The Need for Speed at Money 20/20

We attended the Money20/20 conference in Vegas a couple weeks ago to talk to payment service providers, credit card brands, merchants, and other companies about Ekata’s lightning-fast identity verification APIs.
Money20/20 describes itself as the space where technology meets money, money meets people, people meet ideas and ideas become reality. The Vegas conference is the world’s largest payments and financial services innovation event. Over 11,000 people from 4,500+ companies and 85 countries attend. Payments professionals will not find a better networking event out there.
I attended numerous sessions about artificial intelligence, mobile payments, wallets, blockchain, and peer-to-peer lending. One of the most interesting sessions was led by Alipay’s Souheil Badran, who spoke about the spending power of Chinese tourists. There are over 300 million people among the Chinese middle-class today. This number is forecasted to grow to 600 million by 2022. With 70% of Chinese tourists using Alipay, many businesses have adopted this payment method encouraging this growing demographic to shop at their stores.
Speed was a recurring theme at the conference. These payments happen fast. When it comes to risk management, companies have a few hundred milliseconds to decide to transfer money or not. For some new payment methods, like Alipay, there’s no way to reverse a transaction. It’s critical that companies handling money have accurate, actionable data to ensure they make the right decision.
Fortunately, Ekata has focused on creating fast, robust APIs for years. We’ve migrated our entire infrastructure stack to the cloud so that our data is available whenever and wherever our customers need it worldwide. Our flagship product, Identity Check, can return a response in as fast as 250ms including network travel time.
Money 20/20 was a great place to connect with industry leaders, share fresh perspectives and learn about the latest innovations. We look forward to attending next year’s event.
Learn more about Identity Check API here.

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