Money 20/20 US 2026: Where Payments Is Heading Next
Introduction Our analysis of the 314 sessions on the Money20/20 USA 2026 agenda points to six core themes, led by AI and data (42% of sessions), payments and money movement (26%) and digital assets (23%). Conversations at the event added important texture to that picture. The six takeaways below reflect what stood out most to […]
The Industry Focus Gap in US Commercial Card Programs
Purchase volume on US Visa & Mastercard commercial cards (inclusive of corporate, purchasing, and fleet) reached $518 billion in 2025, up 1.6% year-over-year. That lagged the approximately 6% growth in overall US Visa and Mastercard purchase volume in 2025. Not every issuer saw tepid commercial card growth; MUFG (Mitsubishi UFJ Financial Group) grew its commercial […]
Go-to-Market Best Practices in Embedded Finance
This is the first in a three-part series in which we examine best practices for success in embedded payments and finance. In this first part, we focus on go-to-market and commercial success: how leading platforms distribute and sell embedded financial products, drive merchant adoption and usage, and capture the monetization opportunity. Parts 2 and 3 […]
From Point Solutions to Trust Platforms: How M&A Is Reshaping Fraud and Digital Identity
M&A activity in fraud and digital identity is accelerating, with providers increasingly acquiring capabilities to build broader, integrated risk and trust platforms. M&A activity in fraud has increased materially over the last 10 years due to the evolving nature of fraud and advancements in new technologies and fraud topologies. Merchant Fraud Management Merchant fraud M&A […]
B2B X-Border Payments: State of the Market
Take-rate compression has accelerated across B2B cross-border payment fintechs, while EBITDA margins have been more defensible. Providers that have offset this pressure have capitalized on structural advantages. These advantages range from owning licenses that reduce intermediary costs to deeper integration into customer workflows that enables cross-selling beyond FX. Consolidation through M&A continues at pace, stablecoin […]
Embedded Fintech Vertical Snapshot: US & EU Field Services
General Commentary & Highlights 3. Vertical Spend 4. Vertical Dynamics 5. Leading Software Platforms 6. Embedded Fintech Maturity Embedded Finance Highlights Please do not hesitate to contact Peter Taylor at Peter@flagshipap.com or Rohan Manudhane at Rohan@flagshipap.com with comments or questions.
Comparing North American and European PayFacs, 2026
We previously published comparisons of the North American and European Payment Facilitators (“PayFac”) ecosystem in 2023 and 2024; we have revisited the registries to see what has changed… 1. Evolution of Registered PayFacs (total number of PayFacs in the US & Canada and Europe1, as of Sep 2026) 2. Software PayFacs Growth 3. Registered ISV/SaaS […]
Defining Value-Added Bank Transfers in US Payments
Introduction Bank transfers, notably ACH, are the workhorse of U.S. B2B payments, accounting for more than 60% of U.S. B2B payment volume. ACH is generally treated as a basic, low-cost means of moving money; however, a low-cost ACH payment increasingly does not entail a low-touch payment experience. Standard ACH has limitations that can create meaningful […]
Embedded Fintech Vertical Snapshot: US Beauty Services
General Commentary & Highlights 3. Vertical Spend 4. Vertical Dynamics 5. Software Platforms 6. Embedded Fintech Maturity Embedded Finance Highlights Please do not hesitate to contact Peter Taylor at Peter@flagshipap.com or Rohan Manudhane at Rohan@flagshipap.com with comments or questions.
European Banks Are Missing Out on the Accounting SaaS Opportunity
The Problem: Why Banks Lag in the SMB Segment Small and medium-sized businesses (SMBs) are a highly lucrative customer segment for banks: their demand for credit is consistently high, they tend to purchase bundled financial services that are quick and easy to buy, and revenue margins are strong. Yet, traditional banks struggle to serve SMBs […]