Top takeaways from Money20/20 USA: KYC risk, fintech fraud, and the evolving payments ecosystem

Money 20/20 USA recently brought together finance and tech leaders to share insights into the rapidly changing world of financial technology. As the event unfolded, key insights and takeaways emerged that are poised to shape the future of fintech. Let’s delve into the future-forward findings that emerged from Money 20/20 USA.

KYC SOS 

A clear theme that emerged this year is that the fintech industry is collectively committed to addressing Know Your Customer (KYC) fraud. The sessions and discussions underscored the critical importance of robust identity verification and fraud prevention mechanisms. More financial services going digital means that making sure users are who they say they are is mission critical—industry players acknowledged that KYC compliance is not just a regulatory necessity, but a fundamental element of both the security and integrity of their businesses. 

When KYC compliance is combined with Sift’s ML-powered Digital Trust & Safety strategy, fintech businesses and crypto exchanges are able to stop fraudsters on both sides of every transaction, and without disrupting the experience for legitimate users.

Payments orchestration takes center stage

Payments orchestration emerged as a focal point at Money 20/20 USA, resonating across the fintech landscape. The need for seamless, secure, and user-friendly payment processes was underscored by numerous conference attendees. From startups to established players, the industry is rallying around solutions that streamline payment processes and enhance the overall user experience.

Sift expands coverage to tackle digital risk in emerging payments

In the midst of lively discussions about payments orchestration, one of the highlights of the conference for the Sift team was launching the expansion of Sift’s product offerings to address digital risk in emerging payments.

Sift delivers easy-to-use alternative payment method (APM) automation, investigation, and ML model training (e.g., ACH), along with integrations for a wider range of Payment Service Providers (PSPs), digital wallets, and remittance companies. The expansion has rolled out new platform capabilities that are specifically designed to combat the unique fraud patterns we’re seeing with new payment methods.

Fighting fintech fraud with Digital Trust & Safety

Every step in the user journey, from sign-up to transfer, comes with risks. Sift was recently named a Leader in the 2023 Forrester Wave™ for Digital Fraud Management report. The report cites Sift as a Leader in digital fraud management, with 5/5 ratings in the chargeback management, nonpayment fraud and policy abuse, and roadmap criteria. 

Sift is trusted by the leaders in fintech, including three of the top five companies like Remitly, Uphold, Laybuy and cryptocurrency exchanges. Successful fintech businesses need end-to-end fraud prevention for growth and insights. Sift helps you reach goals risk-free with real-time data from a global network of fintech companies. With Digital Trust & Safety, you’ll be able to protect every step of the user journey, fuel growth, all while supporting streamlined onboarding and more options for adding and withdrawing funds.

Learn more about how Sift helps fintechs fight fraud.