In today’s rapidly evolving financial landscape, higher-risk industries like cannabis, gaming and others face unique challenges in managing payments securely, compliantly and efficiently. Traditional open loop card networks continue to prohibit or restrict many of these industries, which is one of the many reasons why closed loop payments and digital wallets are growing at an annual growth rate double that of open loop cards.
Friday, April 25 – 1pm-2pm ET
Event Description
In today’s rapidly evolving financial landscape, higher-risk industries like cannabis, gaming and others face unique challenges in managing payments securely, compliantly and efficiently. Traditional open loop card networks continue to prohibit or restrict many of these industries, which is one of the many reasons why closed loop payments and digital wallets are growing at an annual growth rate double that of open loop cards.
Financial institutions are at the center of these emerging closed loop payments solutions for banking, payment sponsorship and funds clearing and settlements. But just as important, closed loop payments put financial institutions in control of the risk tolerances and types of industries they choose to serve completely independent of traditional card networks. These closed loop payments solutions enable seamless, cashless transactions within a private, self-contained network—offering significant benefits for banks, businesses, and consumers alike.
This webinar will help financial institutions have a deeper understanding about the different types of closed loop payments, risks and opportunities, along with several use case examples. Finally, institution attendees can uncover the ever-growing participation opportunities associated with closed loop payments and digital wallets.
PRESENTERS
- Andre Herrera, Chief Financial Officer – Juno
- Todd Fuller, President – FinResults
- Dana Chaves, Business Development Executive – FinResults
Specific Areas Covered
- Introduction to Closed Loop Payments, payment types, stakeholders, and funds flows.
- Understand the problems Closed Loop Payments is solving – coupled with compliance benefits
- Real-Time Payments/FedNow and how they’re intersecting with digital wallets and closed loop payments
- Understanding the common payment acceptance ‘workarounds’ and their risks
- Key banker concerns, roles & responsibilities
- Why now is the time for financial institutions to expand into closed loop payments
Take-aways
- 5 top use cases for high risk Closed Loop Payments (& some low risk ones too)
- Top 7 reasons why consumers are adopting digital wallets at double digit annual growth rates
- 5 lucrative opportunities for financial institutions in Closed Loop Payments
BONUS MATERIAL
Roadmap for specific steps every financial institution should take to evaluate, analyze and strategize on participating in closed loop payment opportunities