PCM Volume 5 - Issue 10: Money 20/20 USA 2019 Conference

vol.5. issue 10.

October, 2019.

PCM

SPECIAL EDITION

JELMER ROTTEVEEL

BLANKA LIGETI

ZSÓFIA BODNÁR

Marketing and Business Development Manager

Production Editor and Head of Creative

Marketing Executive

jelmer@teampcn.com

blanka@teampcn.com

zsofia@pcn.capital

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CONTENTS

4

EXPERT INTERVIEW: CARDINALCOMMERCE Expert interview with Tim Sherwin & Chandra Balasubramanian

8

THOUGHT LEADER: JUMIO Will Deepfake Technology Defeat Biometric Authentication?

10

MONEY 2020 LAS VEGAS Overview of Attending Companies

22

THOUGHT LEADER Digital Transformation Trends That Made Waves This 2019

24

THOUGHT LEADER: FEEDZAI Why it’s so hard for challenger banks to fight financial crime

28

STARTUP SPOTLIGHT: INSTAREM The API Economy In 2019: Hype Or The Engine That Fuels Business Growth?

30

THOUGHT LEADER: BLOCKCHAIN FOUNDERS FUND Why we need privacy-first security solutions

34

JOBS & EVENTS Check Out Our Hottest Jobs & Events From the Industry

EXPERT INTERVIEW WITH TIM SHERWIN AND CHANDRA BALASUBRAMANIAN PCM: CardinalCommerce was established precisely 20 years ago in 1999. Can you share how has your brand grown in these 2 decades, from the time when technology had only begun to pick up pace compared to the continuous radical innovations we see now?

Back in the beginning, Cardinal thought that consumers, issuing banks and merchants would need a way to ensure that the person buying online was, in fact, the cardholder and had permission to use that payment card. Around the same time, Visa created 3-D Secure and the concept started to gain steam. Cardinal became a provider of 3DS services (creating products for issuers and merchants to deploy 3DS), and later, improved the way the protocols worked, making authentication easier for merchants and issuers, with less friction for cardholders, as risk-based authentication was used more and more.

Today, Cardinal is a Visa company (we were acquired in early 2017) and is a global leader in the authentication space. Our products are used by issuers, merchants and payment services providers around the world. We are certified with EMVCo and the major card networks for our 3DS Server (for merchants), our ACS (Access Control Server for issuers), and our SDKs for iOS and Android mobile devices.

4 | EXPERT INTERVIEW | CARDINALCOMMERCE

PCM: Could you discuss the Cardinal’s Consumer Authentication system? How exactly does it help improve consumer’s online experiences and reduce the risk of fraud?

Navigating the ever-changing payments landscape can be complex – local regulations, different network mandates, and EMV® 3-D Secure updates. Additionally, false declines are growing at about the same rate as sales for digital transactions, and authentication has become a core layer of digital commerce.

Cardinal’s consumer authentication solutions (for both merchants and issuers), which include the EMV 3DS protocol, make the process as frictionless as possible for both you and your customers and we make authentication an engaging and rewarding experience for everyone in the payments process.

As EMV 3DS rolls out, the benefits become apparent.

Uses enhanced data to make better risk decisions. The original 3DS used a smaller number of data fields, as compared to today’s EMV 3DS, to help issuers make their risk decisions, and issuers occasionally authenticated transactions that were fraudulent (and took on that fraud liability). With EMV 3DS, more than 10 times the number of data fields are shared with issuers, so they can compare

these new fields with what they know about their cardholder, and make a better, more confident risk decisions.

Provides a better consumer experience. Because merchants share so much more data with issuers, these data can be analyzed in the background, without consumer impacted, in milliseconds. With risk decisions happening behind the scenes, the consumer’s checkout experience is fast, easy and secure.

Authenticates transactions originating from any device. The original 3DS 1.0 was designed to be used on desktops and laptops, and if a merchant tried authenticating a transaction from a mobile device, the experience could be difficult for consumers to navigate. Today, EMV 3DS can be used to authenticate transactions from smartphones, wearables, gaming consoles, IoT devices – virtually any device that can be used for digital commerce.

A consideration in deciding whether to use authentication is reducing false declines. According to VisaNet data from 2018 (the latest year for which data is available), declines are growing at almost the same rate as digital sales. When false declines happen, that is, a legitimate consumer is declined during checkout, everybody loses. The consumer is subject to friction – they can’t finish their purchase and either take a payment card from another bank out of their wallet, or abandon that transaction and find another merchant.

Cardinal makes the EMV 3DS protocol fast and easy for merchants and issuers to use. Our implementation methods allow issuers and merchants with legacy payment systems to adopt 3DS without having to re-create the wheel.

Everything we do at Cardinal is about creating an engaging experience for our merchants, issuers and their customers.

Our mission is authentication and our strategy is to increase approvals…while decreasing fraud – all to improve the customer journey. This is what we’re all about: helping make digital commerce happy for everyone.

PCM: The Second Payments Services Directive (PSD2) has been in force since January 13, 2018, and on September 14, 2019 Strong Customer Authentication was implemented, meaning the EEA processed payments will be expected to be authenticated with an SCA solution. What exactly does this mean for merchants and customers alike and what role is Cardinal currently playing in it?

Since mid-summer, regulators in many of the countries impacted by the PSD2 SCA regulation have formally announced that they would delay enforcement of the regulation and would support a phased rollout of SCA.

TIM SHERWIN Co-Founder & CEO Tim Sherwin is the co-founder and Chief Executive Officer at CardinalCommerce. Under Tim’s leadership, CardinalCommerce has become a leader in enabling authenticated payment transactions in digital commerce.

Tim has had a lead role in redefining the Consumer Authentication landscape, developing innovative payment services to help increase sales, reduce fraud and chargebacks, without disrupting consumer checkout experience.

CHANDRA BALASUBRAMANIAN Co-Founder & CTO Chandra Balasubramanian is Co-Founder, Executive Vice President and Chief Technology Officer at CardinalCommerce. Chandra focuses on new product development, and under his leadership, Cardinal created technology platforms for merchants, issuers and for mobile applications in the payments industry. These innovations drive payments data intelligence using deep data analytics as Chandra leads Cardinal’s technology team in groundbreaking development.

ABOUT CARDINALCOMMERCE CardinalCommerce, a Visa company, is a global leader in authenticating digital transactions. For over two decades, we’ve been bringing merchants, issuers, and shoppers together in an experience where everybody wins. We put authentication first because we believe digital commerce should be safe, rewarding and engaging, for you and your customers.

Join us on our journey at www.CardinalCommerce. com, @CardinalCommerc and our Payments Blog

decisions. That’s the big change with the updated release of Visa Consumer Authentication Service.

Better decisions made behind the scenes help to ensure everybody in the ecosystem wins.

Merchants can sell their products, issuers can collect funds, and most importantly, consumers can buy what they want, when they want.

There is still a lot of confusion surrounding enforcement of SCA, and who is doing what and when, and the majority of national competent authorities (NCAs) from EEA countries want to make sure all the stakeholders in the payments and commerce ecosystem are ready, to prevent disruption of digital commerce.

Visa’s position, as outlined in the Joint Industry Statement on SCA Implementation (August 2019), is that we support the goals of SCA, but that a migration to SCA requires significant changes for all participants in the payments industry and they would need sufficient time to implement resilient systems that comply with the new requirements.

On October 16, the European Banking Authority (EBA) issued a statement that based on input from stakeholders that prefer a consistent and harmonized approach to implementation of SCA, they recommend that a single common deadline is adopted to avoid negative impacts for card-not-present transactions in the countries subject to SCA. The EBA, then, stated that migration to SCA should be completed by December 31, 2020, including implementation and testing by merchants.

PCM: You have recently launched the Visa Consumer Authentication Service which is designed to support an issuer’s authentication strategies with their 3-D Secure Program. How do you think this solution will change the eCommerce industry and reduce the number of declined transactions?

As we discussed earlier, when more data are shared with issuers during authentication, they can make better risk 6 | EXPERT INTERVIEW | CARDINALCOMMERCE

PCM: Cardinal has become a leading name in the industry, changing the way payments are processed and having the support of major organizations alongside you. Having already been in the game for 20 years, what is your overall vision of Cardinal and is there a specific goal that you are working towards?

Our goals have always been to increase approvals for our customers, and to limit false declines and reduce fraud.

The approach we take to achieve these goals has evolved over the years, as new developments in technology keep changing the digital commerce ecosystem.

As the digital landscape continues to grow, we will stay focused on helping our customers’ success – by increasing good transactions, reducing false declines and fraud, and helping legitimate consumers transact.

EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC 1Excludes insufficient funds and issuer/switch inoperative declines. Source: eCommerce purchases for the FY18.

YoY growth based on FY18 vs. FY17.

Sales based on VisaNet authorization data. Fraud based on issuer reported TC40 (including transactions which were not processed on VisaNet.)

WILL DEEPFAKE TECHNOLOGY DEFEAT BIOMETRIC AUTHENTICATION? Deepfakes are everywhere.

Enter, biometric authentication.

From video impersonations to celebrity face swaps, they are becoming the modern-day meme because they’re relatively simple to create. A deepfake superimposes existing video footage of a face onto a source head and body using advanced neural network powered AI. In other words, a deepfake looks to be a real person’s recorded face and voice, but the words they appear to be speaking were never really uttered by them, at least not in that particular order. While you may think you’ve never been fooled into thinking a deepfake was real, none of us can be 100% sure, because just like well-done special effects in a Hollywood movie, some are so good that we’ll never even notice.

Now, think about the growing popularity of biometric authentication. According to Gartner, by 2022, 70% of organizations using biometric authentication for workforce access will implement it via smartphone apps. In 2018, the figure was fewer than 5%. So, an obvious question is whether deepfakes can fool these biometric-based solutions.

