’s future in cross-border payments and how Banco Daycoval is leading the charge in a dynamic, ever-evolving market. 18
NICE TO MEET YOU
5 Minutos com Eduardo Campos Principais Insights sobre Sua Visão e Liderança
Em antecipação à próxima Edição Especial Brasil da CrossTech Magazine, temos o prazer de oferecer uma prévia da nossa conversa com Eduardo Campos, um líder no Banco Daycoval que está redefinindo os pagamentos transfronteiriços no Brasil. Com um foco aguçado em tecnologia, segurança e soluções centradas no cliente, Campos compartilha percepções poderosas sobre o futuro dos pagamentos globais. Em sua entrevista, Campos explora o impacto da rápida transformação digital nos mercados latino-americanos. Ele discute como inovações como o Pix e o Novo Marco Cambial do Brasil estão preparando o cenário para transações mais rápidas e transparentes, ao mesmo tempo em que enfatiza a importância do crescimento responsável. Campos destaca a abordagem de sua equipe para lidar com mudanças rápidas, equilibrando custo-benefício, velocidade e segurança para oferecer experiências excepcionais aos clientes. Ele também ressalta o papel fundamental da empatia na liderança, lembrando-nos de que cada transação conta uma história de aspirações, sonhos ou necessidades urgentes.
3 Principais Insights sobre a Visão e Liderança de Eduardo Campos 1. Compromisso com a Inovação Responsável: Enfatiza a importância de equilibrar inovação com segurança e conformidade nos pagamentos transfronteiriços. Seu foco é na sustentabilidade e integridade legal, refletindo a abordagem do Banco Daycoval em garantir altos padrões em um setor acelerado. 2. Impacto Transformador das Soluções Digitais: Campos foca na criação de oportunidades para o Banco Daycoval continuar aproveitando o Pix e outras tecnologias digitais para reduzir custos de transação em mais de 50% e aumentar a velocidade de processamento. Essa visão destaca o compromisso do banco em oferecer soluções financeiras rápidas e confiáveis. 3. Filosofia de Liderança Centrada no Cliente: Forte crença de que cada transação conta uma história, seja realizando um sonho ou respondendo a uma emergência. Sua abordagem sublinha o compromisso do Banco Daycoval em lidar com cada pagamento com empatia, respeito e foco nas necessidades do cliente. Aguarde a entrevista completa na nossa próxima Edição da CrossTech Magazine, onde Eduardo Campos compartilha sua visão para o futuro dos pagamentos transfronteiriços no Brasil e como o Banco Daycoval está liderando neste mercado dinâmico e em constante evolução.
INDUSTRY LEADER
LEADING THE CHARGE: NEXT ERA IN CROSS-BORDER PAYMENTS AND BLOCKCHAIN INNOVATION The cross-border payments space has seen incredible growth and innovation. How is PayPal leading the charge in making these transactions faster and more accessible for businesses and individuals worldwide? For over two and half decades, PayPal has played a significant historical role in revolutionizing payments, leading the way with responsible innovation aimed at making financial services more accessible and efficient. We are constantly reimagining payments as we know it and pride ourselves on looking beyond today’s limitations. That’s why we developed and launched PayPal USD (PYUSD), an open-source, dollar-backed stablecoin specifically designed for payments that leverages decentralized distributed ledger technology. With near instant settlement at very low cost, 24/7 availability, and the ability to be programmable via smart contracts, this move to on-chain payments furthers PayPal’s mandate to facilitate faster, cheaper, and more accessible global transactions.
PAUL BANCES Vice President - Global Market Development - Blockchain, Crypto & Digital Currencies
INDUSTRY LEADER
The shift toward digital wallets and contactless payments has been a game-changer. How is PayPal embracing these trends to make cross-border payments even more convenient and inclusive, particularly in emerging markets? One of the great benefits of PYUSD is its open-source nature. This was an intentional design choice we made because we recognized the important role a fiat-backed stablecoin associated with a global payments company could play in global payments. By leveraging public blockchains, PYUSD becomes a trusted vehicle for interoperability between different wallets all over the world. This is particularly significant in emerging markets where digital wallets are playing a critical role in making financial services available to the masses. That is one of the reasons why you will see PYUSD playing an important role in our Xoom product.
Looking to the future of payments, what emerging technologies or trends excite you the most, and how is PayPal positioning itself at the forefront of these innovations? While I am not much for hyperbole, I do believe that decentralized distributed ledger technology has the potential to have an unprecedented impact on the future of payments and how we exchange value globally. The benefits of decentralized DLT - in terms of speed, cost, availability and programmability - unlocks a wide range of use cases that not only result in greater efficiency in payments, but can also play a significant role in addressing global financial inclusion. 20
INDUSTRY LEADER
Fun and Personal Questions: What’s the most valuable piece of advice that has guided you throughout your career, and how has it shaped your leadership or decision-making? When I started my career as an attorney, a brilliant colleague stressed the importance of authenticity. Ultimately, everything we do comes down to relationships. Whether you are negotiating with a counterparty or leading a team, I find that being authentic helps establish trust and credibility and that just makes good business sense. It has certainly worked for me throughout my career, particularly when I am sitting at the opposite side of the negotiating table with someone.
