The future of money and financial services: innovation in payments, markets, and regulation
The global payments ecosystem is evolving at pace. At London’s Visa Direct Day, a powerhouse panel featuring Tim Moncrieff, VP, Global Head of Strategic Initiatives, Visa, Emanuel Vila, Director, Corporate Strategy and Innovation Lead, CLS, Sophie Bowler, Group Chief Risk and Compliance Officer, Zodia Custody, David Cunningham, Head of Strategy and Partnerships for Digital Assets, Citi, and Poonam Ahuja, Product Owner, Commerzbank, explored the next era of payments: from emerging forms of value to evolving regulatory frameworks, and what it all means for the future of financial services.
Here we take a look at four key trends highlighted by the panel.
1. From 'just money' to a universe of value
It wasn’t long ago that the conversation about money revolved around just two categories: central bank money and commercial bank money. But today, the world has radically changed now.
Today’s value landscape includes:
- Stablecoins
- Cryptocurrencies
- Tokenized commercial bank money
- Wholesale and retail CBDCs (Central Bank Digital Currencies)
- Tokenized central bank money
- Deposit tokens
These instruments are no longer fringe concepts, they’re increasingly part of the mainstream conversation on how value is stored, moved, and exchanged. The challenge? Understanding how they differ, how they interact, and how they integrate into the broader financial ecosystem.
2. Settlement just got sexy
Consumers now expect payments that are real-time, 24/7, and for cross-border payments to be as intuitive and fast as domestic payments. This always-on, real-time expectation of consumers and businesses alike is reshaping how markets operate in a global instant economy and forcing financial infrastructure to evolve.
To that end, there will need to be new forms of value to support this ‘always on’ demand. Back-end systems, which have been historically slow to innovate compared to the customer-facing side are now catching up. Settlement, which used to be long neglected compared to the front-end of payments, is now suddenly sexy.
3. Regulation as an enabler, not a barrier
While regulation is often seen as a hurdle, it can be a friend that provides a baseline of trust and standards that drive adoption.
The regulatory landscape is moving faster than ever, with frameworks such as:
- MiCA (Markets in Crypto-Assets Regulation)
- Virtual Asset Service Provider (VASP) licensing
- Jurisdiction-specific “GENIUS acts” that address emerging risks and opportunities
The consensus from the panel was that regulation helps establish the lowest common denominator for safety and compliance, which is essential in building public confidence in new forms of value like stablecoin.
4. What will scale in the next 3–5 Years?
As the discussion wrapped up, each panelist made a 15-second prediction about what will scale rapidly in the near term. While the specifics varied, themes included:
- Wider adoption of tokenized assets
- Greater integration of real-time settlement systems
- Expansion of cross-border instant payments
- Regulatory frameworks enabling broader institutional participation in digital assets
Looking ahead
The future of money is not a single innovation. it’s an ecosystem shift. The convergence of new value forms, always-on expectations, and progressive regulation is defining the next chapter of financial services.
For consumers, this means faster, more flexible, and more transparent payment experiences. For businesses and institutions, it’s a call to rethink infrastructure, partnerships, and compliance strategies. One clear takeaway from the panel: the next era of payments won’t just be about making transactions quicker, it will be about redefining what money is, how it moves, and who can access it.
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