13 December 2017
Sydney

 

With real-time domestic payments increasingly adopted in Asia Pacific and also Australia, will cross border real time service ride on this wave and become a reality? Can corporate treasurers now look at this development to significantly help with same day or even 24/7 settlements? If markets move to 24/7 clearing, will concept of ‘after hours’ totally disappear?

In a recent release SWIFT announced a joint effort with a group of gps banks from Australia, China, Singapore and Thailand to develop a x-border real time service in APAC region.  Australia’s NPP system will be linked to domestic real time system like FAST in Singapore.

Another cross-border transfer Fintech provider Transferwise has also gained traction in reports of now 4 million users and having a 75% increase in profits. This service along with similar challenger banks have disrupted money transfers.

Together with our 3 key panelists, we discuss the new cross-border payment realities, don’t miss this discussion.

 

Venkatesh Saga
Head of Banking – Asia Pacific | TransferWise | Singapore
Pete Kooner
Head of Product, Treasury Services – Australia & NZ | JP Morgan | Sydney
Michael Moon
Head of Payments Markets, Asia Pacific | SWIFT | Singapore

 

 

Additional reading
The 24/7 Treasury – How the acceleration of payments will affect business/treasury management

TransferWise Reports Second Year of Profit & Revenue Almost Doubling

SWIFT explores Asia Pacific cross-border real-time payments


 

New X-Border Payment Realities

 

Have you heard the good news about blockchain yet?

As mentioned by one of the most respected commentators and consultants, Dave Birch, “Blockchain is not a technology, it’s a religion’. Has it been a fix-all magic notion for all the problems of the world? Almost every bank, card company and even more progressive central banks have each embarked on a blockchain project of some sort.

In contrast, a recently published Forbes article “Can Blockchain Really Bust Through Its Barriers in The Payment Space?” pointed out that transactions can take minutes and even hours to confirm.  So can this ‘religion’ or technology really deliver?

Meanwhile in Australia, a new trial on blockchain-powered ‘smart money’ was announced this week.  CSIRO’s Data61 and Commonwealth Bank (CBA) have jointly developed an app as part of a trial to explore the potential for blockchain technology to create ’smart money’, and through using the case study of the National Disability Insurance Scheme (NDIS). This ‘smart money’ is positioning itself as a currency with pre-specified conditions on spending by users. This new ‘programmable money’ could very well represent a new payment ecosystem and will be an interesting space to watch!

Join Dave Birch and Sophie Gilder at during this track session at APS 2018 to hear global insights and also the latest updates from the Australian market.

 

Additional Reading Materials:

Can Blockchain Really Bust Through Its Barriers In The Payment Space?

Australia Trials Blockchain-Based ‘Smart Money’ for National Disability Insurance Scheme
 


 

Blockchain in Payments – Australian Developments

We are very happy to announce an in-depth plenary working session on PSD2-Open Banking realities in Europe. Lessons learned will be shared by expert Gijs Boudewijn, who is Chair of the Payment Systems Committee at EBF as well as general manager at the Dutch Payments Association. Gijs has been instrumental in representing banks in establishing PSD2 and is working on key alignments in Open Banking.

This session will update you on key developments and will mirror essentials for next-step developments in the APAC region, in particular Australia and New Zealand.

Next to sharing fieldnotes, we will address barriers and opportunities in a lively panel debate with key stakeholders. The focus will be on pragmatic/strategic implementations and how we can leverage these in a cooperative way to serve our markets better.

RECOMMENDED READING: Review into Open Banking in Australia (by the Australian Treasury)

Join us at APS 2018 and stay ahead of key developments in Australia and the region!

 


Gijs Boudewijn
As of 1 February 2014 Gijs Boudewijn holds the position of Deputy General Manager at the Dutch Payments Association. Before that he was responsible for payments at the Dutch Banking Association. He has extensive experience in domestic as well as international payments issues, governance, competition law and fraud prevention. He started as an in-house lawyer at a large Dutch savings bank, and later became Head of Legal Affairs at the central Dutch clearing house, Bankgirocentrale, the predecessor of equensWorldline. In 1998 Mr Boudewijn joined the Dutch Banking Association as Head of Payments and Security Affairs, and in 2014 was appointed Deputy General Manager of the Dutch Payments Association. Currently Mr Boudewijn is Chair of the Legal Support Group of the European Payments Council (where he is also a member of the Board) and Chair of the Payment Systems Committee of the European Banking Federation. Over the past years he was in that capacity closely involved with matters relating to PSD2 and the various Regulatory Technical Standards of the European Banking Authority. Mr Boudewijn is a regular speaker at national and international conferences on payments and related issues, new technologies and open banking.

 

 


 

Sharing “Field Notes” on Europe’s Open Banking

 

Australia has a vibrant and growing Fintech market, with the recent census produced by Fintech Australia and EY showing growth in some key areas. Notably, fintechs experienced 208% growth in monthly revenue between June 2016 and June 2017. Alongside this there has been a marked decrease in the number of pre-revenue fintechs, dropping from 43% to 29% in the same period.