When you were a child, what was your dream job, and how does it compare to the exciting work you do today at PayPal? When I was very young, I wanted to be a professional wrestler – so that one is a bit more difficult to compare to my work today - but in my teenage years I gravitated towards theater and performing arts. I have always enjoyed the art of storytelling. The opportunity to create and deliver a narrative in a way that connects with people is something I find very rewarding. Focusing on blockchain technology and digital assets for the past five years at PayPal has afforded me the opportunity to participate in the crafting and delivery of the narrative of this emerging and transformative technology that I truly believe will fundamentally change the way we exchange value. 21
AROUND THE GLOBE
Driving the Future of Global Payments: Fintech Disruption in Emerging Markets By Priscilla D’Oliveira COO at CrossTech Consultants Emerging markets are at the forefront of a fintech revolution, harnessing innovative solutions to overcome long-standing challenges such as financial inclusion, remittance efficiency, and limited access to traditional banking. As global fintech continues its exponential growth, certain regions are demonstrating key leadership in driving volume, spearheading innovation, and setting the foundation for the future of finance. In Africa, mobile money solutions like M-Pesa have redefined financial accessibility, facilitating over $200 billion in transactions annually. Latin America, with its dynamic population of over 650 million, saw a record $8 billion in fintech investment in 2021 alone, signaling a profound shift in the region’s financial infrastructure. In Southeast Asia, decentralized finance (DeFi) is rapidly being adopted, enabling faster, more affordable cross-border transactions, further strengthening the region's competitive edge. A standout in Latin America is Brazil’s PIX instant payment system, which has rapidly transformed the financial landscape. With over 14 million transactions completed in less than two years, PIX exemplifies how government-backed digital payment systems can drive cross-border integration and financial innovation. Similarly, in Africa, mobile money adoption has surged, with over 50% of the population now relying on these services, extending financial inclusion across the continent. Europe, a global fintech hub, has seen remarkable growth in cross-border payments through initiatives such as the European Union’s Single Euro Payments Area (SEPA). SEPA’s streamlined infrastructure supports seamless payments across 36 countries, positioning the region for continued growth. Statista projects that Europe’s fintech market will reach $188 billion by 2026, driven by cutting-edge digital banking solutions and payments innovation. Europe also benefits from a robust regulatory environment that fosters collaboration and accelerates the development of efficient cross-border payment platforms.
PRISCILLA D’OLIVEIRA COO - CrossTech
Looking ahead, we are preparing to the growth of fintech within out CrossTech Network with key initiatives in 2025. This premier opportunity will bring fintech disruptors to the forefront of global discussion, where visionaries, entrepreneurs, and policymakers from Africa, Latin America, Southeast Asia, and Europe will shape the future of global payments. Leading the path forward for cross-border payment space is a critical part of my commitment to advancing our industry and forging strategic partnerships that drive sustainable growth and innovation. 22
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Covering All of America in One Trip: Imposible Sending Money from Coast to Coast: Simple In a world where covering vast distances can feel overwhelming, TerraPay is transforming the landscape of cross-border payments, enabling financial institutions and businesses send money in real time to 2.4Bn wallets, 7.5Bn bank accounts and 16Bn cards around the world; truly simplifying global money movement. This year, we’ve taken significant strides in building a robust network of digital wallets. With connections to over 100 providers, we’re reaching more than 2.4 billion users across 30+ global markets. TerraPay formed the Wallet Interoperability Council with five leading digital wallet providers, taking a big step towards wallet interoperability. We’re tackling the need to facilitate interconnection and interoperability in cross-border transactions. This initiative is designed to empower users to make international payments and remittances with ease. Adding to this momentum, our recent partnership with Swift enhances the payments experience, offering mobile wallet users more reliable and efficient cross-border transaction capabilities. Whether for businesses or individual consumers, we’re committed to ensuring that sending money across borders is not just possible but straightforward and accessible. From digital wallets to banks, fintechs, and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces - our ecosystem is diverse, driving financial inclusion even in the most underserved markets. As we continue to expand our network, we’re excited to lead the charge toward a more interconnected financial world, where moving money from coast to coast—and beyond—is simple.
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Solving inefficient cross-border transactions in emerging markets By Martin Sapiurka, Head of Remittances at dLocal When it comes to cross-border payments for business or sending and receiving money transfers, alternative payment methods (APMs) offer a quick, cost-effective, and simple solution. Emerging markets have often lagged behind more developed countries regarding technology advancements. However, high-growth markets in Africa, Asia, and Latin America have outpaced traditional financial systems regarding speed, cost-effectiveness, and simplicity. Taking a look at APMs across the globe Throughout emerging economies, homegrown payment methods are usually the most accessible, affordable, and timely payment option - locally and cross-border. Real-time payment systems Instant payments enable immediate payment confirmation and 24/7 availability. However, the payment method still needs a bank account; real-time payments link to and pull funds from one bank account into another. UPI, India Over 15 billion transactions were actioned through UPI in September 2024, marking a milestone for the payment method. Pix, Brazil Pix transfers settle in three seconds on average, versus two days for debit cards and 28 days for credit cards. As of June 2024, the number of Pix transactions was 45% more than credit and debit cards combined. 24
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Mobile money, Kenya Operated mainly by telecommunications companies, such as M-Pesa and airtel, mobile money works purely from a cell phone number. There's no need for a smartphone or data – making it a more accessible payment option. The average cost of sending funds cross-borders with mobile money is estimated at 3.73% of a $200 transaction, while the traditional system can cost upwards of 6.09%. It’s the lowest-cost method to transfer and receive remittances globally. eWallets Digital wallets allow instant funds transfer through several linked routes. Funds must be transferred into the account or credit/debit card information must be uploaded. Southeast Asia The number of open eWallets in the region is projected to grow 311% from 2020 to 2025. Many of the most popular eWallet providers, like GCash in the Philippines and Thailand’s TrueMoney have added remittance-specific services to their products. Implementing instant and cost-effective payment methods The above APMs are only a few examples of how these local solutions have simplified and made accessible cross-border disbursements and payments to international companies looking to reach those in Africa, Asia, and Latin America. These regions are home to 85% of the global population, holding nearly 90% of the world’s under-30 demographic. The potential of emerging economies and complex markets for international business is infinite, as long as you know how to reach them.
