New York Tech Journal
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#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

  1. 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.
  2. Fintech often piggy backs on the current bank infrastructure
  3. It is challenging to groom the IT talent pool as the speed of innovation has quickened
  4. Distributed ledger is an opportunity to speed payments and move information quicker
  5. There is a need to build governance and rules on top of the technology such as block chain
  6. Customer desires may be contradictory: immediate payment vs. revocability, ease of use vs. fraud is hard
  7. The bank relationship with customers may change with the proliferation of payment services.
  8. 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  to get a link for you to try the system.

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