Researchers from cybersecurity company Deeptrace recently found 14,698 deepfake videos online, compared with 7,964 in December 2018. They said 96% were pornographic in nature, often with a computer-generated face of a celebrity replacing that of the original adult actor. Not surprisingly, deepfake technology is also being weaponized for political misinformation and cybercrime.

Back in August, criminals used AI-based software to impersonate a chief executive’s voice and demand a fraudulent transfer of $243,000. In that scam, the head of a UK-based energy company thought he was on the phone with his boss, the chief executive of the firm’s German parent firm, who directed him to send the money to a Hungarian supplier. The German caller claimed the request was urgent and ordered the unwitting UK executive to initiate the transfer within the hour. Oops.

The answer: Some do and some don’t.

I know that’s not a very satisfying answer. But it genuinely depends on the type of liveness detection that is integrated into the identity verification solution.

So what is liveness detection and how can it sniff out deepfakes?

Many modern identity verification solutions now require new users to take a picture of their driver’s license (or some other government-issued ID) and then take a corroborating selfie. The face in the selfie is then matched to the face on the ID document and a yes/no decision as to whether the person in the selfie is also shown on the ID is rendered.

Seems pretty simple right?

Well, unfortunately, it’s not.

A number of years ago, cybercriminals started using photos and pre-recorded videos to bypass biometricbased verification systems. In response, identity verification providers introduced different types of liveness detection to attempt to differentiate between real human users and spoof artifacts. The goal is to know if the biometric data being matched is from the live, physically present person at the time of capture. Put simply, liveness detection prevents bots and bad actors from using photos, videos, masks or other biometric data (stolen or otherwise) to create or access online accounts. Liveness ensures only real humans can create and access accounts. Sometimes liveness detection methodologies ask users to blink, smile, turn/ nod, watch colored flashing lights, make random faces, speak random numbers and much more. Sadly, most of these legacy techniques are easily spoofed by deepfakes.

Enter, certified 3D liveness detection.

8 |THOUGHT LEADER | JUMIO

In the world of liveness detection, there is a large distinction between certified and uncertified methods. Certification testing is performed by iBeta, a NIST/NVLAP-accredited lab, based in Denver. They are currently the only lab performing presentation attack detection (PAD) testing guided by the all-important ISO 30107 global standard. In fact, Jumio is proud to have partnered with FaceTec, which recently received perfect scores in testing guided by the ISO 30107 biometric standard. FaceTec is the first and only biometric technology to achieve perfect results in Level-1 and Level-2 certification testing. This is noteworthy because the Level-2

test attempts to spoof the technology even using live human test subjects wearing realistic 3D masks.

Between the two levels of certification, FaceTec successfully stopped more than 3,300 spoof attempts over the course of 12 days of rigorous testing. Artifacts and masks used for sophisticated attacks include digital and paper photos, highresolution video, lifelike dolls and realistic latex masks, according to the iBeta testing documentation. Like a high-stakes game of whack-a-mole, when the fraudsters try to emulate a real human with one spoof method they expose different non-human traits that the AI picks up on. In this case, at their core deepfakes are 2D videos, not 3D human faces, so they become relatively easy to discern for a certified 3D liveness detection provider like FaceTec. The computer monitor used to play back the video emits light — it doesn’t reflect it — and certified liveness detection can tell the difference. And, if a criminal attempts to use the deepfake video with a projector onto a 3D head, then the skin texture won’t be quite right, and the advanced certified liveness solution will detect the generation loss, a surefire tipoff.

As it turns out, iBeta’s PAD Level 1 test has an ISO 30107-3 requirement called “Cooperative User/Tester.” This means the testing simulates a user being complicit in the fraud or someone who has their biometric data phished unknowingly. So, just like a complicit user would, the test subjects provide “any and all” biometric data requested by the testing organization. This makes the iBeta PAD test significantly more difficult than tests that only leverage publicly available biometric data or noncooperative subjects. The goal is to ensure the authenticator’s liveness detection is strong enough to combat complicit user fraud, synthetic ID fraud and even phishing attacks.

However, it is important to remember that not all liveness is created equal and many un-certified liveness detection solutions fall prey to deepfakes. In addition, puppets and avatars that rely on “challenge/ response liveness systems” easily bypass many liveness checks because it’s easy to make the avatar to react to rote commands. Check out a video that FaceTec created in just a few seconds to demonstrate how criminals can use this type of cutting-edge software to dupe legacy liveness detection. To even have a chance to sneak past certified solutions you’ll need to invest in expensive, bleeding-edge technologies.

For example, you’d probably need a 3D animatronic puppet that could somehow exhibit a lifelike combination of reflections in the eyes, pupil reactions and a variety of very subtle movements as well as simulate real-looking eyelids, skin and hair texture, and facial contours. This requires a much bigger investment — not only in technology, but in time as well. This could cost millions of dollars and take months, if not years to master, and there is still no guarantee that it would work.

Modern organizations should rightfully be concerned about deepfakes and how they can be deployed to infiltrate your online ecosystem.

That’s why it’s vitally important to embed 3D liveness detection into your identity verification and authentication processes, and equally important to insist upon a iBeta-certified solution that can withstand deepfakes and other advanced spoofing techniques.

DEAN NICOLLS VP Global Marketing Dean Nicolls serves as Jumio’s VP of Global Marketing. Dean has 20+ years experience in cloud security including a variety of early stage companies including LiveOffice (acquired by Symantec), TeleSign (acquired

by BICS) and, most recently, Infrascale. Dean also has worked at Starbucks and Microsoft focused on B2B marketing. At Jumio, Dean is responsible for all branding, PR/analyst relations, product messaging, demand generation, and sales/channel enablement.

He holds a Bachelor of Science degree in Business Administration from Pepperdine University and an MBA from the University of Washington.

ABOUT JUMIO Jumio is widely considered to be the largest and most accurate solution in the market and used by leading companies in the financial services, sharing economy, retail, travel, blockchain and online gaming sectors.

Based in Palo Alto, California, and funded by Centana Growth Partners and Millennium Technology Value Partners, Jumio operates globally, with offices in the US, Europe, and Asia Pacific and has been the recipient of numerous awards for innovation, including this year’s Frost & Sullivan’s North American Entrepreneurial Company of the Year for the Biometric Security Solutions Industry.

Attending companies

11:FS 1st MidAmerica Credit Union 22seven Digital (Pty) Ltd 2nd Order Solutions 3Pillar Global 3Rivers Federal Credit Union 451 Research 500 Startups 5Point Credit Union 5WPR 7 Mile Advisors 76 West Holdings A-LIGN A.D.V.1 A.T. KEARNEY A&L Goodbody AARP AB-Inbev Z-Tech ABBYY Abe.ai ABN AMRO Bank AcademicPerks ACAMS Accenture Acceo Acceso Crediticio Access Bank Plc Access Communications for Intuit Access Development Accountable Cpital Corp ACESSO SOLUÇÕES DE PAGAMENTO ACH COLOMBIA S.A. ACH Processing Company ACHeck21 ACI Worldwide Aconcagua Software Factory S.A. Acorns ACS Group Activant Acuris Risk Int C6 Acxiom Corporation Adam Atlas Attorney at Law Adam Margolin ADAPT @ Bain Addepar Addition, LLC Adelante Ventures LLC ADIA Adistrict Kft. Administrative Services, LLC, a Neustar Company AdMoustache Adobe adorsys GmbH Advance America Inc. Advanced Call Center Technologies Advanced Mobile Payment AdvanIDe Inc Adyen Aerospike AEVI

AFEX AffiniPay Affirm AFT Analytics, Inc. AIG, Inc. Aigent BV Airbnb Airwallex Aite Group Akoya Alaska USA FCU Alberta Central Alhamrani Universal Alibaba Group Alkami Alkami Technology Alliance Data Alliance Partners AllianceBernstein LP Alliant Credit Union Allianz Partners allpago Ally Bank Ally Financial AlphaSwap Alpine Bank ALSAC/St. Jude Children’s Research Hospital Alston & Bird, LLP Alterna Savings Alterna Savings and Credit Union Altra Federal Credit Union AMAN AMAN MicroFinance AmaTech Group Limited Amazon Amerant Bank America First CU American AgCredit American Bank and Trust Company, NA American Express American Family Insurance American State Bancshares Inc. Amount Anagog Andia Andreessen Horowitz ANIMA INVESTIMENTOS Antonia Georgieva Anvil AnywhereCommerce AP Intego Apax Digital Apax Partners APC BURO, S.A. Apex Capital Apex Clearing Apollo (Zhuhai) Electronics Co., Ltd. Apollo Electronics Co. Appetize

10 | ATTENDING COMPANIES | MONEY2020 LAS VEGAS

AppFolio Appian Applause Applause App Quality Apple Applied Data Finance Applied Mind, Inc. Aprio APSD e-Masary AQN Strategies Aquiline Aravt Global Arcus Argentina Invest and Trade Promotion Agency Argo Techno Arion Bank Aristotle Capital Management Arizona Commerce Authority Arizona Federal Credit Union Arizona State University ARK Investment Management Arkansas Small Business & Technology Dev Ctr Arkose Labs ARM Insight Arma Partners LLP Arnall Golden Gregory LLP Arxan Technologies AscendantFX AscendantFX Capital AsiaPay AsiaPay Limited Asignio Aspen Financial Solutions Aspiration Associated Bank Associated Foreign Exchange Association Of Financial Institutions Turkey Asto AT Kearney, Inc. AT&T Atalaya Capital Management ATB Financial ATDC Atento Brasil Atomic ATTOM Data Solutions au Financial Holdings Corporation Au10tix AUDI AG August Reign Shop Ltd. Aura AusPayNet Austral Capital Partners Autobooks Automation Anywhere Autonomous Research Avana Capital Avant AvidXchange