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AROUND THE GLOBE
Navigating the Shifting Sands of Regulatory Challenges in the Cross-Border Payments Industry By Jennifer Holguin International consultant with expertise in Finance, Sales, and Marketing at CrossTech Consultants In the fast-paced world of cross-border payments, the only constant seems to be change. Whether you’re a remittance provider, a fintech startup, or a seasoned player in financial services, you’ve likely felt the pressure of navigating evolving regulations. What once seemed straightforward has now transformed into a complex maze of compliance. However, while the regulatory landscape may seem overwhelming, it is also ripe with opportunities for those who understand how to adapt. The Growing Complexity of Compliance Regulation is not a new challenge for companies in the payments industry, but recent years have seen a dramatic rise in complexity. As technological advancements, digital transactions, and concerns over financial crimes increase, global regulators are striving to keep up. This regulatory race, however, creates a web of rules that vary significantly by jurisdiction, making compliance a balancing act for companies operating internationally. One example is the European Union’s PSD2 directive (Payment Services Directive 2). This regulation mandates that banks open their payment services to third-party providers, aiming to foster innovation and competition. PSD2 also strengthens security protocols, making it essential for companies to enhance data privacy and protect against fraud. Across the Atlantic in the United States, money transfer companies must navigate both federal regulations and state-specific licensing laws, which create additional layers of complexity. These regulations are not just about red tape—they have tangible implications. Failure to comply can lead to substantial fines, damage to reputation, and even exclusion from critical markets. For example, in 2020, Goldman Sachs was fined over $2.9 billion for lapses in its anti-money laundering (AML) controls. Such cases highlight why staying ahead of the regulatory curve is essential for any business in this space. Why Staying Ahead Matters Compliance is not merely about avoiding penalties; it’s about ensuring long-term success. Non-compliance can result in fines, reputational damage, and, in extreme cases, the loss of market access. However, beyond these risks, compliance provides an opportunity to build trust. Customers today expect their transactions to be secure and transparent. When they know that their money is being handled with the utmost care and adherence to legal standards, it strengthens their loyalty to your brand. In an industry as competitive as cross-border payments, trust can be your biggest asset. 26
AROUND THE GLOBE
Embracing Technology as a Solution Thankfully, the rise of RegTech (Regulatory Technology) is providing companies with tools to automate and streamline their compliance processes. RegTech refers to the use of technology, particularly software and AI, to manage regulatory requirements more efficiently. From customer onboarding to transaction monitoring, RegTech solutions help businesses stay compliant without excessive manual effort. For example, companies like Fenergo and ComplyAdvantage are using machine learning to monitor and detect suspicious transactions in real time, reducing the risk of fraud and AML violations. By automating these processes, businesses can not only improve their compliance but also cut costs and increase operational efficiency. Artificial Intelligence is particularly helpful in identifying patterns that humans might miss. Large firms like Visa and Mastercard use machine learning algorithms to monitor transactions and flag potential fraud before it can happen. These advancements allow businesses to be more proactive in their compliance efforts, ensuring they stay on top of regulatory changes while improving their overall operations. Examples of RegTech in Action Take Ripple, for example, which uses blockchain technology to facilitate faster and more transparent cross-border payments. By utilizing a decentralized ledger, Ripple enables real-time transactions, offering a modern alternative to traditional, slower correspondent banking systems. Another company, Chainalysis, uses blockchain analytics to help businesses comply with AML regulations by tracking and reporting suspicious cryptocurrency transactions. These real-world applications highlight how technology can transform the cross-border payments industry by providing efficient, scalable solutions to compliance challenges.
Looking Ahead: The Future of Regulation in Cross-Border Payments As the cross-border payments landscape continues to evolve, staying adaptable is essential. Regulators are expected to tighten rules around data protection, AML, and fraud prevention, especially as digital currencies gain traction. For instance, as governments work to regulate cryptocurrencies and digital assets, businesses dealing with these technologies will face additional compliance hurdles. To back this up, consider the FATF’s (Financial Action Task Force) recent recommendations to regulate virtual assets and prevent their misuse in money laundering and terrorism financing. These global guidelines are changing how companies approach cryptocurrency transactions, requiring them to implement stricter controls. The future of cross-border payments will likely involve greater scrutiny of not only digital currencies but also the technologies used to facilitate them. Yet, companies that proactively adopt RegTech solutions and foster a culture of compliance will be well-positioned to navigate these challenges. Ultimately, businesses that stay informed, invest in the right technologies, and prioritize compliance will be best equipped to succeed in an increasingly regulated and competitive global market.
