Becoming a Global Bank Locally
Thursday, December 1st | 11:10 am - 12:00 pm ET
While cross-border payments increased substantially from 2011-2019, the number of active correspondent banks fell dramatically. With these payments becoming increasingly consolidated to the biggest players, there is an enormous opportunity to help traditional financial institutions (FIs) modernize the way they move money internationally. This is because these FIs are not just losing fees associated with international money movement; they are also losing clients and valued lifetime accounts to other FIs and fintechs that can help businesses move money internationally. Therefore, solving this problem can be of strategic importance to small and mid-size community banks.
Bio: Adam served in the United States Army as an infantry officer and Special Forces Green Beret. After his time in the service, he founded a nonprofit organization focused on supporting social and economic development for vulnerable communities in developing countries. His work has received awards for social impact and innovation from Harvard’s Innovation Labs, the MIT Legatum Center for Development, and the MIT PKG IDEAS Social Innovation Program, and his venture has been selected for inclusion into MIT’s delta v accelerator program.