Attending companies

Avinode PayNode Awasu Design Axiom Bank AXIS CO.,LTD. Axletree Solutions Ayasdi Ayasdi AI Azlo b.trader B&T Corretora de Cambio LTDA B2 Payments USA Backbase Backbase U.S.A. Inc. BackBone Payments Bahrain Economic Development Board Bain & Company Bain Capital Baird Holm LLP Bakkt BANCO ABC BRASIL SA Banco Agrícola Banco Atlantida El Salvador Banco Azteca Banco BNI Europa Banco Bradesco Banco BS2 Banco de Crédito Banco de Credito del Peru Banco de Reservas de la República Dominicana Banco del Pacífico Banco Falabella Banco Industrial Banco Internacional de Peru - Interbank BANCO RENDIMENTO BANCO SANTANDER MEXICO Banco Santander, S.A. Banco Sofisa Direto BANCOLOMBIA BancVue Bank Hapoalim Bank Independent Bank Leumi USA Bank of America Bank of America Merchant Services Bank of America Merrill Lynch Bank of America Securities Bank Of Georgia Bank of Labor Bank of Montreal Bank of the West Bank Uralsib Bankers Healthcare Group (BHG) Bankers Healthcare Group Inc Bankers Trust Banking Circle Bankrupt Debt Acquisitions Banks Street Partners Bankwest Banzai

Barclays Barefoot Innovation Group Barnes International Bassett Capital Group BATCH OUT BB&T BBPOS BBVA BBVA Open Platform BBVA Transfer Services Bci Bank bcp tech BDO Beacon Capital Beacon Venture Capital Beam Solutions Inc. BECU BeeEye Belatrix Software Bennett Jones Bento for Business Berkeley Payment Solutions Bernstein Best Buy Best Egg Bestow Betcris Betterfin Beyorch BHMI Big Nerd Ranch BigCommerce Bill.com Billcentrix Biller Genie BillGO Billpocket Binji FinTech, Inc. BioCatch BioConnect Bitmo Bitpay BitPesa Bitso Bittrex Biz2Credit Blackbaud Blackfin CP BlackRock Blackstone Merchant Services Blake, Cassels & Graydon LLP Blend BLEND360 Blenheim Chalcot Blockchain Research Institute Blucora, Inc. Blue Label Mexico Blue Ridge Bank BluePay BlueRun Ventures BlueSnap BlueSpruce Investments BlueVine

Blumberg Capital BMG Money BMO Capital Markets BMP POUPCAR BNG Team BNP Paribas BNY Mellon BoaCompra by PagSeguro Board of Governors of the Federal Reserve System BoB Finance BodesWell Boku Identity Inc. BokuBPM LLP Bolt Bond Brand Loyalty Booking.com Booz Allen Hamilton Borrowell Boston Consulting Group Bottomline Technologies BPM LLP Bradesco Braintree Payments Branch International, Inc. Brand Makers Breach Clarity Bread Bregal Sagemount Bridge2 Solutions Bridged Brightside BrightsideBrink’s Brightway Asset Management Brightwell Payments, Inc. Brink’s Broadhaven Capital Partners Brooksource BTIG BUMPED INC bunny.money Bushel Button C&D Strategic Consulting C2G Partners CA Broadcom Inc Cadena Comercial OXXO CaixaBank Payments & Consumer Calamos Investments Calcard Brazil Caliber Home Loans Calibra (Facebook) Cambrian Credit Union Cambridge Global Payments Canada Pension Plan Investment Board Canadian Tire Financial Services Canapi Canapi Ventures Canopy Tax Capco Capgemini Capital Appreciation

A selection of MERCHANTS Attending companies

Capital Foundry Capital One CAPITAL Prepaid Services Capital Research Global Investors CAPITAL Services Inc. Car IQ CardFree CardinalCommerce Cardknox Development, Inc Cardlytics Cardtronics Carnegie Technologies Carrick Capital Partners Carta Worldwide Carvana Cash Flow Solutions CASHet Cass Information Systems Catalyst Investors Cathay Bank CDP Capital CDW Cebuana Lhuillier Services Corporation Celent Celero Cellfie Celtic House Venture Partners Centennial Bank Central Cresol Baser Central Payments Central Payments, A Division of Central Bank of Kansas City Ceto and Associates CFS-ZIPP LIMITED CFSI CG Partners LLC Chad Wallace Change Healthcare Chargeback Help Chargebacks911 Charles Schwab Corporation Charles Towne Holdings Chartwell Compliance Checkbook.io Checkout.com Chemical Bank Chetu Inc Chicago Federal Reserve Bank Chime China UnionPay USA Choice Bank Ltd. CI Investments CI&T CIABFEBRABAN CIBC CIELO Cielo/Braspag CÍRCULO DE CRÉDITO Citadel Citadel Federal Credit Union Citcon Citi Citi Treasury and Trade Solutions

Citi Ventures CitiBanamex Citizens Bank Citizens Business Bank City National Bank City of Moncton (Canada) Civic Federal Credit Union Civista Bank Cleafy CLEAR ClearScore Clerkie CleverGift Client Psyence Climb Credit, Inc. Clinc Clip Clocktower Technology Ventures Clover CMFG Ventures, LLC CMS CNBC CNote CO-OP Financial Services Coast Capital Savings Coast Capital Savings Cr Un Coastal Community Credit Union Coatue Management COCC Codat CODE Credit Union Cognito Americas LLC Cognizant Cohn & Dussi LLC COINCA CoinJar Colendi Collabigence College Avenue Student Loans Collins Community Credit Union Columbia Columbia Bank Columbia Credit Union Columbia Threadneedle Investments Comcast Ventures Comcast Ventures & Genacast Comerica Bank Commerce Bank Commerce Ventures Commonwealth Bank Commonwealth Credit Union Community Choice Credit Union Community Credit Union of Florida Compass Plus Competiscan ComplyAdvantage CompoSecure L.L.C. Conexxus Conn’s Home Plus ConnexPay ConsenSys Constellant Constellation Payments

12 | ATTENDING COMPANIES | MONEY2020 LAS VEGAS

Consulate General of Canada, Los Angeles Consult Hyperion Consumer Bankers Association Consumer Financial Protection Bureau Consumer Reports ConsumerTrack Contabilizei Continuum Commerce Solutions COOP Nordic Coppel Copper Copperfin Credit Union Coral Castle Museum Core Innovation Capital CoreChain Technologies Cornerstone Advisors Cornerstone Credit Union League CORPORATIVO BIMBO, SA DE CV Corros De Costa Rica S.A. Corsair Capital Council COUNTRY Financial Coupa CoVault Cove Hill Partners Cover Genius CoveView Advisors Covington & Burling LLP Cowen and Company Cox Enterprises, Inc CPI Card Group CPP Investment Board Create33 Creative Hairdressers Inc Crediclub, SA de CV, SFP Credics Technology Credit Engine, Inc. Credit One Bank Credit Suisse Credit Union of Colorado CreditFresh Crent Inc. Cresol Crosslink Capital Crown Sterling Crown Sterling, Limited LLC Crux Informatics Crypterium Cryptix AG CRYPTO.com Crypto4A Technologies Inc. Cryptomathic Inc. CSG International CSI CU Solutions Group CULedger CUNA Mutual Group Curacao Financial Curacao Money Transfer Currencies Direct Currencycloud Currencyfair

Attending companies

CurrencyPay Curve Custodia Cutter LLC CVC Capital Cybera D2iQ DadeSytems Dai Nippon Printing Co.,Ltd. Daimler Mobility AG Daon DataArt DATABANK DataCandy DATALOGIC DataRobot DataSeers DataVisor Datonics LLC Dave Daxko Day One Agency DC Bank DCS Holdings/ACHeck21 Dean & Company DebtTrader DecisionLogic DECLARATION PARTNERS DEDUCE DekaBank Deutsche Girozentrale Deliveroo Dell Deloitte Delta Air Lines, Inc DENTSU INC. Deposit Solutions Derivative Path Inc Desjardins Deutsche Bank Development Authority of Fulton County DHG Diebold Nixdorf Digfoot Productions Digipay Solutions DigiSure - Digital Wallet Insurance Digital Federal Credit Union Direct Federal Credit Union Directions Credit Union Discover Financial Services Discover Global Network Dividend Finance Divido Divvy Dixon Hughes Goodman LLP DLI North America(Dai-ichi Life) DLocal LLP DMP Investments DNB BANK ASA DNM Partners DOLEX DolEx Dollar Express, Inc. Domuso Inc. DORSEY ASSET

Dot818, LLC Douglas C. Lane and Associates Dovly Dow Jones & Company, Inc. Dr. Thede Consulting Dragoneer Investment Group DreamSpring DriveWealth Drop Technologies DSGV e. V. Dspread Technology DT One Duo Bank DuPage Credit Union Dwolla DZ Bank E*TRADE EagleBank Earnest Earnin Earthport Eastern & Allied Eaze ebankIT EBANX eBay ECHO Health Inc Eclaro eConduit Ecwid Edelman Edenred Corporate Payment Edison Partners Edward Jones Egon Zehnder Egyptian Banks Company Eigen Development Ltd. Eight Capital Ekata Elavon Electronic Arts Electronic Verification Systems Elements Financial Elevate Elevate Credit Elevate’s Center for the New Middle Class ELGA Credit Union Ellipse Inc. ELP Brands Emailage Emburse Emergent Technologies Emerging Markets Ltd Emerson Collective Emida EMOOLA INC Empire Co Ltd Empresas Jordan S.A. EMQ EMVCo Encytro Endava Inc Endeavor México

Endeavour Capital Advisors Engage People Inc. Enterprise Bank & Trust Enterprise Ireland Entersekt Entrust Datacard Envestnet | Yodlee Envestnet Institute On Campus ENVIOS.COM envisionit Agency Eonx ePayments Epayments Systems Limited Epic Research Episode Six Equifax Equinox Equinox Payments ESL Federal Credit Union ESQ Business Services, Inc. Esri ETHNIC CHANNELS GROUP Ethoca Ethos Group Etsy Euromonitor International Euronet Euronet - Ria / xe Euroweb EverCompliant Evercore Partners Evertec Group LLC Everyware Inc EVO Payments Evolve Bank & Trust Ewallet Exactuals - an RBC | City National company Exchange Bank of Canada ExecVision Expedia Experian Experian | CreditMatch Export-Import Bank of India ExxonMobil EY EZBob Ltd EZCORP F-Prime Capital F1 Payments Facebook FaceMe FacePhi Biometría Facere25 Fair Fair Square Financial FairFX FairSquare, WARBURG PINCUS, Max-Leumi Fairwinds Credit Union Family Office Fannie Mae Farfetch FastCash

