Ramesh Menon, Head of Digital Identity and Fraud Solutions, LSEG Risk Intelligence
Ramesh Menon, Head of Digital Identity and Fraud Solutions at LSEG Risk Intelligence, joined the podcast at Money20/20 to discuss global fraud prevention and digital verification trends. He outlined three key drivers shaping the industry: the rise of cross-border payments, evolving regulatory demands, and shifting trust models. As cross-border transactions increase, consumers now expect seamless, immediate payments regardless of location, while regulations across the globe emphasize the need for instant payments, leading to the necessity for near-instant identity and transaction verification.
Menon highlighted regulatory developments such as real-time payment frameworks in the U.S. and PSD2 in Europe. He emphasized that regulatory standards now demand not only fast payment but also high-security standards, with verification systems varying widely by country—examples include Spain’s video-based verification and data/document-based systems in the U.S. Moreover, digital identity frameworks, like the EU’s forthcoming electronic ID and mobile driver’s licenses in the U.S., indicate a trend toward government-sanctioned digital IDs.
In discussing digital transformation, Menon noted that today’s rapid onboarding expectations require balancing speed and security. He described the importance of “good friction” in onboarding—minimizing fraud risk by implementing identity, bank account, and document verification without slowing down user experience.
At LSEG Risk Intelligence, Menon explained, their mission is to support effective financial crime prevention through a foundation of reliable data and a suite of verification solutions. He introduced upcoming products, including a global bank account verification solution and a new identity verification system with document and biometric proofing capabilities, and emphasized that LSEG’s well-known World-Check database remains crucial for sanction screening and due diligence.
Annie Drew, Chief Risk and Compliance Officer, WEX
Annie Drew, Chief Risk and Compliance Officer at WEX, shared her insights at Money20/20, discussing the potential of generative AI (GenAI), global compliance standards, and WEX’s robust approach to payment fraud prevention.
In the global payments space, Drew highlighted the transformative impact of GenAI, particularly in risk management and operations. WEX has used machine learning in fraud detection and credit management for years, but Drew emphasized that data governance is essential for making GenAI advancements viable. She noted that regulatory challenges around AI and data are rapidly evolving, which calls for proactive engagement from risk and compliance professionals to educate regulators on these technologies.
On compliance, Drew pointed to the EU AI Act as a regulatory landmark, noting its similarity to GDPR in scope and influence. As this act begins to shape international standards, she explained that global companies like WEX are using it as a framework, aiming to stay ahead of varied U.S. state and federal regulations by building a unified compliance approach based on stringent EU standards.
Drew also outlined WEX’s multi-faceted approach to combating payment fraud, which has been a key area of focus in recent years. The company has improved its AI models to enhance fraud detection at various stages, from application to transaction. Within three months of deploying a new model in 2023, WEX achieved a 41% reduction in fraud in its mobility division—a testament to their investment in technology and talent. Additionally, WEX has streamlined processes by automating fraud alerts, which both enhances efficiency for analysts and empowers customers to verify transactions. This dual focus on process and people ensures that WEX stays agile in the face of evolving fraud tactics, while delivering a superior customer experience.
Drew’s proactive approach to technology and compliance reflects her view that effective risk management is a continuous, adaptive process.
Mike Storiale, SVP of Innovation, Payments, and AI, Synchrony
Mike Storiale, SVP of Innovation, Payments, and AI at Synchrony, joined the podcast at Money20/20 to discuss emerging payment trends and Synchrony’s role in the space. He highlighted that embedded finance is a dominant trend, with efforts focused on simplifying its implementation due to a surge of new entrants in the market. Storiale believes the payments landscape is evolving, with consumers expecting their preferred payment options, whether credit, debit, or buy now, pay later, to be available wherever they are.
