Some companies have yet to realize the full potential of multi-rail systems, speakers said at the Money20/20 conference Monday.

Companies have presided over big shifts in money flows in recent years as technology has transformed transactions.

Yet speakers at a conference Monday said financial institutions and other businesses will need to overcome more hurdles if they want to realize all of the benefits of instant payments and stablecoins for payment senders and receivers.

“At the end of the day our customers and their customers are counting on us, they don’t care about the rails, they don’t care about the modality,” Amy Burr, chief product and relationship officer with Federal Reserve Financial Services, said during a panel at the Money20/20 conference in Las Vegas. “They want to know that money is going to move reliably, quickly and independently; the end. That’s the challenge and we need to rise up and meet it.”

To be sure, businesses are making inroads into new systems. Consumer card-swiping, digital wallets and an ever widening range of corporate payment methods have been part of the transformation of economic exchanges that has driven annual global payments revenue from $1.7 trillion in 2020 to $2.6 trillion last year, according to the consulting firm McKinsey.

Still, skepticism and old technology are holding some companies and banks back from full adoption of the wider range of alternative forms of the payments — ranging from stablecoins to the Federal Reserve’s instant payment system , FedNow — as well as the benefits that modern payments technology can offer.

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