Attending companies

FastPay FastSpring Fattmerchant FCW Consulting LLC Fdata Co., Ltd. FeatureSpace FEBRABAN Federal Deposit Insurance Corporation Federal Reserve Bank of Atlanta Federal Reserve Bank of Boston Federal Reserve Bank of Cleveland Federal Reserve Bank of Kansas City Federal Reserve Bank of New York Federal Reserve Bank of Philadelphia Federal Reserve Bank of Richmond Federal Reserve Banks Federal Reserve Board Feeding America Feedzai Feitian Technologies Fenway Ventures Fexco USA FHLB San Francisco FICO FID Fidelity Information Systems Fidelity Investments Fidelity Marketing Group Fidelity Payment Services Fifth Third Bank FINABLR Finance Metadata Information Solution (Shenzhen) Co., Ltd. Financial Apps Financial Data Exchange Financial Health Network Financial Partners Credit Union Financial Technology Partners Finastra Finch FINDO Fingopay Finicity Finix Payments Finn.ai Finovera, Inc. FinRegLab FinTech Hive at DIFC FinTop Capital Fintosa FinWise Bank Firefighters First Federal Credit Union Firefly Credit Union FIRMA Foreign Exchange First Citizens Bank First Data Corporation First Electronic Bank First Entertainment Credit Union First Fidelity Bank First Horizon Bank First International Bank & Trust

First Interstate Bank First Midwest Bank First National Bank First National Bank Of Omaha First Republic Bank First Tennessee Bank FirstBank FirstView Financial FIS Fiserv Fit Small Business FivePoint Credit Union Fixed & Mobile Fleetcor Flexjet Flexpoint Ford Flexport Florida Capital Bank Flutterwave Flywire Forsyth Barr Fort Community Credit Union Forter Fortiva Retail Credit Fortive Financial ForwardLine Financial Founders Circle Capital Four Corner Network FPT Software Francisco Partners Franklin Templeton Fraugster Freedom Financial Network Frog Design FS Investments FSS FT Partners FTFCU FTV Capital Fujian LANDI Commercial Equipment Co., Ltd Fujitsu Fulcrum Equity Partners Fundacion Exportar FundGuard Fusion360 Future Group Futurex FXC Intelligence G&F Financial Group Galileo Processing Garnet Capital Advisors Gartner Gateway Commercial Finance, LLC GBG GCA GCP Capital Partners Gemalto Gen3 Marketing General Atlantic General Catalyst Generation Investment Management

14 | ATTENDING COMPANIES | MONEY2020 LAS VEGAS

Genus AI GeoPagos Georgia Department of Economic Development Geoswift GERU GetUpside GIACT Giact Systems Giesecke & Devrient GigaSpaces Technologies Girmiti Software Inc Givelify Glade Brook Capital Glenbrook Partners Glenview Capital Glia Global Cannabis Alliance Global Payments Global Primex Global Processing Services Ltd globaliD Globant Globokas Glory GoCardless GoKart Labs Golden 1 Credit Union Goldman Sachs Golub Group Goodwin Procter Google Gowling WLG GPS Granite, LLC Grant Street Group Grant Thornton Grasshopper Bank Great Hill Partners Great Western Bank Greater Phoenix Economic Council (GPEC) Green Dot Greenhill & Co. Groupon Grupo Elektra Grupo Salinas Grupo XP GTAI GTCR GTreasury LLC GuardSquare Guggenheim Securities Gusto H-E-B H.I.G. Capital H&R BLOCK H2o.ai Hairdressing Supplies Lincoln Happy Money HarlandClarke Harris Williams Harvey Norman

Attending companies

Hatch Bank Hawaii State FCU HCS Heartland Bank Heidrick & Struggles HELLO GROUP HERE Mobility High Risk Holdings Hillhouse Capital Hills Bank Hilton Worldwide HintMD Hitachi Hitachi Consulting Hitchwood Capital Holocene Advisors Home Credit US HOMEBANK Homebrew Hong Kong Trade Development Council Hotmart Houlihan Lokey HPS HSBC HSC Financial HubSpot Hudson Advisors Hudson Cove Capital Management Hudson Data Hummingbird Regtech Huntington Hy-Vee i-payout i2c Inc. IamYours GmbH IBM Ibotta IC Group ICBA ICBA Bancard ICF Technology, Inc. ICON Foundation ICONIQ Capital ICR ID Analytics ID Finance ID R&D IDA Ireland Ideanomics IDEMIA Identiq IdentityMind IDEX Biometrics IDology IDScan.net IGNIA Patners, LLC ignition Advice IMF iMoneyTrans IMPESA IMVU In-Q-Tel

InCharge Debt Solutions InComm Independent Bank Group Index Ventures Indus Insights INEVO FINTECH Infineon Infobip Ltd. Infogroup Informa Financial Intelligence Information Venture Partners Infosys ING Ingemann & Co. Ingenico Group Ingo Money, Inc. Inlet Inlet Digital LLC Innova Bilisim Cozumleri A.S. INNOVA IT SOLUTIONS Innovation Finance Innovatrics Innowi Inspired Intellect Instagram InstaReM Institute of Global Research Integrated Biometrics Intellect Design Arena Ltd. Intent IQ, LLC Interior Savings Credit Union International Game Technology International Solutions Group Intersect InterSystems Intertrust INTL FCStone Intrepid Ventures Intuit Invene Invesco Invest Northern Ireland InvestCloud iov42 iovation, a TransUnion Company Iowa Credit Union League iPayLinks Ipsos iQmetrix IR IRC Irkus Ingenieria Irrational Labs Irrational Labs and Common Cents Lab Isracard group Israel Discount Bank Israel Export Institute Israeli Ministry of Economy and Industry Itau Unibanco ITMAGINATION SP. Z O. O. SERVICES SP. K.

Ivernet Holding Ixaris IZICAP IZIPAY SAC J.P. Morgan Jackson Hewitt Jackson Square Ventures Janus Henderson Javelin Strategy & Research Jazz Pay JCB Credit Card Co., Ltd. Jefferies LLC JobsOhio John Deere Financial John Hancock Johnson Financial Group Journey Joust JSC Federal Credit Union JSOL Corporation Jumio Jupiter Jupiter Laboratories K&L Gates, LLP Kabbage Kaiser Permanente Kapital Financiera Kapitus Kapronasia Kasikorn Business Technology Group Kasisto Kawartha Credit Union KBW KCSG Kelly & Kelly KERN SCHOOLS FCU KeyBanc Capital Markets KeyBank KeyCorp KF Credito Khosla Ventures Kilpatrick Townsend & Stockton LLP Kinecta FCU Kingsmen Software Kinnevik Capital Ltd Kitsap Credit Union KMD Partners LLC Kobie Kohl’s KONA I PARTNERS Co., Ltd. Kony DBX Kony, Inc. KopenTech KoreFusion Kount KPMG Kunai Kyriba L’Atelier BNP Paribas US L1 Capital International LA Police Federal Credit Union Ladenburg Thalmann Financial

Attending companies

Services Lake Trust Credit Union Lambda Cards LanguageLine Solutions Lazard Freres & Co Lbrands Le Pain Quotidien Argentina Lead Bank Lead Economy LeafLink League of Southeastern Credit Unions League of Southern Credit Unions LEND360 Lendeavor LENDICO Lending Club Lendingpoint LendingTree LendIt Fintech LendKey Technologies LendUp LendWize Levvel LexisNexis | ThreatMetrix LexisNexis Risk Solutions LG Electronics LianLianPay Liberis Liberty Mutual Liberty Mutual Insurance Group Libro Credit Union Lightspeed POS Lightyear Capital LLC Lime Light Linea Co., Ltd. Lingua Franca Search Lingua Franca Search LINX LINX Linx Pau Hub LINXENS LISNR Live Oak Bank Lively, Inc. Lleida.net Local Government Federal Credit Union Localpayment Logix Federal Credit Union Lone Star Long Ridge Equity Partners Longview Asset Management Loomis Loop Commerce Lovell Minnick Partners LLC Lowe’s Companies, Inc. Loyalzoo LSQ Funding Lufthansa AirPlus Luge Capital Luma Holdings LUSA

M Group Strategic Communications M Science LLC M&T Bank Macquarie Bank MacroAnalit Madison Capital Funding Magnifi MagTek, Inc. Maiven MAJORITY Malauzai Manifesto Growth Maps Credit Union Marine Credit Union MarketWatch Marlin Equity Partners Marqeta Martin Data Martin Ferenczi LLC MAS Finance MAST Mastercard Mastercard / NuData Security Mastercard Start Path Matthew McDonnell Maven Wave Maverick Capital MAX By Leumi Card Maxpay Limited Mayer Brown LLP Mayfield mBank McCarthy Tetrault McGlinchey Stafford McKinsey & Company Medallion Bank Members Development Company Meniga MercadoLibre Mercator Advisory Group Merchant Advance Capital Ltd. Merchant Connect Incorporations Ltd Merchant e-Solutions Merchant Growth Ltd Merchant Link Meredith Corp Meridian Credit Union Meriwest Credit Union Merpay Mesirow Financial Meta Bank Meta Payment Systems Meta Ventures Metal Pay MetLife Metrics Global Inc Metro Atlanta Chamber Metropolitan Commercial Bank mezu mGage mHelpDesk

16 | ATTENDING COMPANIES | MONEY2020 LAS VEGAS

MicroBilt Corporation Microsoft MidCap Financial MillenTech CTI Group Mills Marketing MINDBODY, Inc. Mindgate Mindgate Solutions MindTitan MineralTree Mirae Asset Daewoo Miria Systems (OSG) MISA COMPANY Mission Lane MissionOG MIT Mitek Mitsubishi Mitsubishi UFJ Financial Group Mizuho Bank, Ltd. Mizuho Financial Group MK Decision MO Technologies Mobbex Mobetize Corp.

