What the new wave of payments leaders are actually talking about

Between the stage sessions and media announcements at Money 20/20 Europe 2025 in Amsterdam, some of the more substantial insights are found off the show floor – in candid conversations with leaders who are actually running the operational backbones of financial services.

That was certainly the case in our discussion with Will Marwick, CEO of IFX Payments, and Adam Dowling, who joined the business as COO earlier this year.

Their message is clear: scale is important, but building a resilient, compliant, and service-led business matters more. And that mindset is shaping how IFX navigates growth, regulation, and client needs across an evolving international payments landscape.

From Legal Risk to Leadership

Will Marwick didn’t start in payments. His first career was in law, working across M&A and compliance as General Counsel. That legal training now informs how he approaches both growth and governance at IFX.

“Coming into the sector with that background helped me think more long-term,” Marwick said. “You learn to look at business models through the lens of risk and sustainability, not just opportunity.”

He joined IFX in 2018, initially as General Counsel, before moving into the COO role to lead the company’s product expansion, most notably the launch of its B2B multicurrency wallet platform. By 2021, Marwick had become CEO, taking over during a key moment as the business restructured and set its sights on a wider fintech proposition.

Today, IFX is regulated as an Electronic Money Institution (EMI) and provides embedded international payments and FX infrastructure to businesses and financial intermediaries. Unlike many fintechs, it has grown organically, with no external funding to date, and profitability baked into the model from early on.

“We’ve always focused on control over costs, over risk, over delivery. That discipline has helped us avoid some of the more visible pitfalls in the market,” Marwick said.

Building for Complexity

That same theme runs through Adam Dowling’s view of the business. Having spent more than 16 years in the payments sector, including senior roles at Barclays, Banking Circle, and Alpha Group – he brings a sharp understanding of what’s needed to operate at scale in a compliant way.

“The industry’s matured. You can’t just launch a platform and hope the back office catches up. Compliance, operations, liquidity – these are core infrastructure,” Dowling said.

He joined IFX in early 2024, drawn by the opportunity to work with a leadership team that prioritised robust delivery over superficial growth metrics.

At Barclays, Dowling worked closely with fintech clients, including IFX itself. He later went on to lead cash management and product strategy at Banking Circle, where he helped roll out virtual account solutions for PSPs. At Alpha, he led the firm’s Alternative Banking Solutions, supporting the launch of new digital banking propositions.

At IFX, Dowling’s focus is on tightening the company’s operational infrastructure to support international growth, including more automation, better controls, and enhanced onboarding and monitoring capabilities.

“We’re investing where it matters: in the layers that ensure we can scale without compromising service or oversight,” he said.

Compliance-First, Not Compliance-Only

For both executives, compliance is not just a regulatory requirement, it’s a business strategy.

“There’s a shift happening. Compliance isn’t an afterthought anymore,” said Dowling. “The winners in our space will be the ones who bake it into how they operate, not just how they report.”

IFX is currently working with third-party vendors to improve areas like transaction monitoring and onboarding through advanced tooling, including machine learning. These capabilities are not positioned as AI “innovation” they’re part of a broader push to de-risk growth and ensure quality of service as volumes increase.

“Our clients expect stability and security. So that’s what we build for,” Marwick added.

Scaling Responsibly

That approach to controlled growth also shapes how IFX looks at M&A. The company has signaled interest in expanding into new markets and capabilities—most recently through a potential acquisition of Argentex PLC. While regulatory processes are still underway, both leaders are pragmatic about the opportunity.

“We’re not growing for growth’s sake,” Marwick said. “We’re looking at how we can expand our infrastructure and product set in a way that aligns with how we serve clients today.”

Should the deal go ahead, IFX would increase its headcount significantly, expand its regulatory footprint in key markets, and unlock additional FX and risk management products—especially structured products that IFX doesn’t currently offer.

But integration won’t be rushed. “You need shared systems, shared culture, and aligned risk tolerance. Otherwise, you’re just adding weight without strength,” Dowling noted.

IFX Payments also recently announced its adoption of Form3’s Verification of Payee (VoP) solution for SEPA accounts—marking the third Form3 product the firm has integrated to date. The move strengthens IFX’s defence against payment fraud and ensures compliance ahead of the upcoming Instant Payments Regulation, which comes into effect in October 2025.

As Rosie McConnell, Product Director at IFX Payments, noted, “It’s about delivering a secure, reliable, and fully compliant payment experience—without losing focus on growth.”

What’s Ahead

Both Marwick and Dowling are measured in their outlook. The payments and fintech sector is still evolving, and macro volatility remains a reality. But for IFX, this is where discipline becomes a differentiator.

As regulation continues to tighten and client expectations rise, the value of reliable infrastructure, responsive service, and transparent governance becomes clearer.

“Payments isn’t just a tech race,” Marwick said. “It’s a trust business. That’s why we’re here.”

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