This story of a thriving fintech scene is also balanced by a message that highlights room for improvement. The census describes a market that is in need of greater collaboration, with 40% of fintechs citing collaboration with financial institutions as an ongoing challenge. Notably this figure is down by only 1 % on the previous year’s census.

With this as a backdrop to discussion, Dr Leila Fourie will lead a conversation about fintech and innovation in Australia and New Zealand, drawing out the key requirements for success from Simon Cant, chairman of Fintech Australia and an entrepreneur himself, and Steve Wiggins, CEO of Payments New Zealand.

It will provide the perfect scene settling for the final session of the day – our fintech pitches. With two streams to choose from, we’re sure you’ll be inspired!

 


 

Fuelling Australia’ Fintech Future – A Fireside Chat

Undeniably, global developments in payments are evolving at startling pace. According to 2017 World Payments Report, global non-cash transaction volumes hit the highest growth of the past decade with emerging Asia and CEMEA as main growth rate drivers. And cashless payments are estimated continue to increase at a CAGR of 10.9% from 2015-2020.

From the imminent PSD2 implementation on Jan 2018 in Europe, to the government led cashless initiatives across Asia, and China’s leapfrog in mobile pagments, global trends can be signposts and opportunities. How will these be relevant for Australia?

In our closing panel, we will have expert speakers from across the globe sharing their insights and perspectives:

Recommended Reads:

Australia in the Context of Global Developments

Many payments professionals agree that there has never been a more interesting time to work in this industry. In an increasingly digitised world, higher customer expectations, regulatory pressure and the threat of disruption are driving banks and market infrastructures to upgrade their services and adopt new technologies.

The NPP is a great example of how these dynamics have driven an unprecedented level of industry collaboration. But will NPP be enough to keep the banking industry at the forefront of payments innovation or will the more nimble upstarts come and crash the party?

And with cross-border payments also going through their own revolution, are we getting closer to real-time cross-border payments?  For instance, will NPP along with cross-border payments initiatives provide banks with the tools they need to recapture some of the cross border remittance business? Our panel will explore these questions and more.

 

Recommended Reads:

New payments: disruption and change in cross border and domestic payments

Disruption across the payments industry has come in waves of small shifts and no one can predict how they will shape and change the next 10-20 years in payments and transaction banking. But in the face of a oncoming storm, everyone agrees incumbent financial institutions must quickly innovate to remain relevant and top of mind for their customers.

Quoting a PWC report, “technology companies move quickly, often below the regulatory radar, to exploit what they see as a slow-moving, antiquated payments infrastructure. The regulatory agenda is now at the top of business priorities with particular focus on customer data protection, technical payment standards, interchange pricing and money laundering.”

 

At the AustralianPaymentSummit, this expert panel will debate upon key and current developments in the payments / transaction space related to regulations. The panel will discuss topics such as: the need for Digital Currencies, ICO developments, X-border payments, the e-Commerce Code, Consumer Protection (anti-Fraud & Security measures), Fintech “sandbox” environments,  the results of the Black Economy Task Force and many more issues. A compact expert panel moderated by Claire Wivell Plater with ample time to add questions from the floor.

 

Recommended Reads:

 

 

The New Payment Environment & Regulatory Challenges

 

According to Gemalto’s Breach Level Index, 1.9 million data records were compromised in the first half of 2017. Of the 918 publically disclosed total data breach incidents, 14% (125 incidents) affected the financial industry.

Data Security and Privacy regulations such as PCI DSS, The EU’s General Data Privacy regulation (GDPR) and Australia’s Notifiable Data Breach are designed to protect customers’ sensitive, Personal Identifiable Information (PII) and provide some guidance on best practice with regard to data privacy.

With the Notifiable Data Breach (NDB) legislation commencing 22nd February 2018 in Australia, the true cost of a data breach will be felt as businesses (with annual turnover greater than AUD3M) will be required to disclose when they have been breached.

Prominent data breaches eg Equifax, Yahoo have resulted in detrimental effects on their reputation, share price and customer loyalty. Interestingly another school of thought is that organisations can use compliance with data privacy regulations as a competitive advantage to keep existing customers as well as attract new customers!

Join this break-out session with Graeme Pyper of Gemalto and and Alex Scarpato from Commonwealth Bank to understand what these regulations mean and how your organisation can prepare to comply with these regulations.

Graeme Pyper
Regional Director for Aus & NZ | Gemalto

 

Alex Scarpato
Manager, Cryptographic Services at Commonwealth Bank

 


 

 Tackling Payment Data Security & Data Privacy

 


As Australia embarks on implementing the open banking regime paving way for more competition in the financial industry, this is possibly an uncomfortable time for incumbent big banks. Technology companies and Fintechs can potentially erode the profitability off low hanging fruits from banks.