Modern Asset Management Modern Health Finance Modirum Modo Payments Modulr MoffettNathanson Mogo Moka Metrics Momentum Design Lab Moneris moneybase MoneyLion Moody’s Analytics Inc. Moore Capital Management Morgan Stanley Moses & Singer LLP Motive Partners Movable Ink MOVII SA Moya Producciones mParticle Mrepay Inc, MRV Banks MSTS Mubadala Ventures MUFG Union Bank N.A. MuleSoft Munich Re Ventures Mutual of Omaha Bank MVB Financial Corp MX Technologies Inc N&TS Group Corporation NACHA - The Electronic Payments Association Namu nanopay Corporation Napier Park Global

Attending companies

NASB-North American Savings Bank NASCUS National Australia Bank National Benefit Programs National Credit Union Administration National Debt Relief National Gift Card Corp.

National Payments Corporation of India National Settlement Depository National Student Clearinghouse Natixis Payments Natural Intelligence NatureTrak Nav.it Navy Federal Credit Union NBC Sports NBKC Bank NCR Corporation NCR Digital Banking NEA (New Enterprise Associates) NEC Corporation Nectar Communications Nedbank Corporate and Investment Bank Needham & Company NELMAR Security Packaging Systems, Inc. Nelnet, Inc. NerdWallet NestReady Netcetera Nethone Netshoes Netspend, TSYS Network International LLC Neustar New Orleans Business Aliance New York Life Insurance Company Newland Payment Technology Next Caller Next Stage Partners NEXTPLS Nexus Venture Partners NGC NIC NICE Actimize Nissho Electronics Nomura noonum Nordis Technologies North American Bancard North Highland Consulting Northern Bank NorthOne Northwestern Mutual Nova Credit Noventis, Inc. NS8 Inc. NTT Data

NTT DOCOMO NTT FINANCE CORPORATION Nuance Communications, Inc. Nuance Enterprise Solutions and Services Nubatech NuData Security NUL System Services Corporation Numerica Credit Union Numo Nusenda Credit Union NVIDIA NWCUA NXP Semiconductors Nyca Partners NYMBUS Oak HC/FT Oak Hill Capital Oakworth Capital Bank OC Tanner OCC Ocrolus Octane Lending Octopus Ventures Office of the Comptroller of the Currency Ohio Credit Union League Olive Oliver Wyman OMERS OMNI Community Credit Union OmniFund OmniMerchant On Time Mobile Technologies SA de CV OnDeck.com Ondot Systems Inc. One Global Group One Inc One MobiKwik Systems Pvt. Ltd. One Nevada Credit Union One Technologies, LLC OneSpan Inc. Onestone Capital Onfido Ltd Onix Creditos Online Lenders Alliance ONPEX Ontario Teachers Pension Plan OpenEdge OpenLegacy Openpayd OpenSeSaFi Opportunities New Brunswick Opus Consulting Solutions Oracle Data Cloud Orbograph Orrick, Herrington Osan Unv./Brilliantts OSG Billing Overstock Ownable

Ownership Capital Oxford Properties Group PagBrasil PagoEfectivo - OrbisVentures PAi Paine Pacific FX&IP Pandeavor Ventures Pantera Capital PartX, Inc. Passport Labs, Inc. Patagonia Cred S.A. Patelco Credit Union Patientco Patriot Financial Partners, LP Patriot Software, LLC Paul Hastings LLP PAX TECHNOLOGY Pax Technology Inc Paychex PayBright PayClip PayCore Payfone, Inc. PayGility Advisors PayKey PayLease Payment Insight, Inc. Payment Insurance Network Payment Integrations, Inc Payment Network Malaysia (Paynet Malaysia) Payment Solutions Consultants Payment Source PaymentEvolution Payments Canada Payments International Inc. Payments Network Malaysia Paymentsmith PaymentSpring Paymentwall Inc. PaymentWorld Paymetrics - Worldpay Paymment Solutions Consultants, LLC. PayNearMe Payoneer Payouts Network PayPal Payrailz PayRange Payrix, LLC Payroc Paysafe Payscout PaySett Corporation PAYSMART PayU Payvalida Payveris Payway, Inc. PB Capital Management, LLC PCG

Attending companies

Pearl Capital PeerNova Pen Air Federal Credit Union PenFed CU PEOPLE’S UNITED BANK People’s United Bank, N.A. Peoples Bank Peoples Group Peoples Trust Peopletree Innovations Perella Weinberg Partners Perfect Plastic Printing PerformLine Peripheral Dynamics Inc. Perkins Coie LLP Persistent Systems Personal Capital Personetics PESP Petal PetSmart, Inc. PF CVC PhoenixPay Pi Investimentos (Santander Fintech) PIMCO Pindrop Ping Identity Pinnacle Financial Partners Pinterest Pinwheel Pay Pioneer Valley Credit Union Piper Jaffray Pistil Pittsburgh Embossing Services, Inc. Pivot Investment Partners PJT Partners PKWARE Plaid Planet Planet Fitness / Bravo Fit Planet Merchant Services Platzer Swergold Levine Goldberg Katz & Jaslow LLP PNC Financial Services Poincenot Technology Studio Point72 Ventures Pokeworks Policygenius Pontual Money Transfer Porsalud Portag3 Ventures Portico Capital POS Peeps PPRO Group Pragma Patrimonio Premier Bankcard Premier Consumer Capital Prepaid Program Management Prepaid Ventures, LTD Presto Priceline Priceline Partner Network

PRIMECAP Management Co. PRIMEIROPAY Primus Capital Funds Priority Commercial Payments Priority Pass Priority Payments Systems Private Investment Banking Profitstars Progressive Leasing Pronet ProofPort Propel Propel Venture Partners Prosek Partners Prospera Protiviti Provenir, Inc. PSCU PSECU PSG International Ltd PT DJARUM Publicis Sapient Pulsar Ventures PULSE PurePoint Financial PwC PXP Financial Q2 e Banking Qapital qBotica QED Investors QIWI JSC QuadPay Qualico Quantum1Net Questrade Quontic Bank Quorum FCU Qurate Retail Group R&P Group Raiffeisen Capital Asset Rakuten Ralph Marcuccilli RAM Payment LLC Rapyd Rau Consulting LLC Ravel by CF Raymond James RBC Capital Markets RBK Money / Direct Payments Real Estate Services Corp/AREA RealPage Recruit Technologies Co., Ltd Rectangle Health Recurly, Inc RED EFECTIVA Red Hat Reed Smith LLP Reeds Jewelers Refinitiv Refundo Regions Bank

18 | ATTENDING COMPANIES | MONEY2020 LAS VEGAS

Regions Financial Corp Reliant Funding / Merchants Capital Access Remitly Remitter Renasant Bank Republic Bank Republic Bank of Chicago Republic Payment Solutions Reserve Trust Resurgent Capital Services Retail Payments Global Consulting Group RetailMeNot, Inc. RevoPay Rezku POS Ria Financial Ria Financial Services RIDIVI RIFF Ripio Ripple RISCURE Riverland Bank Robeco Rock Stable Token Inc Rocket Dollar Roland Berger Rothschild Wealth Management Route 66 Ventures RouteFusion Royal Bank of Canada Royal Bank of Scotland RPG Card Services RRD RRE Ventures RS Software RS2 Software, Inc RSA Security Russell Reynolds Associates Safrapay Sageview Capital Salal Credit Union Salelytics Salesforce.com, Inc SalesOptimize Saman Bank UK Samsung Samsung Electronics America Sandler O’Neill & Partners Sansome Partners Santander Bank SAP Concur Saque e Pague Saradar Bank SAL SAS SAS Canada SAS Institute Inc. Savant Intuition LLC Savvyy SB Investment Advisers SBC Travel Group

Attending companies

Schroders Scienaptic Systems Scotent UK Scotiabank SCRA Finance SCSK Corporation Searchlight Capital SECU Securedtouch SecureKey Technologies Inc. SecureTrust, a Trustwave division Security Bankcard Center SecurityMetrics Seeking Alpha SEFCU SegPay Sem Parar Senacor Technologies AG SenaHill Partners, LP SendFriend Senorics GmbH Sensibill Sentral, LLC SEP Serasa Experian Serrala Service 1st Federal Credit Union Servus Credit Union SETUNS GLOBAL LIMITED SGE SHAZAM, Inc. SheerID Shopify ShopKeep Shoreline Technical Services SHTAR SI VALE MEXICO Siegel + Gale Sift Science SightSpan SIGMAXYZ Inc. Sigue - Global Payments Sila Silicon Valley Bank Silversmith Capital Partners Simon Property Group Simon Wallet Simon-Kucher & Partners Simplus Singtel Innov8 Ventures Sistemica Group SAS Skrill SmartGift SmartStream Technologies SMI Snap Finance LLC SnapCheck Socure SoFi SoftBank Group International Softbank Investment Advisers SoftServe Inc.

