Money 20/20 Payments Race Overview
The Money 20/20 payments race (#M2020Race) is back for Money 2020 Europe (#Money2020EU). Five racers, each using a unique payment method, will compete in various payment related challenges, racing from Istanbul to Amsterdam for the start of Money 2020 on June 6th. The payment methods this go around are cryptocurrencies, mobile wallet, cards, cash, and wearables.
Here are the competitors with their assigned payment method with a link to them on Twitter or you can follow @paymentsrace to keep up with the challenge
|Augustus Loi||Mobile Wallets|
Picking The Best Path
This race will likely require the racers to zigzag across several cities in several countries in Europe, The racers will likely be using various forms of transportation to get from point to point which may include going between trains, airplanes, subways, or taxis. While the shortest distance between two point is a straight line, unless you can fly like a crow, most paths are not always straight nor is an air flight the right choice to get between two points in a city. Each transportation method has its pluses and minuses which may include speed, cost, dependability and route availability. The same is true with moving money digitally – there are often multiple network choices – some are shorter and quicker than others, some cost more than others, some are more secure and some are more reliable than others.
Payment Companies Are Also In A Race.
Like Amelie, Augustus, Nina, Stuart and Valentina, payment companies are also in race which is why the Money 20/20 Payments Race is of particular interest to me. My day job is to help payment companies move money digitally no matter if they are in Istanbul or Amsterdam or somewhere else in the world. Each day trillions of dollars pass through the cables that interconnect our customers in the major global cities of Europe, Asia, Australia, as well as North and South America. Equinix now has 200+ data centers in over 50+ metros around the world.
Creating a Digital Payments Ecosystem
Just like the racers in the Money 20/20 payments race have choices which modes of transportation will get them from point to point, they will very likely go to location such as airports and train stations where they will find a variety of options to choose from. This is very similar to what payment companies will find in Equinix when it comes to moving money. Equinix customers includes financial institutions, card schemes, payment processors, mobile wallet providers, POS/mPOS players, foreign currency platforms, cryptocurrency exchanges and remittance networks just to name a few. In addition to these payment related companies are the thousands of network and cloud service providers that are so critical to how payment companies deploy and connect. New regulations like PSD2 are helping to expand the payments ecosystem through mandates to open up secure access to consumers banking and transaction data via via Open API’s to approved third-parties such as FinTechs, social media, and others. All of these companies also sit inside of Equinix in a very robust Digital Payments Ecosystem.
Improve Time To Revenue, Increase Security, Cut Cost, Lower Latency
Anyone who is even semi familiar with the world or payments knows that there has been a lot of change in the industry in the last 3-5 years. In fact, the rapid expansion of the Money 20/20 conference as well as the Payments Race are evidence of these changes. The racers in they payments race are going to need to be quick, to keep their money safe, spend it wisely, and be innovative with how they accomplish their tasks. In similar form payment companies looking to win their “payments race” need to improve time to revenue, increase security, cut cost, and lower latency.
Compared to traditional WAN connections, Equinix can turn up new connections extremely quickly for customers. Using traditional WAN architecture to connect to partners and customers can create delays in booking new revenue. Morevoery WAN costs increase with more endpoints. While the Internet is a low cost option , it is not optimized for latency sensitive traffic and it leaves an attack surface that has often been exploited in the payments world. Equinix offers multiple private interconnection models that solve these problems – providing quicker time to revenue, increased security, with lower costs and lower latency. This is why Equinix is the leading co-location provider for payment companies around the world.
Meet Equinix at Money 20/20 Europe
Equinix will be at Money 20/20 Europe in Amsterdam this year. If you would like to learn how you can help win the payments race for your company, please book a meeting with us.