#DigitalPayments and #Fintech
Posted on September 29th, 2015
09/29/2015 @ Barclays, 101 Barclay St., NY
A panel of experts and a series of presentations covered the topics of digital payments and fintech initiatives on a wide range of topics including consumer verification to currency exchange.
The panel covered many topics including
- Payments are made in two steps: 1. Account # verification 2. Account owner verification. The use of biometrics and EMV-chip credit cards is changing this landscape.
- Fintech often piggy backs on the current bank infrastructure
- It is challenging to groom the IT talent pool as the speed of innovation has quickened
- Distributed ledger is an opportunity to speed payments and move information quicker
- There is a need to build governance and rules on top of the technology such as block chain
- Customer desires may be contradictory: immediate payment vs. revocability, ease of use vs. fraud is hard
- The bank relationship with customers may change with the proliferation of payment services.
- There is a sense that banks are moving from model in which banks owned the technology to one in which the bank manages the technology – agnostic as to the technology. Focus on business serving the client.
After the panel, there were six 5 minute presentations by Irish companies exploiting technology in finance:
Fexco transaction services – Denis McCarthy – started doing FX transactions in County Kerry,Ireland. Now global retail payments. Challenges 1. Legacy platforms.2. cross-border processing 3. Alternative payments 4. Omni-channel experience (in store, online). sell a white label solution.
Sysnet Global Solutions – Safemaker product to simplify security & compliance. 85% of breaches are stolen credit card information. Most are small businesses. Create a customized program for small businesses to secure their network – maintain compliance.
Trustev – Rurik Bradbury – stop online fraud. Can flag in real-time. Cloud data base –how they behave when come to web site. Are they trying to mask their location, is it a spam bot, look at credit file, social, known email address, …
Continuum Commerce – online customer needs an issuing bank and the retailer needs an acquiring bank. If there is a cross currency transaction the retail bank will apply a 3% fee for FX. Continuum allows the customer to have the option to pay in their native currency as opposed to the default currency of the retailer at a lower fee.
Acquirer Systems –help customers protect their brand value. Automated test and validation services so the retailer can accept a card with confidence. E.g. help retailers in the U.S. update their systems so they can accept EMV (chip-based) systems.
Daon – Conor White – make it easy for consumers to pay and interact online by authenticating humans using a mobile biometrics. Using face, voice recognition. Device is encrypted and by taking a selfie (person needs to blink so the system knows that it is not a picture.) For a demo go to www.daon.com/paymentsdemo to get a link for you to try the system.