Softtek Software Corporation International Solace Solarity CU Solera National Bank Sony Corporation Sound Credit Union Sparkassen Rating und Risikosysteme GmbH Sparkir Inc Spectrum Equity Speedeon Data Speedway LLC Spencer Stuart Spend US, Inc. Spend.com Sphere SPIRE Credit Union Splash Financial Splunk Spotcap Spreedly Spring Labs SpyCloud SQS BFSI Inc Square SS&C Advent SSENSE St. Jude Children’s Research Hospital, ALSAC Staley Capital Standard Chartered Bank Start-Up Nation Central STASH State of Minnesota DEED Steadfast Financial Steady Steinbach Credit Union Stella Point Capital Sterling Capital Sterling National Bank SterlingCard STERLINGCARD Finance Stern International Bank Sthaler Stieven Capital Advisors, LP Stinson LLP StoneCastle Partners, LLC Stored Value Solutions Strategic Resource Management StrategyCorps Stripe Stripes Group SugaPay Global Sullivan Summit Credit Union Summit Partners SumUp - Mobile Card Payments Suncoast Credit Union SUNMI TECH Sunrise Banks N.A. Sunriver Management LLC

Sunstate Bank SunTrust Bank Superior National Bank SuperSim SurePath Capital Partners SureTraxx Cash Management Systems, Inc. Surveyor Capital Sutton Bank SV-FINTECH Fund SwervePay Health swIDch Swift Pay Systems Swift Prepaid Solutions, Inc. Swisscom Swych Symantec Synack Synapse Financial Technologies Inc. Syncapay, Inc. Synchrony Financial Synovus Synthetic Liquidity Sysnet Global Solutions Systemspecs Ltd T-Cetra T-Mobile T. Rowe Price TA Associates TAB Bank talech, Inc. Talentica Software Tango Analytics Tappy Tech TaskUs Tata Consultancy Services TaxSlayer, LLC TBF Financial, LLC TBS Factoring, LLC TCF Bank TCF Inventory Finance, Inc TCM Bank, N.A. TCV TD Ameritrade TD Bank TeamBank AG Techfirm Inc. Technivation Telefonica TeleSign TELUS International TEMPOE Tempus Technologies Tencent Tender Armor and Reef Karson Consulting Tenengroup Ltd. Teneo TerraPay Terrapinn ME Texas Capital Bank Texas Capital Bank, N.A.

Attending companies

Texas Roadhouse The Bancorp The Bank of Missouri The Bankers Bank The Baupost Group The Boston Consulting Group The Clearing House THE DATA INITIATIVE The Family Office The Federal Reserve The FICANEX Group of Companies The Financial Brand The Fletcher Group The Home Depot The Israel Export Institute The Jonah Group The McLean Group The Penny Hoarder The Reserve Trust Company The TJX Companies The Tribal Banking Company The Venture Center The Walt Disney Company The Winterbotham Group Thede Consulting Theta Lake Thomas H Lee Partners Thomvest Ventures Thought Machine ThoughtFocus Threadneedle Investments ThreatMetrix Thrive Capital Thrivos, Inc Thunes TIAA TIAA Bank TIB The Independent BankersBank Tidal Commerce Tiger Global Management Timelineapp Tech Limited TimePayment Tinker Federal Credit Union Tinsley Retail Insights Tipalti TJX Companies Inc. TM Forum TNG FinTech Group Token Toppan Printing Co., Ltd. Toshiba Tower Federal Credit Union TowerBrook TowneBank Toyota Financial Services Toyota North America TPB Advisors TPG Sixth Street Partners TPP LLC Trabian

Tradeshift Inc Transact Transact Campus TransactFirst Transactility, Inc. Transactis TransferMate Global Payments TransferTo Transform FinTech TransFund Transmit Security Transpay TransUnion Travel Money Group - Flight Centre Travel Group Travelex, a Finablr company Trellance Trend Micro Trent Tribal TriNet TripActions Truata Truckstop.com True Search TrueAccord TrueCourse Advisory Truist Trulioo Trust & Will Trust Science® Trustly Trustonic Trustwave TSYS TTCU Federal Credit Union Tulsa Federal Credit Union Turkcell Payment Systems TUTU DIGITAL Tutuka Software TWG Twilight TwinStar Credit Union Twitch tZERO U-Nest Holdings LLC U.S. Bank U.S. Secret Service UAE Exchange UATP UBank Uber Technologies Ubiquity Global Services UBIVELOX Inc. UBS UL Ultradata Australia Unbound Tech UneeQ Unicom Capital

20 | ATTENDING COMPANIES | MONEY2020 LAS VEGAS

Unified Payments Group Unify Impact Investments llc UnifyID Uniken Unimoni Union Bank, MUFG UnionPay International United Airlines United Community Bank United Federal Credit Union United States Secret Service UniTeller Financial Services Unitus Community Credit Union Universal Storefront Services Corporation University of Michigan University of Toronto Univision UOL BoaCompra Up Si Vale uPaid Payment Solution Upclick UpEquity Uplift Urban FT Urjanet Urovo Technology Co., Ltd. US Bank USAA USANA Health Sciences USinfoSearch Utah Community Credit Union Vacasa Vacuumlabs VALID S.A. Valora Valorus Technologies Vancity Savings Credit Union Vanco Payment Solutions Varo Money VASCO Data Security Vault Veem Velocity Merchant Services Venable LLP Venture Development Center, LLC VentureSouq VeraBank Verafin Veratad Technologies Verdigris Inc Verifone Verimatrix Verisk Financial | G2 VeriTran Verizon Veronorte / SURA Ventures Verrency VersaPay Vertical Finance

Attending companies

VESCA Vesta Corporation Vestigo Ventures Viamericas Victory Park Capital Viking Client Services Village Capital Viola FinTech VION Investments Visa VISANET PERU Visions Federal Credit Union Vista Equity Partners Vital4 Voca ai Volusion LLC Voyager Digital, LLC VR Payment VYNYL VyStar Credit Union WAIVPAY Pty Ltd Walker Sands Communication Wall Street Journal Waller Lansden Warburg Pincus Waterfall Asset Mangement Waud Capital Partners Wave WCAS WebBank Webpals Systems S.C. Ltd. Webster Bank Wedbush Securities Wellfit Wells Fargo Were Magnetic WesPay Advisors West Monroe Partners Western Union Westfield Capital Management Westoba Credit Union Westpac New Zealand Limited WestRock WEX, Inc WFCU Credit Union White & Case Whitepages Pro Wildcat Ventures Wilen New York Wilh. Werhahn KG William Blair & Company William Mills Agency WillowTree, Inc WILLPORTtrust Windle Partners Wing VC Wings Financial Credit Union Wintrust Financial Wirecard Wisetack

Wish WizarPOS International Wizest Wolfe Research Wolters Kluwer Womply Workers Credit Union World Innovation Lab WorldFirst WorldLink Worldpay WorldRemit Wright, Lindsey & Jennings WSFS Bank Xapo, Inc. Xsolla Xtensifi LLC XTN Cognitive Security Y Media Labs Yaka Labs YapStone Yardi Systems, Inc. YeePay Co., Ltd YellowPepper Yelp Yodlee yotepresto.com You World Inc. Yubico Zabo Zafin Zapata Computing ZecOps ZestFinance Zeta Zibby, Inc. Zions Bank Zip Co Ltd ZIVELO ZOMARON Zone Startups Zoot Enterprises ZRG Partners LLC Zumigo

DIGITAL TRANSFORMATION TRENDS THAT MADE WAVES THIS 2019 Digital transformation or DX refers to the integration of digital technology into areas of businesses for more manageable business processes and in order to help boost customer experience.

Digital transformation helps in fundamentally changing an organisation’s way of operating and delivering [good] value to customers. On top of all that, digital transformation is also recognized as a cultural change, which can potentially challenge and improve status quo, explore and experiment in various business processes and strategies, and be able to bounce back from failure.

Digital transformation case studies all over the world can pinpoint the ins and outs of digital transformation as well as trends that make embracing the digital era even more bearable and worth it. In turn, here’s a list of digital transformation trends that made waves this 2019, in case you need a recap or you need some catching up to do: Smarter Business Intelligence (AI)

Systems

Through

Artificial

Artificial Intelligence (AI) refers to a machine or a bot that demonstrates intelligence as if it were actual human intelligence. Regularly, AIs adapt to the current social environment and learn from it over time.

22 | THOUGHT LEADER

Today, and in 2019, lots of companies have started integrating AIs into their business systems to improve customer service delivery and customer experience.

Before, customer service agents were required to go through endless accounts of customer complaints, concerns, queries, and feedback. However, with the help of AIs, customer service agents can now focus on other things that are deemed more important and need added critical thinking. On the other hand, customers need not worry about unread concerns and feedbacks since AIs can immediately respond and look for ways or solutions for their problems; hence, little to no downtime is required or expected at all. This year, AI technologies have definitely helped a lot in boosting business success.

Booming Multi-Cloud System At the beginning of this year, a survey conducted by RightScale showed that 84% of enterprises around the world have already started adopting the multicloud strategy. A multi-cloud strategy or environment is an extensive compilation and distribution of cloud assets, software, and applications across multiple cloud environments. This system aims to eliminate most organisations’ reliance on a single cloud service provider.

Although data protection is something multi-cloud systems do not provide, many big companies this year have relied

on such systems more than any other available provider in the market. This is primarily because of how costefficient it is. You must know by now how costly it is to integrate several systems (public, private, or hybrid) into your business. With multi-cloud networks, you rest assured that you’ll be paying less for the same (or even better) quality and performance. In fact, in the years to come, this specific cloud provider will begin overtaking IT spending, optimising tasks, and a lot more to watch out for Blockchain Continues to Advance Most businesses think of blockchain as a mere software or system to create digital currency such as bitcoin. While this is true, that’s not really all to it. In fact, blockchain as a means to produce digital currency is only a scratch right on the surface of its capabilities.

Blockchain solutions, aside from digital currency, have also been used in achieving better operational activities.

This is through automation of business processes and digitising records. Who says that blockchains can only store digital currency in the first place Blockchains are useful digital tools to record all your business processes and use this information to enhance operations, security, and other opportunities for tracking and obtaining both physical and digital assets.

Augmented and Virtual Reality ARs and VRs continue to stay on the list of digital transformation trends almost every year. Frankly, most people have love-hate relationships with these two.

Sometimes, ARs and VRs show potential unlike any other digital transformation tool out there. However, sometimes, these two can also get pretty mainstream; hence, its unstable placement in the yearly chart.