Storiale also touched on the increasing threat of fraud, noting that consumer education is crucial. Synchrony encourages consumers to use tools like Passkeys and focuses on leveraging AI for enhanced fraud detection. On AI’s broader impact, Storiale mentioned that Synchrony has been using AI for over a decade, primarily focusing on keeping humans involved in the decision-making process. Generative AI, he explained, holds promise for making repetitive tasks more efficient, allowing employees to concentrate on more meaningful work such as fraud resolution and customer service.
Adapting to rapid AI advancements requires flexibility. Storiale emphasized the importance of staying open to change, acknowledging that evolving AI developments may prompt shifts in approach and strategy.
Michael Haney, Head of Product Strategy and Outbound Product Management, Galileo Financial Technologies
Michael Haney, Head of Product Strategy and Outbound Product Management at Galileo Financial Technologies, recently spoke about the evolving fintech landscape at Money20/20, sharing insights on market trends, technology, and regulatory shifts.
Haney highlighted how digital challengers, or neobanks, have thrived by catering to underserved segments and niches, particularly through mobile-first offerings. However, the industry has seen many neobanks struggle to sustain growth, underscoring the need for these entities to diversify offerings and target evolving customer needs, or risk losing clients to established banks. On the regulatory side, Haney discussed the increasing scrutiny on partner banks and fintech companies. As fintech regulations tighten, he foresees potential licensing for fintechs, separate from traditional banking charters, developing in the future.
For traditional banks modernizing legacy infrastructure, Haney recommends a “digital sidecar” approach—creating digital-first products or brands outside of core legacy systems to test new technologies. This strategy, used by JPMorgan Chase in the UK, allows incumbents to adopt and refine new tech before scaling it within their primary infrastructure.
Regarding AI, Galileo is incorporating it in three key areas: virtual assistance for bank staff, fraud prevention through machine learning, and advanced data analytics to deliver actionable insights for clients. Galileo’s fraud prevention strategy combines machine learning with traditional detection techniques, integrating technologies like open banking to speed up verification processes and deter fraud more effectively. With instant identity verification now possible, Galileo is providing clients with a quicker, seamless account authentication process, especially useful for younger users seeking near-instant transactions.
Haney is optimistic about real-time payments in the U.S., noting that, although a late adopter, the country’s rollout of FedNow and RTP networks is poised to drive innovative use cases, such as gig economy and pay-by-bank transactions. He suggested that, over time, faster payments could disrupt the card industry, though consumer behavior shifts will be key to realizing this transformation.
Rick Cunningham, SVP of Business Development and Strategy, Bread Financial
Rick Cunningham, SVP of Business Development and Strategy at Bread Financial, shared his thoughts on the latest trends in financial services and payments at Money20/20. Bread Financial continues to expand its comprehensive suite of B2B and direct-to-consumer financial solutions, including private-label credit cards, co-branded credit cards, installment loans, and their Bread Pay service.
At the conference, Cunningham noted the increasing role of intermediaries and open-source e-commerce platforms in embedding financial services into everyday applications. This trend is empowering consumers to manage finances seamlessly, a feature especially appealing to younger generations who prioritize accessibility and financial wellness. Advances in AI and machine learning are also shaping the industry, enabling better fraud detection, enhancing user experience, and streamlining payment processes.
Cunningham emphasized Bread Financial’s commitment to data security in the digital payment space, detailing their robust internal controls, which include account monitoring and associate training to detect and prevent fraud. He highlighted that maintaining vigilance in fraud prevention is essential for protecting both the company’s reputation and consumer data.
As a major player in the Buy Now, Pay Later (BNPL) landscape, Bread Financial sees continued growth in this area, especially among younger consumers who value payment flexibility. Cunningham expects the BNPL sector to exceed $300 billion in spend globally this year, expanding beyond e-commerce to in-store applications via virtual cards and shopping apps. However, with BNPL’s growth comes increased regulatory scrutiny, and Bread Financial remains focused on responsible lending practices. Future trends in BNPL, he noted, will likely center on technology-driven improvements in user experience, fraud detection, and product personalization, supporting the mainstream adoption of BNPL options.