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Aumento de la confianza en las cryptomonedas
Global Fintech Payments: Path to the Future By Amparo Nalvarte, CEO de B89 La evolución de los pagos transfronterizos ha experimentado un acelerado crecimiento en los últimos años, propiciando la aparición de nuevos actores que han llegado para revolucionar la industria, tal como es el caso de las Fintechs. Las Fintech están ganando terreno como alternativa a los canales tradicionales, ofreciendo soluciones tecnológicas innovadoras que mejoran la experiencia de usuario, disminuyen los tiempos de pago y reducen los costos por transacción. Si bien esta industria viene digitalizándose y creciendo rápidamente, aún enfrenta grandes desafíos por resolver. Interoperabilidad entre el sistema bancario y nuevos canales de pago El sistema SWIFT, protagonista de las transferencias internacionales entre bancos de diferentes países, se ha visto desafiado por la aparición de nuevos canales como lo son las billeteras digitales, que han permitido la inclusión financiera de la población no bancarizada. Producto de ello, vemos como cada vez más países optan por desarrollar su propia billetera, como es el caso de PIX en Brasil. La presencia de estos nuevos canales digitales está obligando a las empresas a pensar en soluciones interoperables, poniendo a disposición de sus clientes múltiples canales para recibir su dinero.
Un segundo punto importante que desafía al futuro de los pagos transfronterizos es el uso de las cryptomonedas. En especial, el de las stablecoins, que eliminan la volatilidad de su valor en el mercado. A pesar de que este activo digital ya es usado por una gran parte de la población, aún queda un largo camino por recorrer. La falta de conocimiento y ausencia de un marco legal regulatorio definido sigue generando incertidumbre y desconfianza. Es aquí donde se vuelve de vital importancia que los bancos centrales de cada gobierno creen normas claras que regule el uso de estos activos y su transferencia internacional. Otro desafío es la falta de expertos que comprendan las complejidades del mundo de las criptomonedas y que, además, sean capaces de adaptar su experiencia en los procesos de compliance tradicionales. Consolidación entre jugadores tradicionales y las Fintechs El acelerado crecimiento del negocio de remesas ha puesto en una interesante competencia a jugadores tradicionales y a nuevos jugadores como las Fintechs. Esto ha generado alianzas y adquisiciones estratégicas con el fin de mantener posicionamiento en el mercado. Algunos de estos jugadores tradicionales han optado por una transformación digital acelerada. Otros, en cambio, han visto la oportunidad en la adquisición de Fintechs ya posicionadas, aprovechando su infraestructura tecnológica y agilidad para sacar nuestros servicios rápidamente. Definitivamente, se espera un futuro retador pero muy prometedor para el mercado de remesas, con diferentes actores que buscan transformar la forma cómo se mueve el dinero en el mundo y que se enfrentan a consumidores cada vez más exigentes. 29
AGENDA DAY 1 NOV 19, 2024
SEMINOLE HARD ROCK HOTEL & CASINO
WELCOME PARTICIPANTS
09:00 - 09:15
09:15 - 10:00
The Trendsetters of Cross-Border Industry Moderator: Hugo Cuevas-Mohr (Crosstech) Panelists: Alberto Guerra (UniTeller), Walter Pimenta (Mastercard), Richard Meszaros (VISA)
SPECIAL ANNOUNCEMENT
10:00 - 10:15
10:15 - 11:00
Cross-border Payments from CEO and Founders Perspective
Federal and State Law Regulations for Cross-border Remittances Moderator: Kathy Tomasofsky (MSBA) Panelists: Amy Greenwood- Field (McGlinchey Stafford), Eric Goldberg (Akerman), Leonardo Pinzón (Ankura)
Moderator: Priscilla D’Oliveira (Crosstech) Panelists: Ruben Salazar (Terrapay), Alberto Laureano (Dolfintech), Pedro Silva (Alviere), Edrizio De La Cruz (The Underground Founder)
COFFEE BREAK SPONSORED BY
11:00 - 11:45
11:45 - 12:30
Renavigating Cross-Border Banking: Embracing Digital Transformation
Federal and State Law Regulations for Cross-border Crypto Moderator: Joe Ciccolo (BitAML) Panelists: Marina Olman (Greenberg Traurig), Michelle Gitlitz (Change Agents)
Moderator: Kathy Tomasofsky (MSBA) Panelists: George Goognin (EVITA), Ron Mazursky (NYPAY)
12:30 - 12:45
PRODUCT ANNOUNCEMENT SPONSORED BY
LUNCH SPONSORED BY
12:45 - 14:00
Co Sponsored by
14:00 - 14:45
Crypto Frontiers: Tackling Opportunities on Boardless Money Movement Moderator: Erick Schneider (CrossTech) Panelists: Paul Bances (PayPal), David Weiss (BVNK), Patrick Mollard (Fipto), Lauren Benjamin (Kraken)
MSBCI-Led Risk Assessment Training - Session 1 The New Regulatory Requirements for Risk Assessment Course Instructors: Jay Postma (MSB Compliance), Lisa Summerbell (MSB Compliance)
AFTERNOON / ROUNDTABLE PANELS Co Sponsored by
14:45 - 15:30
MSBCI-Led Risk Assessment Training - Session 2 Risk Assessment Methodologies and Frameworks
Portuguese Track: A Evolução do PIX do Brasil para o Mundo Monderator: Kelly Massaro (Abracam), Panelists: Eduardo Campos (Banco Daycoval), João Campanelli (Travelex), Priscilla D’Oliveira (CrossTech)