But going back, ARs and VRs continue to be the talk of the town as more people and companies nowadays value convenience too much. With ARs and VRs, you can imagine the unimaginable and make things happen despite your [physical] absence. The opportunity to enhance customer experience and create more excellent value without a lot of [actual, physical] investments is definitely something worth getting giddy about.

Wrapping Up Aside from those mentioned above, there are a lot more digital transformation trends that made waves this 2019. More importantly, these trends may possibly be carried out and used until the year 2020 because of their efficiency. How about you? Which DX 2019 trends worked best for you and which ones do you plan to utilize come year 2020?

EDWIN DEPONTE Edwin Deponte is a motivational writer who is also passionate about Social Marketing.

He believes in others’ abilities and tends to bring out people’s hidden potentials through his words of inspirations and motivational articles.

WHY IT’S SO HARD FOR CHALLENGER BANKS TO FIGHT FINANCIAL CRIME Balancing security with customer experience Challenger banks put themselves under intense pressure to create a superior customer experience, and with good reason. With banking being an industry reliant on customers continuing to purchase additional products, it is important that customers who switch to these new banks stay for life.

However, for challenger banks born in the digital era, customer experience expectations match those of other technology companies, not those of established banks.

Because of this, customers are more likely to walk away over small things, like a poor mobile app UI. The CTO of Tandem Bank, Paul Clark, explained in an interview how quickly these customers can leave: “There’s an expectation. If those other people’s apps are Uber or Facebook or Instagram or whatever your favorite apps are, then that’s the level of sophistication, of smoothness, of customer experience that your customers expect. And when they don’t get that, when they jar up 24 | THOUGHT LEADER | FEEDZAI

against it, it’s very easy to drop one app and move to another.”

In other words, challenger banks must do everything possible to protect their customer experience. Yet, they also need to prevent fraud and be compliant. How can challenger banks protect their great customer experience from the negative impact of fraud? With a poor risk strategy, challenger banks run the risk of either increasing customer friction, by driving up false-positives, or decreasing customer trust through fraud occurrences like data breaches or account takeovers.

Unfortunately, many existing fraud prevention options aren’t a fit for challenger banks, as they negatively impact customer experience by increasing friction and costs, which the bank must eventually pass on to customers.

The Unique Challenges of Money Laundering Money laundering is no small issue for any bank. In 2017 United Nations Office on Drugs and Crime (UNODC)

estimated that roughly $800 billion to $2 trillion was laundered globally. While the range of the estimate varies significantly, even at the lowest end of the range, $800 billion annually, demonstrates the sheer magnitude of the problem.

The massive money laundering issue has led to pressure on banks of all sizes. With complex and region-specific rules and regulations, including sanction screenings and multiple variants of watch lists, even major banks, with well-developed compliance teams, have found themselves struggling to ensure compliance. Take for example the recent money laundering issues that a major Nordic bank has come under fire for as they failed to correctly monitor transactions through one of their international branches. They now face up to $630 million in fines as well as significant public scrutiny.

The need for implementation of a proper AML solution is immediate. With major banks facing regulatory scrutiny, it isn’t long until challenger banks run into the same regulatory issues.

Challenger banks are also no stranger to this problem.

With the promise of frictionless customer onboarding and customer experience, challenger banks face a myriad of issues properly vetting customers during onboarding and continuously vetting their customers once they’re onboarded. Often, their onboarding strategies consist of tiering customers or limiting their spending ability based on the amount of due diligence that has been conducted.

However, these solutions have a fatal flaw.

Many of the onboarding processes created by challenger banks are relatively hands-off, due to challenger banks relying heavily on technology rather than personnel. Because of this, challenger banks can inadvertently onboard malicious customers at low tiers. One of these malicious customers wouldn’t pose a significant threat to challenger banks since they would be limited to a transfer limit of (for argument’s sake) $5,000. However, a single criminal who opened 20 fake accounts by purchasing cheap social security numbers on the Dark Web could move $100,000 over the course of the month by disguising these payments and strategically transferring their entire $5,000 limit. They could do this while remaining under the required transfer reporting amount of $10,000. The problem grows exponentially. Just 50 of these criminals could move $5,000,000 overseas using this method, with many of the transactions avoiding detection entirely.

While simple rules could be implemented to address this type of recurring behavior, criminals would simply change tact and adopt a different strategy to avoid detection. An increase in customer due diligence at lower customer tiers would also pose problems for challenger banks, as they look to maintain their industry-leading frictionless customer experience.

ABOUT FEEDZAI Feedzai is the market leader in fighting fraud with AI. We’re coding the future of commerce with today’s most advanced risk management platform powered by big data and machine learning. Founded and developed by data scientists and aerospace engineers, Feedzai has one mission: to make banking and commerce safe. The world’s largest banks, processors, and retailers use Feedzai’s fraud prevention and anti-money laundering products to manage risk, while improving customer experience.

Would you like to be a sponsor or have a special feature in the Payments & Cards Magazine?

Please contact Jelmer Rotteveel, Marketing & Business Development Manager at Payments & Cards Network: jelmer@teampcn.com

Everyone is talking about the ‘API Economy’ and how it is “an enabler for turning a business or organization (sic) into a platform” (Kristin R. Moyer, vice president at Gartner Research).

A 2016 article by Gartner stated that in the near future “things using an Application Programming Interface (API) to communicate, transact and even negotiate with one another will become the norm.” Forbes even declared 2017 as “The Year of the API Economy.” But what does an API Economy really mean? Is it all hype or is there some truth to talk about its purported benefits? Why does it matter? And how can brands harness these benefits to monetise their services and assets, achieve their business goals and improve their offerings to customers?

THE API ECONOMY IN 2019: HYPE OR THE ENGINE THAT FUELS BUSINESS GROWTH? First Up: What Is An API?

So What Is An API Economy?

In simplest terms, an API (Application Programming Interface) is a component that allows different applications, systems or platforms to connect with and ‘talk’ to each other. Any software needs an interface that makes it easy to consume data. Here’s where an API comes in. An API could be a software module, tool or protocol that enables one piece of software to communicate with another and initiate tasks or processes for a specific purpose.

In simplest terms, an API Economy is a term related to the use of APIs to positively affect a firm and bring it tangible benefits, usually monetary.

APIs have been around for a while, but it is only in the last few years that their potential for business growth has really become apparent. APIs are now used for everything from connecting people, places, systems and data, to authenticating identities and creating better user experiences.

APIs also make it easier to share data and information and leverage third-party algorithms for further actions. Finally, APIs facilitate high-quality transactions and make it possible to create new products, services or business models.

A number of high-profile, highly successful companies have APIs available including Amazon Web Services, Facebook, Google, Salesforce and Twitter.

28 | STARTUP SPOTLIGHT | INSTAREM

When more and more enterprises adopt a vision to turn their business into a platform, they will be able to facilitate the creation of goods, services and social currency in a way where all participants in the process are able to capture and even multiply the value created. An API Economy is a critical part of this vision.

Because the main function of APIs is to help separate software components communicate with each other despite their inherent incompatibilities. APIs are able to elevate the level of connectivity and data sharing between multiple applications. APIs don’t just provide contextual intelligence, insight and connectivity, but also help fuel innovation by integrating multiple platforms and apps. As they provide a means for creating new business models and streamlining strategies for sales and customer service, APIs have become a critical component of many enterprise solutions. Moreover, they also provide massive revenue potential by making it possible for businesses to overcome growth barriers and achieve fast scalability. APIs have

fuelled the rise of technologies and platforms that are an inseparable part of today’s digital ecosystem, including social networking, web-based applications and mobile solutions. All of this has created the API Economy wherein APIs impact an organisation’s operations, contribute to its growth and even affect its profitability.

What Are The Advantages Of The API Economy? How Can Firms Benefit From It? The API Economy’s growth is driven by service providers that are packaging both commodity and complex functionality into reusable API-based components. As a result of this extensible platform ecosystem, applications that once took months or years to build now take just weeks or days (or even hours!).

Businesses can leverage APIs to scale their operations, attract partners or bring new customers into their ecosystem. This increases their productivity, reduces their time-to-market and enables them to enhance their offerings for customers.

Their customers also benefit from shorter development cycles because they have access to new and innovative applications more frequently and at a lower cost.

API-publishing companies benefit from the added value that third-party developers bring to their platforms. Overall, an API Economy introduces new dynamism and flexibility into the business ecosystem by bringing in an unbeatable element of ‘win-win’ for all parties involved. Google Maps, a platform consumed by and incorporated into thousands of apps (such as Uber) provides one of the best examples of an API that is fuelling innovation and driving the API Economy.

Is It A Fad? In a word – NO. Though “The Year of the API Economy” was declared 2 years ago, this does not mean that the API Economy is a passing fad whose day has come and gone. On the contrary, APIs and the API Economy are now past the ‘hype and hoopla’ stage and well into the ‘need to have’ stage. Thanks to API development, adoption and proliferation on a massive scale, new projects are being implemented and new platforms and ecosystems are being formed. By offering benefits like data sharing/access and greater operational and technological flexibility, the API Economy is disrupting non-technology companies as well by helping them create newer, better avenues for building, operating and growing their business.

In some cases, new industry standards are being developed around APIs, making it obvious that the API Economy is not going anywhere soon.

Is It All Sunshine And Flowers Though? Are There Any Risks In The API Economy?

As with any great idea or innovation, the API Economy also comes with a few risks. The biggest risk probably is the misuse or abuse of APIs by criminals. APIs do carry the threat of

data security breaches and malicious misuse, which can have repercussions that reach far as well as long.

Addressing these threats and closing these gaps may have other undesirable side effects that smaller firms may not be equipped to deal with, without adversely affecting their own operations or revenues. Another potential downside of the API Economy is the power held by ‘aggregator’ firms. Once they aggregate a critical mass of global digital users, such firms are in a position to dictate the terms of data access and API usage, which can confine businesses whose apps depend on these APIs for one function or another.

