Matt Oppenheimer, Co-Founder and CEO of Remitly, took the stage at the 8th Annual Fintech Conference at the Federal Reserve Bank of Philadelphia to discuss the future of remittances and cross-border payments. In a fireside chat with Harsh Sinha, U.S. President and CTO of Wise, Oppenheimer highlighted how private remittances now surpass global development aid as a source of funding, playing a critical role in supporting families and stabilizing economies worldwide. He stressed the importance of granting nonbank remittance providers, like Remitly, direct access to U.S. payment systems such as FedNow, which would lower costs, expedite transactions, and drive financial inclusion.
Oppenheimer also emphasized the highly regulated nature of the remittance industry in the U.S., noting that companies like Remitly operate within a robust compliance framework that builds customer trust. He explained how this regulatory environment, combined with a focus on transparency, is essential for providing secure and efficient services to customers. Oppenheimer concluded by underscoring the importance of remittance services in offering affordable, reliable financial solutions, and highlighted the significant potential for innovation in the payments industry with direct access to Federal Reserve payment rails.