Course Instructors: Jay Postma (MSB Compliance), Lisa Summerbell (MSB Compliance)
COFFEE BREAK SPONSORED BY
15:30 - 16:15
Co Sponsored by
16:15 - 17:00
MSBCI-Led Risk Assessment Training - Session 3 Practical Application
Track en Español: Guatemala y el Potencial de las Transferencias de Dinero Moderator: Rafael Noriega (Guatemalan Fintech Association) Panelists: Normando Rojas (UniTeller), Jairo Riveros (Paysend), José Antonio Roca (Bantrab)
17:00 - 20:00
Course Instructors: Jay Postma (MSB Compliance), Lisa Summerbell (MSB Compliance)
NETWORKING PARTY SPONSORED BY
Panel
Event/Meal
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30 www.crosstechpayments.com
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AGENDA DAY 2 NOV 20, 2024
SEMINOLE HARD ROCK HOTEL & CASINO
WELCOME PARTICIPANTS
09:00 - 09:15
09:15 - 10:00
CROSSFIRE CHAT From an Investor Perspective: The Road to IPO vs. Return to Private
Compliance Officers Discussion Forum: Navigating Compliance in Mergers and Acquisitions: Strategies for Success
Moderator: Hugo Cuevas-Mohr (Crosstech) Panelists: Gene Nigro (Remitly), Arnoldo Reyes (Moneygram), Dilip Ratha (World Bank), Ana Cristina Gadala-Maria (QED Investors),
10:00 - 10:30
Moderator: Amy Greenwood-Field (McGlinchey Stafford) Panelists: Ernesto A Luciano (Cerulean Tech Law), Rebekah Gregory (Alpine Mar CPAs & Advisors)
Compliance Officers Discussion Forum: Banking Compliance vs. MSB Compliance: Bridging the Regulatory Divide
M&A Opportunities in Cross-Border Payments Moderator: Priscilla D’Oliveira (Crosstech) Panelists: Alberto Guerra (UniTeller), Fernando Fayzano (Inter & Co), Odilon Almeida JR (AJ. Holdings Co)
Moderator: Kathy Tomasofsky (MSBA) Panelists: Rob Ayers (RemitOne), Eric Goldberg (Akerman), Omar Magana (Ankura)
M&A BUSINESS CASE
10:30 - 11:15
11:00 - 11:45
COFFEE BREAK SPONSORED BY Sponsored by
Sponsored by
11:45 - 12:30
Compliance Officers Discussion Forum: The AI Revolution in Cross-Border Compliance: Innovations and Challenges
Global Fintech Payments: Path to the Future Moderator: Nabil Kabanni (CrossTech) Panelists: Jorge Tam-Solis (Visa), Jose Alberto Díaz (Balam), Michael Bermingham (NIUM), Amparo Nalvarte (B89), Enrique Perezalonso (Palla)
12:30 - 12:45
Moderator: Marina Olman (Greenberg Traurig) Panelists: Lionel Carrasco (LEAP Financial), Kofi Kyeremeh (Capital Compliance), Joe Ciccolo (BitAML), Brandi Reynolds (Bates Group)
PRODUCT ANNOUNCEMENT SPONSORED BY
LUNCH SPONSORED BY
12:45 - 14:00
Sponsored by
14:00 - 14:45
Unlocking Potential: Cross-Border Payment in LatAm Partnerships
Enhancing Remittance Impact: MIGA’s Role in Prefunding and Sourcing Investments
Moderator: Jose Interiano (Mastercard) Panelists: José Vicente Gedeón (Cobre), Justo Benetti (dLocal), Giancarlo Braccia (Zepz), Vivian Portella (B&T)
Moderator: Dilip Ratha (World Bank) Panelists: Ruben Salazar (Terrapay)
AFTERNOON / ROUNDTABLE PANELS Sponsored by
14:45 - 15:30
Bridging Continents: Enhancing African and Middle East Payment Corridors
Life After Western Union: Lessons Learned
Moderator: Lindsay Lehr (PCMI) Panelists: Priscilla Hazel (Nsano Limited), Puru Poudyal (PaaSPay), Etimbuk Bassey (BudPay), Agustín Cerisola (dLocal)
Moderator: Hugo Cuevas-Mohr (CrossTech) Panelists: Nabil Kabanni (Neofie), Odilon Almeida Jr. (AJ Holdings Co), Mariano Dall’Orso (Unicoin)
COFFEE BREAK SPONSORED BY
15:30 - 16:30
Sponsored by
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16:30- 17:15
The Evolution of Cross-border Payments in Europe
Opening Borders: Expanding the Brazilian Real’s Reach through Non-Resident Accounts
Moderator: Marcela Gonzalez (CrossTech) Panelists: Oscar Moreno (UniTeller), Alfredo Sarria (CYBS Consulting), Josep Arroyo (Baluwo)
Moderator: Priscilla D’Oliveira (CrossTech) Panelists: Carlos García (Buckzy), , João Campanelli (Travelex) Alex Pereira (PMI Americas)
CROSSTECH INNOVATION 2024 AWARDS
17:15 - 18:15
INDUSTRY NIGHT SPONSORED BY
20:00 - 21:00
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AGENDA DAY 3 NOV 21, 2024
SEMINOLE HARD ROCK HOTEL & CASINO
WELCOME PARTICIPANTS
09:15 - 09:30
09:30 - 10:15
Leading the Way: Women in Cross-Border Industry
Cuba: Working through the challenges - seizing the opportunity
Moderator: Priscilla D’Oliveira (CrossTech) Panelists: Claudia Reyes Armebianchi (Western Union), Brandi Reynolds (Bates Group), Jimena Delfino (Mastercard), Sowmya Saiprasad (VISA)
10:15 - 10:30
Moderator: Lourdes Soto (GlobalReg) Panelists: Hugo Cuevas-Mohr (CrossTech), Denisse Delgado (United Nations)
PRODUCT ANNOUNCEMENT & COFFEE BREAK
Sponsored by
10:30 - 11:15
Business Payments: The New Revenue Stream for Remittance Companies Moderator: Hugo Cuevas-Mohr (CrossTech) Panelists: Daniel De Michele (Remitly), Mark Corritori (Mastercard), Adam Swartzbaugh (Almond Fintech)
CLOSING REMARKS
11:15 - 11:45
Panel
Event/Meal
Compliance Forum
32 www.crosstechpayments.com
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SPEAKERS
