The Future of Money
Key Takeaways
- The financial and payment infrastructure is shifting towards real-time, API-driven, and cloud-based systems, with an explosion of embedded finance and open banking. This is enabling programmability of money, AI-led treasury operations, and more seamless cross-border payments.
- Stablecoins and tokenized deposits are emerging as new digital forms of money, with characteristics like being always-on, borderless, 24/7 payments and enabling real-time settlement. This can transform the way commerce and treasury management are conducted.
- By 2030, the speakers envision a financial world that is fully integrated with these new digital asset technologies, enabling real-time settlement, 24/7 payments, automated and programmable movement of funds and assets across borders and asset classes.
In this episode of the Citi Institute podcast, host Ronit Ghose is joined by Citi’s Ryan Rugg, Head of Digital Assets, Treasury and Trade Solutions, and Derek Green, Treasurer and Global Head of Banking Operations, Payoneer. Together they discuss the evolution of digital assets, stablecoins, and tokenized deposits, and the implications for the future of finance and banking.
Ryan Rugg discusses the complexity of new technologies like blockchain and outlines how these will transform the way banks and clients do business, enabling autonomous processes, blockchain interoperability and multi-asset capabilities.
Derek Green discusses the shift from legacy batch payment systems to real-time, API-driven infrastructure, and the rise of embedded finance and open banking. He explains how these changes are leading to increased programmability of money, AI-driven treasury operations, and more seamless cross-border payments. .
Our guests highlight the importance of transparency and accurate forecasting alongside speed of settlement and emphasize the importance of interoperability between different solutions.
The speakers views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.
Derek Green, Treasurer and Global Head of Banking Operations, Payoneer
Derek Green is the Treasurer and Global Head of Banking Operations at Payoneer, a role he has held since joining the company in April 2024. In this capacity, he leads Payoneer’s global cash management, banking infrastructure, payment operations, and treasury strategy, driving financial efficiency and resilience across the organization. Prior to joining Payoneer, Derek held several senior leadership roles at Sterling National Bank (now part of Webster Bank), including Chief Data and Transformation Officer, where he spearheaded enterprise-wide initiatives to modernize operations and optimize data strategy. Derek began his career at J.P. Morgan in the Investment Bank, where he partnered with financial institutions on capital markets transactions, mergers & acquisitions, and strategic client engagement—laying a strong foundation in global finance and relationship management. Derek is a graduate from Skidmore College, where he focused on Business Administration.
Ryan Rugg, Global Head of Digital Assets, Citi’s Treasury and Trade Solutions
Ryan is currently the Head of Digital Assets for Citibank's TTS business. The TTS team helps enable their global clients by simplifying the management of treasuries, payments and commerce on a day-to-day basis. Recently, Ryan and the team announced Citi Token Services, which is a pilot that enables clients to transfer liquidity between Citi branches on a 24/7 basis. The service uses blockchain and smart contract technologies to deliver digital asset solutions for institutional clients. Citi Token Services will integrate tokenized deposits and smart contracts into Citi’s global network, upgrading core cash management and trade finance capabilities.
In Ryan's last role she was responsible for IBM’s America's blockchain team, helping to enhance client’s solutions and capabilities for building Digital Ecosystems. She provided strategic guidance for; operational and governance considerations, technology roadmaps, and services infrastructure to help clients focused on TIPS (Tokenization, Identity, Provenance & Sustainability).
In addition, her team helped build New York’s Excelsior Pass (Digital Wallet for Vaccinations & PCR tests), which was groundbreaking with millions of users and will help serve as a framework to aid in the development and implementation of digital health credentials and beyond. The blueprint will help as a guide to assist other states, territories, and entities in the expansion of credential systems to advance economic development efforts nationwide.
Prior to that Ryan was the Global Head of Industry at R3 (Fintech Startup), where she sat at the forefront of blockchain innovation across multiple industries. She was responsible for the strategic direction of R3’s key verticals, helping industry leaders capture the full benefits of blockchain for their businesses. Ryan also launched the Centre of Excellence for distributed ledger technology (DLT) in cooperation with ACORD (Association for Cooperative Operations Research and Development).
Stablecoins 2030 - Web3 to Wall Street
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