#  #18: The Future of Money and Payments: Balancing Innovation, Regulation, and Resilience

12 Dec

Written By Saiesha Pitroda

**12th December 2024**  
**With:**  
• Matthew Hunt (Deloitte, Currency Research)  
• Valeria Gallo (Deloitte)  
• Ben Thornhill (Deloitte)

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In Session #18, **Matthew Hunt**, **Valeria Gallo**, and **Ben Thornhill** from Deloitte provide a strategic deep dive into the forces reshaping the financial nervous system. As we move through 2025, the industry is shifting from a focus on individual "innovation pilots" toward building a unified, resilient ecosystem.

The discussion centers on the "Great Convergence": the point where real-time payment rails (like FedNow and the UK’s New Payments Architecture), digital assets (stablecoins and tokenized deposits), and AI-driven operations meet. Our guests explore the delicate act of **"Regulatory Recalibration"**—how authorities in the UK and EU are attempting to foster competition through PSD3 and the National Payments Vision while simultaneously tightening the screws on operational resilience and fraud liability.

**This Session Covered:**  
- **The New Baseline:** Why real-time, 24/7/365 settlement is no longer a "feature" but the foundational requirement for modern financial market infrastructure (FMI).
- **Stablecoins to Utility:** Analyzing the shift of digital assets from speculative instruments to core treasury tools for instant cross-border liquidity.
- **Programmable Compliance:** How modular policy engines are beginning to automate regulatory logic directly into the payment flow, reducing the manual burden of AML and KYC.
- **The AI Double-Edged Sword:** Assessing the efficiency gains of Agentic AI in liquidity management versus the systemic risks of AI-powered "super-scams."
- **Positive Friction:** Re-thinking consumer protection by introducing intelligent, data-driven "checkpoints" that stop fraud without destroying the user experience.
- **The 2026 Regulatory Wave:** Preparing for the impact of the EU’s Single Rulebook and the UK’s strategic shift toward a more outcomes-based regulatory environment.

**Watch on Demand:**  
Listen on: [Spotify](https://open.spotify.com/show/5JMQEdZCgOFv32paQ5ETYn?si=482ba1f771654618) | [Amazon Music](https://podcasts.apple.com/gb/podcast/fna-broadcasts/id1772649634) | [Apple Podcasts](https://music.amazon.co.uk/podcasts/93293cc8-fa9c-41a8-a3d7-86b413d78941/fna-broadcasts)

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### Missed our previous sessions?  
You can catch up with The Payment Systems Broadcast on-demand.