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HIGHLIGHTED PANELS
Federal and State Law Regulations for Cross-border Remittances & Crypto Comprehensive overview of the evolving federal and state regulatory landscape for cross-border remittances and cryptocurrency. Gain valuable insights into recent legislative changes, compliance requirements, and the implications of federal and state regulations, including California’s upcoming digital financial asset oversight. Industry experts will discuss policymaking trends, enforcement actions, and strategies for navigating complex regulatory requirements, equipping professionals with essential knowledge to achieve compliance and mitigate risks in the rapidly transforming cross-border payments and digital asset sectors. Session 1: Federal and State Law Regulations for Cross-borderRemittance Speakers: Kathryn Tomasofsky - MSBA Amy Greenwood-AkermancGlinchey Stafford Eric Goldberg - Akerman LLP Date: November 19th, 2024 Time: 10:15 AM - 11:00 AM Session 2: Federal and State Law Regulations for Cross-border Crypto Speakers: Joe Ciccolo - BitAML Marina Olman - Greenberg Traurig, LLP Michelle Gitlitz - Change Agents Date: November 19th, 2024 Time: 11:45 AM - 12:30 PM Staying Ahead with Legislative and Policy Updates discussing: •
Current Federal and State Regulatory Frameworks – Insight into the complex legal landscape governing cross-border remittances and cryptocurrency, focusing on how federal and state laws intersect.
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Legislative Updates and Policy Trends – A breakdown of recent legislative changes, especially in California, and their implications for the digital financial asset and cross-border payments industries.
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Compliance Requirements and Obligations – Key compliance responsibilities for businesses, with practical guidance on adhering to federal and state regulations to minimize legal risks.
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Strategic Approaches to Risk Management – Effective strategies to navigate regulatory complexities, mitigate operational risks, and enhance legal compliance in a high-stakes environment.
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Industry Impact and Future Outlook – How regulatory trends and enforcement actions are shaping the cross-border payments and cryptocurrency sectors, preparing attendees to anticipate and adapt to ongoing changes. 37
HIGHLIGHTED PANELS
MSBCI-Led Risk Assessment Training AML/CFT Risk Assessment Training Jay Postma (MSB Compliance) Lisa Summerbell (MBS Compliance)
November 19th, 2024 Session 1: Redefining Risk Assessment: Navigating FinCEN’s New Regulatory Mandates Time: 2:00 PM - 2:45 PM Description: This session explores the evolving regulatory landscape, focusing on the need for dynamic, ongoing risk assessments as a foundational compliance requirement for Money Service Businesses (MSBs). Participants will gain a comprehensive understanding of the key changes in AML/CFT frameworks driven by implementation of the AML Act of 2020, FinCEN’s National AML Priorities, and the associated criminal typologies. Key Topics Include: • • • • •
Impact of new regulatory requirements for dynamic, documented risk assessments. FinCEN’s National AML Priorities and their integration into MSB compliance frameworks. Unique MSB risk factors, including cross-border transactions, agents, correspondent relationships, liquidity providers, and stablecoin usage. Best practices for continuously aligning risk assessments with monitoring and sanctions processes. Regulatory and Board oversight, with strategies for documenting and presenting risk assessments.
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HIGHLIGHTED PANELS
Session 2: Building Effective Risk Assessments: Integrating AML Priorities and Advanced Methodologies Time: 2:45 PM - 3:30 PM Description: This session explores the practical side of conducting and implementing risk assessments, with a focus on integrating FinCEN’s National AML Priorities and criminal typologies. Participants will learn how to incorporate both qualitative and quantitative risk factors into their assessments and discover how technology can be leveraged to enhance decision-making, monitoring, and mitigation processes. Key Topics Include: •
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Effective Risk Assessment: Incorporating both quantitative and qualitative factors such as customer profiles, transaction types, geographic risks, and using advanced risk scoring models and software for more accurate decision-making. Documentation and Oversight: Creating comprehensive documentation of risk processes, testing effectiveness through internal and independent reviews, and ensuring regular validation. Integration of AML Priorities: Embedding FinCEN’s National AML Priorities—such as human trafficking, cybercrime, and proliferation financing—and utilizing recent criminal typologies to strengthen risk mitigation strategies.
