In a world of real-time rails, stablecoins, and rising AI hype, Kamini Belday isn’t rushing to talk about what’s on top. She’s focused on what sits underneath.
“The cloud is your cupcake,” she says. “Everything else AI, fintech integration that’s just the cherry on top. But without the right infrastructure? It all collapses.”
As Head of Global Payments at IBM Cloud for Financial Services, Belday is not only helping banks modernize their payment stacks she’s shaping how they build trust, compliance, and flexibility into every layer of their tech.
At Money20/20 Europe, we sat down with her to talk infrastructure, cloud-native thinking, and the hard truths about how long true transformation takes in regulated financial services.
The Hardest Part Isn’t the Tech. It’s the Plumbing.
Belday’s experience at Citibank (17 years) taught her one clear truth: transformation takes time. And not because banks don’t want to move fast.
“It’s the complexity,” she says. “You’re dealing with global presence, layered regulations, old systems from past acquisitions it’s like trying to rewire a spaghetti bowl mid-flight.”
But customer expectations don’t slow down. “We all want instant. Just like I want Amazon to deliver in 24 hours, businesses want real-time payouts. That’s the pressure banks face.”
The result is a perfect storm:
Customer behavior pushing for immediacy
Regulation evolving by geography (SEPA, UPI, FedNow, PIX, DORA, EU AI Act)
Fintechs outpacing traditional modernization speeds
And at the heart of it, Belday argues, sits a challenge of infrastructure. “Most banks still operate on monolithic cores. If you can’t build APIs and microservices, you’re stuck.”
The Cloud Is Not Just Cloud. It’s Cloud Built for Compliance.
This is where IBM’s pitch is different. According to Belday, IBM Cloud isn’t a general-purpose platform. It’s “a cloud built specifically for regulated industries.”
Out of the box, it includes:
FFIEC-aligned compliance
Zero-trust architecture (everything denied by default)
Confidential computing and default encryption
A rigorous ecosystem compliance framework for third-party partners
“If a bank wants to work with a fintech partner A, B, or C, we run the gatekeeping. You can’t plug in unless you meet the compliance baseline we’ve baked in.”
Only 15% of Core Banking Workloads Are on the Cloud
That’s the figure that keeps coming up in the conversation. Belday sees that as both a warning and an opportunity.
“You can’t build AI on top of legacy spaghetti. You need cloud-native foundations. That’s the cupcake. Get that right first.”
From there, she says, you unlock the ability to scale:
– Run hybrid architectures (mainframe + cloud + OpenShift)
– Add partner services with clear oversight
– Support modernization in both core banking and payments flows
What Banks Are Missing in AI Hype
Belday is cautious but clear-eyed on AI. She doesn’t dismiss its value but insists it’s not the first priority.
“I call it the cherry. You want AI? Great. But you can’t bolt that onto brittle systems and expect magic.”
Her focus is on enabling AI readiness: building architecture that can support intelligent workflows securely, in line with zero-trust policies and data governance rules.
This doesn’t mean IBM is behind on AI they’re integrating LLMs, confidential computing, and partner tools. But always with regulatory and operational resilience in mind.
The Global Payments Reality: Local Rules, Global Vision
One of the most compelling parts of the conversation was Belday’s emphasis on the geo-specific complexity of payments.
“We talk about payments like it’s one thing. But SEPA Instant, PIX, FedNow, UPI each region is inventing its own rules and rails. And then you layer stablecoins, CBDCs, and digital assets on top? It’s a maze.”
And yet, Belday sees this as a moment of creative opportunity. “There’s room to reimagine everything. But we need to stay grounded in governance, ethics, architecture.”
Rise Up, and Building a New Kind of Fintech Leadership
Outside of infrastructure, Belday is also a visible mentor and speaker at Rise Up and Amplify sessions at Money20/20. Her panel this year focused on how underrepresented leaders can challenge senior management constructively and safely.
“It’s not just about being heard. It’s about influencing outcomes that are win-win. That takes preparation, strategy, and courage.”
Her presence across both technical and cultural conversations is a reminder: transformation in finance doesn’t just happen in code. It happens in leadership rooms, trust frameworks, and systems built with long-term resilience in mind.
Final Word
Kamini Belday may be one of the few people at Money20/20 who isn’t chasing what’s trending. She’s focused on what lasts.
Her message to banks, platforms, and innovators is clear:
✅ Get your cloud architecture right
✅ Bake compliance in from day one
✅ Then, and only then,layer in the intelligence and speed today’s world demands
“Don’t build for the next month. Build for the next decade.”
🎯 Want to see how embedded finance actually works?
Liberis is on the ground at #Money2020Europe this week. Book a meeting with the team to learn how they’re powering real growth for platforms and the sellers who rely on them.
📲 Like what you’re seeing?
SPONSORED BY
Not affiliated with Money20/20
Bobsguide is a ClickZ Media publication