What Does The Future Have In Store For The API Economy?

The API Economy is already providing newer pathways for the creation of new products and services. With the mainstreaming of APIs, more avenues for revenue and profit-generation will be created. Therefore, more and more organisations will incorporate APIs and their capabilities into their business model. What’s more, with the accelerating progress of mobile and web technology as well as the proliferation of focus areas such as Artificial Intelligence (AI), cloud computing, Digital Transformation, Blockchain, Machine Learning and the Internet of Things (IoT), the API Economy will continue to grow and flourish at a rapid pace. In fact, these technologies may even usher in a new wave of growth in the API Economy and unlock even greater potential for business expansion and success.

ABOUT INSTAREM Founded in 2014, InstaReM is a Singaporeheadquartered cross-border payments company and is licensed as a Money Services Business (MSB) in Singapore, Australia, Hong Kong, Malaysia, India and Canada.

InstaReM has created a unique payment mesh in Asia, which is being leveraged by financial institutions, SMEs and individuals to make fast and low-cost cross-border payments to more than 60 countries across the globe. Speed and Service have been our key differentiators since we started operations in 2015. We believe that cross-border money transfers should be faster; and every customer using our services should have a smooth, cost-effective and a transparent experience.

WHY WE NEED PRIVACY-FIRST SECURITY SOLUTIONS Why consumers won’t pay for privacy, why they shouldn’t and the need for privacy-oriented solutions that protect both consumers and businesses from cyber threats. With the tightening of privacy regulations across every region, the world is finally waking up to the hidden cost of the so called ‘free’ internet – the intrusion of personal privacy.

Consumers are now hyper-aware that each and every business collects, stores and sells their data onto third parties. Besides the invasive nature of the phenomena, there seems to be a resounding acceptance of it, so long as technology continues to improve and add value to our lives. What’s still not quite understood by many, is that the personal information being collected, stored and transferred from one company to another, is at extremely high risk of falling into the wrong hands.

The threat of cyberattacks is increasing with methods used by criminals are becoming more sophisticated, invasive and profitable. According to Cybersecurity Ventures, cybercrime damages are expected to rise to $6 trillion annually by 2021. Yet companies continue to store their customers’ personal information, including usernames and passwords, in centralized databases - which are frequently targeted in cyber attacks. Breaches not only leave users vulnerable and helpless against cybercrime, they also expose businesses to substantial financial losses.

Digital privacy is a right, not a commodity When thinking about who should be responsible for ensuring user data is safe, it feels negligent to place the onus onto consumers who, until recently, have been oblivious to how much of their personal information is collected, stored and sold off at the hands of companies.

Privacy is a human right that is synonymous with open and free societies, and it deserves to be protected. Since most companies profit from selling customer data, there is an expectation that they will also protect it. Pay-for-privacy schemes, which offer to collect less information about users in exchange for a fee, not only disadvantages those who can least afford it – they do little to protect users against data breaches.

Businesses that don’t invest in privacy and security, could fail.

Privacy is becoming an essential factor in how consumers judge the overall value of a company and its products and services. Studies are proving that data breaches can diminish consumer trust in a business overnight, which can take years to rebuild. Since Cambridge Analytica, Facebook has had every decision, announcement, acquisition, feature update scrutinized. The financial consequences and ongoing reputational damage is a threat that most businesses cannot For consumers and businesses, this should sound the need recover from. to reconsider how we think about technology and privacy.

30 | THOUGHT LEADER | BLOCKCHAIN FOUNDERS FUND

IBM’s 2019 Cost of a Data Breach Report, which provides insights into how breaches are financially impacting businesses around the world, estimates that the average cost per compromised record is $150.

With the average size of breach also estimated at 25,575 records, IBM estimates that cybercrime is costing businesses approximately $3.8 million per breach. However, for some industries the costs of data breaches can be much greater.

25% of all cyber attacks target the financial services industry.

Considering the sensitivity of the information being stored in customer records, it makes sense that the industry suffers more significant financial consequences following a breach than most other industries.

According to an IBM security report, data breaches on average cost the financial services industry US$5.86m and US$210 per breached record with only the health industry topping those numbers. In the US, data breaches are more costly, with the average data breach to the financial services industry setting businesses back US$13m.

ALY MADHAVJI Managing Partner Aly is the Managing Partner at Blockchain Founders Fund which invests in and venture builds top-tier Start-ups and consults organizations such as the UN. He is an LP at Loyal VC, an awardwinning author, a Senior Blockchain Fellow at INSEAD, and recognized as a “Blockchain 100�

Global Leader by Lattice80.

FABIAN EBERLE Co-Founder of Keyless Fabian Eberle is a Co-Founder of Keyless, the privacy-first biometric authentication and personal identity management platform that connects people and technology with peace of mind. Fabian previously worked with SAP and McKinsey & Company, where he led strategy and global digital transformations. He holds an MBA from INSEAD.

Small businesses are hurt the most. A report released by Verizon this year found that 43% of data breaches affected SMEs. To consumers, small businesses are often perceived as lacking the resources to invest in robust security systems - essentially diminishing faith in a company’s ability to protect them. According to a survey conducted by PwC, 69% of consumers believe that companies are vulnerable to cyberattacks.

29% of consumers surveyed by Bank of America said they would never return to a small business that suffered a data breach. The same survey found that two out of five SMEs spent over $50,000 and attempting to recover their business after a data breach despite the odds.

Simply put, most businesses cannot afford to put off investing in technology that puts privacy first.

Poor password management poses the greatest risk When launching a cyber attack, criminals are often hunting after information that will allow them to impersonate a user for financial gain. Whether it’s to access accounts, or steal one’s identity, passwords are the key to unlocking troves of personal information.

For most users proper password management is a daunting and messy task that is frequently left ignored. With the average person in the US having over 130 accounts linked to just one email address. Consumers are reusing the same, and astoundingly easy passwords for the simple 32 | THOUGHT LEADER | BLOCKCHAIN FOUNDERS FUND

reason - they’re easier to recall. The UK’s National Cyber Security Centre (NCSC) analyzed leak data and found that 123456 was used as a password an estimated 23.2 million times. A possible explanation is that users struggle to quantify the costs of having their accounts compromised leading to such risky behaviour.

The danger with weak passwords is that only one compromised account could give intruders access to someone’s entire digital life. In other words, the burden of choosing and remembering complex password combinations, which are often forgotten, is forcing users risk their privacy and security. While forgotten passwords costs companies on average $70 per password reset.

There is good news - awareness and attitudes towards privacy may be shifting. According to the NCSC, 80% of consumers admit that cybersecurity is a high-priority for them in 2019. However, 70% also believe they will become a victim of cyber crime within the next two years.

once compromised, biometric data is unchangeable. If stolen, victims will have to worry about bad players using their biometrics illegally for so long as that data matches their own - meaning they’ll never be able to use their biometrics as a form of authentication again.

So why is then, that consumers say they value privacy, yet continue to engage in online activities that are known to put their privacy at greater risk? Is there something that motivates consumers beyond privacy and security?

Time is money, and user experience is intimately tied to affordability.

The Privacy vs Personalization Paradox explains that consumers choose to forgo privacy in exchange for convenience. The personalization of products increases their usability and affordability. With most adults leading busy lives outside of the workplace, it’s no wonder consumers willingly compromise their right to privacy, an abstract concept at best, if the trade off is as tangible as saved dollars and time. Convenience is apparently valued so much more than privacy, that one Apple user filed a lawsuit against the tech company for not readily allowing him to turn off two-factorauthentication. While unusual, this highlights just how dearly some value usability.

Not everyone is opposed to the popular security feature however, a study by IBM shows that adoption of two-factorauthentication on the rise amongst millennials. Even privacyfocused consumers are looking for more seamless and convenient solutions that will protect their online accounts.

Anyone who has experienced the nuisance of being locked out of their own accounts due to two-factor-authentication can vouch for the need for better solutions that maintain security without compromising on usability.

Biometrics offer a seamless, secure solution, but only when done correctly.

Biometrics offer a solution to the problems associated with safeguarding passwords and pins by allowing users to authenticate using their own body. With biometrics, the user itself becomes the password. At the same time, traditional biometrics also pose greater risks than traditional forms of authentication and identification. Unlike passwords,

However, emerging innovative solutions allow for a secure biometric solution that removes the reliance on passwords and centralized databases - protecting both businesses and consumers. Rather than storing data on centralised databases, blockchain technology distributes unrecognizable fragments of encrypted data across a decentralized network, removing any possibility of cyber criminals stealing someone’s biometric profile from a centralized database.

Without a centralized database to match authentication data against, how can this technology be leveraged by businesses so that they remain compliant with regulations and confident that users are who they say they are? To authenticate users, it’s possible to verify a user’s device by leveraging zero-knowledge (ZKP) cryptography, which allows users to prove they have something without revealing what it is - adding an additional layer of security and making the reauthentication experience more seamless for the user.

Once the device has been verified, an encrypted sample of the user’s biometric profile is sent out in live-time to the blockchain until it finds a match stored within the network.

When the piece has been verified by the network, the user’s biometrics are reconstructed without anyone having full access to the entire biometric profile. This is essentially how sMPC works, making it one of the most innovative and secure forms of authentication. By combining biometrics with blockchain technology, there is a clear case to offer a seamless, compliant and privacy-centric authentication experience that greatly reduces the threat of security breaches, while also protecting businesses from the significant financial losses.

A privacy-focused future The need for technology that has been designed and built with privacy at the core is more important today than ever before. Organizations and consumers need innovative solutions that help them combat the evolving, expensive and likely risks of cybercrime. Emerging technologies combined with biometrics will help shape a new era of the internet - one where privacy, usability and economic success exist harmoniously. Businesses that proactively review and adapt their technology architectures now, with privacy-first solutions in mind, will ultimately fair better than those that choose to ignore the impending threat of stolen data.

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