Session 2: Practical Application of Criminal Typologies in Risk Assessments Time: 4:15 PM - 5:00 PM Description: In this hands-on session, participants will apply criminal typologies to their risk assessment process. Through interactive tabletop exercises based on real-world scenarios, attendees will gain practical experience in making risk assessments dynamic and responsive to evolving threats and regulatory changes. Participants will also explore strategies for continuously updating risk profiles using data and reports from internal monitoring systems like SARs and transaction reports. Key Topics Include: • • •
Tabletop Exercise: Real-world application of risk assessments using practical scenarios. Risk Assessment as a Living Document: earn how to adapt your assessments to emerging risks and evolving regulatory expectations. Continuous Improvement: Using transaction data, SARs, and internal monitoring to maintain up-to-date risk profiles that respond to new threats.
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HIGHLIGHTED PANELS
CrossTech World 2024 Highlighted Panels Day 1: November 19th, 2024
OPENING PANEL The Trendsetters of Cross-Border Industry Join us for an insightful and forward-looking session where industry leaders VISA and Mastercard discuss the future of cross-border payment innovation. This session will feature top executives from both companies sharing their visions, strategies, and cutting-edge technologies that are set to transform the global payments landscape. Gain a comprehensive understanding of the future direction of cross-border payments and the innovative approaches adopted by industry leaders such as VISA and Mastercard to stay ahead in the rapidly evolving payments landscape. Moderator: Hugo Cuevas – Mohr – CrossTech Panelists: Alberto Guerra – UniTeller, Walter Pimenta -Mastercard, and Richard Meszaros – VISA Time: 9:15 AM – 10:00 AM
Cross-border Payments from a CEO and Founders' Perspective This panel brings together top CEOs and founders to share invaluable insights and experiences navigating the challenges and seizing opportunities within the cross-border payments industry. Attendees will gain a first-hand look at the innovations, strategic decisions, and leadership approaches driving the future of global financial transactions. Panelists will share real-world examples of breakthrough innovations, key strategic moves, and leadership decisions, offering attendees a deep dive into the processes and philosophies guiding successful cross-border payments companies forward. Additionally, Q&A segments will allow attendees to engage with these leaders, fostering a dynamic exchange of ideas and actionable insights. Moderator: Priscilla D'Oliveira - CrossTech Panelists: Ruben Salazar - Terrapay, Alberto Laureano - DolfinTech, Pedro Silva - Alviere, Edrizio De La Cruz - The Underdog Founder Time: 10:15 AM – 11:00 AM
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HIGHLIGHTED PANELS
Crypto Frontiers: Tackling Opportunities on Boardless Money Movement Dive into the fast-evolving world of cryptocurrencies and stablecoins with leaders from PayPal, BVNK, Fipto, and Kraken US as they unpack the latest advancements and tackle critical challenges. This panel brings together insights from top innovators and industry shapers who will explore regulatory shifts, groundbreaking technologies, and strategic visions for the future of digital assets. They’ll also be advising and sharing invaluable insights for professionals in our industry, helping attendees navigate and leverage opportunities in this rapidly evolving market. For those looking to stay ahead of regulatory changes and harness the potential of digital assets, this session provides crucial knowledge and strategies directly from industry pioneers. Attendees will gain actionable takeaways to better position their organizations in the competitive landscape of digital finance. Moderator: Erick Schneider - CrossTech Panelists: Paul Bances - Paypal, David Weiss - DVNK, Patrick Mollard - Fipto and Lauren Benjamin - Kraken US Time: 2:00 PM – 2:45 PM
Track en Español: Guatemala y el Potencial de las Transferencias de Dinero Este panel resaltará la posición estratégica de Guatemala en la industria de pagos transfronterizos. Reconocidos expertos analizarán a profundidad las oportunidades de crecimiento que el país ofrece, los desafíos regulatorios que enfrenta y el impacto trascendental de las remesas en la economía guatemalteca. Asimismo, se explorarán las perspectivas futuras para consolidar la posición de Guatemala en el mercado global de pagos y maximizar su potencial en esta industria clave. Para los líderes que estudian mercados emergentes, Guatemala ofrece una visión única de cómo las economías en desarrollo pueden transformar los flujos de remesas en motores de crecimiento económico. Comprender este mercado permite identificar oportunidades clave en la industria de pagos internacionales y profundizar en las dinámicas de un país que está en pleno proceso de expansión en el sector. Moderator: Rafael Noriega - Guatemala Fintech Association Panelists: Normando Rojas – UniTeller, José Antonio Roca – Bantrab y Jairo Riveros - Paysend Time: 4:15 PM – 5:00 PM
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HIGHLIGHTED PANELS
CrossTech World 2024 Highlighted Panels Day 2: November 20th, 2024
OPENING PANEL CROSSFIRE CHAT - From an Investor Perspective: IPO, Return to Private, M&A: What strategies to follow? In this high-impact Crossfire Chat, industry giants from Remitly, MoneyGram, and the World Bank come together to reveal their insights on one of the most critical questions facing the cross-border payments sector today: What’s the best path forward—going public, returning private, or merging to drive growth? This panel explores the strategic considerations, market conditions, and firsthand experiences that shape these pivotal decisions. Moderator: Hugo Cuevas - Mohr - CrossTech Panelists: Gene Nigro- Remitly, Arnoldo Reyes - MoneyGram, and Dilip Ratha - World Bank Time: 9:15 AM - 10:00 AM
