Thredd’s CEO Jim McCarthy on the Future of FinTech
Defining “payments modernization” varies widely among experts, but for Thredd CEO Jim McCarthy, it means adaptability and flexibility, as highlighted in PYMNTS. In the “What’s Next In Payments” series, McCarthy emphasizes that staying ahead in FinTech requires nimbleness, particularly as Thredd expands into the U.S. market.
“Being modern means having that flexibility and adaptability to react in near real time,” McCarthy said, underscoring the importance of compliance, risk management, and reliable payment capabilities in Thredd’s strategy.
McCarthy notes that Thredd’s mission is to support clients entering new markets by focusing on the often overlooked aspects of FinTech, such as anti-money laundering (AML) and know your customer (KYC) regulations. “AML and KYC have been with us for a very long time, and you’ve got to do it,” he stated. Compliance ensures smooth operations and allows clients to concentrate on their core strengths without regulatory worries.
Geographic expansion is also a priority for Thredd, with a keen focus on Latin America, Asia, and the U.S. “We see our role as an enabler to that and passporting clients across the globe into new markets as a significant differentiator for us,” McCarthy said. The company leverages its adaptable platform to facilitate international growth.
Partnerships play a crucial role in FinTech, as exemplified by collaborations like Apple Pay. McCarthy highlights the importance of industry cooperation, especially in combating fraud. “Efficient sharing of information across the payments ecosystem, especially around identity and account takeovers, will require a degree of cooperation that we haven’t seen before,” he mentioned.
Looking ahead, McCarthy sees opportunities in consumer credit and anticipates continuous advancements from major networks like Visa and Mastercard. “Consumer credit is an area that is ripe for disruption,” he noted, pointing to Thredd’s commitment to innovation and growth.