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IMTC USA is just around the corner, and this year’s show has a strong agenda that focuses on how the money transfer industry can use technology to improve. The sessions will discuss how particular technologies can be integrated into the operations of Money Service Businesses (MSB) to:

  1. Drive efficiencies
  2. Improve user experience
  3. Expand financial inclusion
  4. Drive partnerships and understanding between Banks, FinTechs, Money Transmitters, and Regulators.

Below are the sessions we’re most excited about as they touch upon each of the specific topics above.

Technology and Innovation in the Money Transfer Industry

When: Tuesday June 13th – 9:25am to 9:55am

Who: Hugo Cuevas-Mohr

What you will get from it: Information about what’s going on in industry at a high-level.

Before diving into the specifics, every conference needs context. There is none better than the overview provided by Hugo Cuevas-Mohr himself. This presentation focuses on the challenges and opportunities faced by the Money Transfer industry, and highlightis how different technologies can have a positive impact on the operational processes behind the services offered by Money Transmitters.

We are often surprised by the innovative business models of many of our clients, from blockchain backend remitters, to P2P mobile apps, to instant cross border payments for consumers and businesses. All are leveraging new technologies in the remittance space aiming at the faster and cheaper transfer of value. The fun is to help them incorporate the needed regulatory and fraud prevention technology so that it supports their requirements for real time results, without hurting conversion.

The Future of IdentityTech in the Money Transfer Industry – State of services offered, senders vs. beneficiaries, illegal immigrants

When: Tuesday June 13th – 4:30pm to 5:30pm

Who: Travis Jarae, One World Identity. Nathan SooHoo, Trulioo. Neal Reiter, IdentityMind Global.

What you will get from itUnderstand why identity is the new buzzword, and how it will help you with onboarding and transaction monitoring.

The importance of identities has been taken for granted, but they’re finally taking center stage and claiming their rightful place as an enabler of:

  • Trust between businesses and users
  • Financial inclusion
  • Lower security threats
  • Better customer experiences

This session brings together experts in the Identity industry, as well as in the underlying technologies powering it. You can expect a lively discussion about how identities can be use by MSBs to verify and authenticate users, especially those demographics that are inherently harder to verify based on traditional parameters – such as illegal immigrants, Millennials, those without official government-issued IDs, and refugees. As well as understand how Digital Identities can yield operational efficiencies in your back-end processes: reducing manual reviews, lowering the fraud rate, and lowering compliance costs.

Last month, IdentityMind had the opportunity to speak along with Travis Jarae at the KNOW conference in Washington DC. Digital Identities were at the center of the conference for the reasons mentioned above. Obviously, Digital Identities are the core of our existence as a company and a topic we are excited to see taking the forefront of discussion, not only for MSBs, but all FinTech and beyond. One of the keynotes at the KNOW conference was by Edward Snowden and he posed an interest challenge to the notion of KYC and Identities.

The Most Important FinTech Developments in Silicon Valley (for the cross-border funds transfer sector)

When: Wednesday June 14th – 9:00am to 9:30am

Who: Brit Yonge, Lightyear/Stellar. Luis Buenaventura, Bloom. Florencia Leoni, IdentityMind Global. 

What you will get from itOverview of the new technology coming out including blockchain, machine learning and virtual currencies

Silicon Valley is where the Internet was founded and the technology that continues to come from there is the most cutting-edge in the world. This session will dive into the technology and trends that will shape the MSB industry in the next 5-10 years. Come to this session to help understand what the new technology will be and begin thinking about how it will impact what you’re doing and how you’re doing it.

IdentityMind is in the heart of Silicon Valley, and we do invest large amount of resources into R&D. We will share with you results from our work on Machine Learning and how it is helping our clients in reducing false positives in fraud prevention, transaction monitoring, onboarding (KYC) and sanctions screening.

THE BANKING PANEL: Banking MSBs, MTOs & FinTech Companies 

When: Wednesday June 14th – 11:55am to 12:20pm

Who: Robert Ayers (Moderator), FinTech Advisors. Romel Carsola, Mission National Bank. Amanda Tucker, Old Dominion National Bank.

What you will get from itHear from actual banks what they’re looking for when deciding to bank mto’s.

This session is held in every conference because it’s so critical, and because the problem hasn’t been solved. There’s no more important session than this one. Hear from banks who are active in the space about what they’re seeing from regulators, what they care about, and what you can expect in the future.

Through our IDMPay program we have been able to help MSBs find banking relationships that allow them to process payments with credit cards and bank accounts. We are very proud because we know that the practices adopted on DeRisking have negatively impacted very much legal businesses that serve communities in need across the world. This road is difficult and we haven’t been able to help all the clients we’d like to because of the rules and self-imposed bank regulations. We have hosted webinars with Hugo on the subject before, you can access below.

Regulatory Measures that can Impact the Industry 

When: Wednesday June 14th – 12:20pm – 12:50pm

Who: Connie Fenchel (Moderator). Kathy Tomasofsky, MSBA. Stephanie Newberg, Texas Department of Banking. Julio Prada, Ca. Dept. Bus Oversight. Greg Lisa, Hogan Lovells.

What you will get from itBetter understand the regulations that impact you

There may be good news this year. The Office of Comptroller of the Currency (OCC) has talked about issuing a national charter, removing the requirement to receive state licenses and more importantly, face one exam instead of exams by various states. Here about the latest updates, including Calfornia’s state regulator.

IMTC has put together a strong agenda of relevant topics that include the high-level requirements that impact the industry at large as well as operational knowledge you can take back to your institution to make improvements.