M&A Opportunities in Cross-Border Payments Get ready for an in-depth exploration of how mergers and acquisitions are reshaping the cross-border payments landscape. Senior leaders from top companies in the industry come together to share powerful insights on how M&A can drive global expansion, foster innovation, and create a competitive edge in this rapidly evolving sector. This session will delve into strategic opportunities, regulatory challenges, and the essential elements for executing successful transactions in a complex market. With perspectives from leaders at AJ. Holdings Co, UniTeller, and Inter&Co, attendees will gain a front-row view of the forces guiding major industry moves and the impact of these transformative deals on the future of cross-border payments. Don’t miss this opportunity to learn from those who are setting the pace in global finance. Moderator: Priscilla D'Oliveira - CrossTech Panelists: Alberto Guerra - UniTeller, Fernando Fayzano - Inter&Co, Odilon Almeida Jr. - AJ. Holdings Co Time: 10:00 AM - 10:30 AM 41
HIGHLIGHTED PANELS
Global Fintech Payments: Path to the Future Step into the future of cross-border payments with insights from industry leaders representing Visa, Balam, NIUM, and B89. This high-level session will examine the transformative shifts redefining the global fintech landscape, providing strategic perspectives on emerging trends, technological advancements, and regulatory changes shaping cross-border payment systems. Designed to set the stage for more specialized sessions throughout the conference, this panel equips attendees with the foresight needed to navigate an increasingly interconnected financial ecosystem. Moderator: Nabil Kabanni - CrossTech Panelists: Jorge Tam-Solis - VISA, Jose Alberto Díaz - Balam, Michael Bermingham - NIUM, and Amparo Nalvarte - B89 Time: 11:45 AM - 12:30 PM
Unlocking Potential: Cross-Border Payment in LatAm Partnerships Discover the dynamic landscape of cross-border payments in Latin America with leaders from Cobre, dLocal, Zepz, and B&T. This session dives into the unique opportunities and challenges shaping the Latin American market, from navigating diverse regulatory environments to leveraging emerging technologies. Panelists will share strategies for tapping into this high-growth region, exploring how partnerships and innovation are unlocking new pathways in cross-border finance. Gain critical insights to effectively engage with one of the world’s most promising markets. Moderator: Jose Interiano - Mastercard Panelists: José Vicente Gedeón - Cobre, Justo Benetti - dLocal, Giancarlo Braccia - Zepz, and Vivian Portella - B&T Time: 2:00 PM - 2:45 PM
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HIGHLIGHTED PANELS
CrossTech World 2024 Highlighted Panels Day 3: November 21th, 2024 Leading the Way: Women in Cross-Border Industry Celebrate and learn from the remarkable women leaders in the cross-border payments industry as they discuss their journeys, challenges, and triumphs. This session will provide valuable insights into how these trailblazing women have navigated their careers, driven professional growth, and developed successful business strategies. Gain inspiration and practical advice on leadership, innovation, and creating impactful change in the financial services sector. Moderator: Priscilla D'Oliveira - CrossTech Panelists: Claudia Reyes Armebianchi - Western Union, Brandi Reynolds - Bates Group, Jimena Delfino - Mastercard, Sowmya Saiprasad - Visa Direct Time: 9:30 AM - 10:15 AM
Cross-border Payments from a CEO and Founders' Perspective Get ready for an in-depth exploration of how mergers and acquisitions are reshaping the cross-border payments landscape. Senior leaders from top companies in the industry come together to share powerful insights on how M&A can drive global expansion, foster innovation, and create a competitive edge in this rapidly evolving sector. This session will delve into strategic opportunities, regulatory challenges, and the essential elements for executing successful transactions in a complex market. With perspectives from leaders at AJ. Holdings Co, UniTeller, and Inter&Co, attendees will gain a front-row view of the forces guiding major industry moves and the impact of these transformative deals on the future of cross-border payments. Don’t miss this opportunity to learn from those who are setting the pace in global finance. Moderator: Hugo Cuevas - Mohr - CrossTech Panelists: Daniel De Michele - Remitly, Mark Corritori - Mastercard, and Adam Swartzbaugh - Almond FinTech Time: 10:15 AM – 11:00 AM
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OUR TEAM Hugo Cuevas Mohr President & CEO CrossTech Priscilla D’Oliveira COO CrossTech
Juan Posada Director of Business Intelligence
Ana González Director of Content Andrés Orozco Conference Sales Director
David Lederman Marketing Director
Maria A. Garcia Sales & Community Manager
Marcela Molina Creative Manager
Jennifer Holguin Lead Consultant
Isabel Cortes UK Consultant
Lourdes Soto COO GlobalReg
We are thankful to all our staff and the supporting team of collaborators who help us develop our conferences in each of the cities and regions we select to host them. Without their help, it would be impossible for us to give all the participants in our in-person and virtual events the unique experience we strive to give everyone attending.
Diana Jofre Executive Assistant & HR Coordinator
Virginia Martínez Technology & Online Events Admin Debbie Martell Data Entry & Customer Service Analyst
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