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NovoPayment CEO Speaks at IFC CEO Summit on “Banking in the New Age”

Anabel Perez serves as panelist discussing innovative deposits

By October 21, 2016 No Comments

NovoPayment CEO Speaks at IFC CEO Summit on “Banking in the New Age”

Anabel Perez serves as panelist discussing innovative deposits

Washington, D.C. – October 21, 2016 – The International Finance Corporation in Washington, D.C. extended an invitation to NovoPayment’s CEO, Anabel Perez, to join the panelists at their 2016 Fintech CEO Summit. The invitation-only event brought together founders and CEOs of Fintech companies from around the world to discuss current issues, exchange experiences, network, and do business.

NovoPayment participated in the “Banking in the New Age: Deposits” session, focused on different perspectives for deposit-taking. The primary question was, “Is the core architecture of banking changing?” For centuries, banks have intermediated between savers and borrowers. But that may be changing now. Traditionally banks owned direct relationships with their customers and provided customer facing services for all financial products. Consumers basically went to the closest bank branch from their homes or work places to open up a bank account, lend money and make investments into financial products.

The massive adoption of FinTech in recent years by not only existing financial institutions but also many disruptors in the deposit-taking business has resulted in drastic changes in consumer behaviors. Nowadays people face multiple channels of financial transactions and store their values in multiple stored value accounts. Although these new media still utilize traditional bank/payment rails to process payments and store values, we’ve started to see disruptive use cases which could potentially change the dynamics of deposit-taking businesses. During this session, the panelists discussed the future of deposit-taking dynamics and the potential implications.

In Latin America, where NovoPayment is focused, we see a lot of opportunities, the strong influence of trends from the U.S. and Europe, but also recognize a different picture. It is a less evolved marketplace, which moves slower, and requires a more hands-on investment of time and resources to integrate and innovate. There are also many markets, each with different local networks, standards, laws, and regulatory entities.

Furthermore, in Latin America, we don’t see core banking as really changing or the ultimate role of banks as being under threat. Banks are unique, highly regulated institutions in terms of their role and abilities. What we see instead is innovation around the core, an opportunity to enable banks and others to innovate and integrate more quickly and securely. In our region, we think true deposits will ultimately reside in financial institutions (e.g. pool accounts), but the future is in new cash-in/cash-out methods, integrating, and closing gaps. We must recognize the importance of stored value as well established vehicle with a lower cost of maintenance than a traditional deposit account. In this region, reloading networks in deposit-taking and the integration with ATM networks and global acceptance networks (MC/Visa) is extremely important.

About NovoPayment

Miami-based NovoPayment enables financial services and payments innovation throughout the Americas through a cloud-based, bank-grade platform that supports varied disbursement, collection and digital financial services. The company helps banks, financial institutions, e-money issuers as well as the travel and transportation industry, digital content providers and others to leverage their existing legacy systems and services to generate new transaction streams and capture new deposits while reducing operational risk and accelerating time to market.

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PRESS CONTACT

Juan Sanchez

EMAIL

jsanchez@novopayment.com

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+1.786.364.8665