And when banks are regulated to disclose and share customer data, can they charge for this? Who owns the data? Where is the balance of privacy, customer protection and open access? Will PSD2 and Europe’s experience in open banking be the model for Oceania as well?

Join this in-depth track and get an up to speed update on European and Australian developments!


 

News on open banking:

EuropeanPaymentCouncil: Update on UK Open Banking

AFR: Open banking review wants to facilitate new data industry

ZDNet:  Australian banks and fintechs weigh in on open banking regime

SMH: Banks want to charge for handing over customer data

 

Downloads:

        


 

Open Banking: The New Seedbed for Financials


A top-panel will debate on key benefits of blockchain in payments and transactions around cases and international best practices. First “win” we already see with the new remittances payment solutions.

Topics for debate are, a.o.: technical requirements for scaled payment solutions; the commercial considerations using blockchain; privacy; tax compliance and role of state; value exchange, etc.

A compelling high-level briefing & debate, moderated by Nick Giurietto (CEO ADCA) and with expert panelists covering these topics:

Nick Giurietto | CEO & MD | Australian Digital Commerce Association | Sydney (moderator)

Sophie Gilder | Head of Blockchain | Commonwealth Bank | Sydney

Mark Staples | Research Group Leader, Software Systems | DATA61 CSIRO | Sydney

 

Download this interesting read on how Australia is getting ready for Blockchain.

“Distributed Ledgers | Scenarios for the Australian economy over the coming decades” (Report of Data 61 | CSIRO) Link here.

 


 

Is it Harvest Time for Blockchain?

New X-Border Payment Realities

10 October '18
  With real-time domestic payments increasingly adopted in Asia Pacific and also Australia, will cross border real time service ride on this wave and become a reality? Can corporate treasurers now look at this development to significantly help with same day or even 24/7 settlements? If markets move to 24/7 clearing, will concept of 'after...
READ MORE

Blockchain in Payments - Australian Developments

10 October '18
  Have you heard the good news about blockchain yet? As mentioned by one of the most respected commentators and consultants, Dave Birch, "Blockchain is not a technology, it's a religion'. Has it been a fix-all magic notion for all the problems of the world? Almost every bank, card company and even more progressive central...
READ MORE

Sharing "Field Notes" on Europe’s Open Banking

25 September '18
We are very happy to announce an in-depth plenary working session on PSD2-Open Banking realities in Europe. Lessons learned will be shared by expert Gijs Boudewijn, who is Chair of the Payment Systems Committee at EBF as well as general manager at the Dutch Payments Association. Gijs has been instrumental in representing banks in establishing...
READ MORE

Fuelling Australia' Fintech Future - A Fireside Chat

8 December '17
  Australia has a vibrant and growing Fintech market, with the recent census produced by Fintech Australia and EY showing growth in some key areas. Notably, fintechs experienced 208% growth in monthly revenue between June 2016 and June 2017. Alongside this there has been a marked decrease in the number of pre-revenue fintechs, dropping from...
READ MORE

Australia in the Context of Global Developments

8 December '17
Undeniably, global developments in payments are evolving at startling pace. According to 2017 World Payments Report, global non-cash transaction volumes hit the highest growth of the past decade with emerging Asia and CEMEA as main growth rate drivers. And cashless payments are estimated continue to increase at a CAGR of 10.9% from 2015-2020. From the...
READ MORE

New payments: disruption and change in cross border and domestic payments

23 November '17
Many payments professionals agree that there has never been a more interesting time to work in this industry. In an increasingly digitised world, higher customer expectations, regulatory pressure and the threat of disruption are driving banks and market infrastructures to upgrade their services and adopt new technologies. The NPP is a great example of how...
READ MORE

The New Payment Environment & Regulatory Challenges

14 November '17
Disruption across the payments industry has come in waves of small shifts and no one can predict how they will shape and change the next 10-20 years in payments and transaction banking. But in the face of a oncoming storm, everyone agrees incumbent financial institutions must quickly innovate to remain relevant and top of mind...
READ MORE

 Tackling Payment Data Security & Data Privacy

31 October '17
  According to Gemalto’s Breach Level Index, 1.9 million data records were compromised in the first half of 2017. Of the 918 publically disclosed total data breach incidents, 14% (125 incidents) affected the financial industry. Data Security and Privacy regulations such as PCI DSS, The EU’s General Data Privacy regulation (GDPR) and Australia’s Notifiable Data...
READ MORE

Open Banking: The New Seedbed for Financials

12 October '17
  As Australia embarks on implementing the open banking regime paving way for more competition in the financial industry, this is possibly an uncomfortable time for incumbent big banks. Technology companies and Fintechs can potentially erode the profitability off low hanging fruits from banks. And when banks are regulated to disclose and share customer data,...
READ MORE

Is it Harvest Time for Blockchain?

5 October '17
A top-panel will debate on key benefits of blockchain in payments and transactions around cases and international best practices. First “win” we already see with the new remittances payment solutions. Topics for debate are, a.o.: technical requirements for scaled payment solutions; the commercial considerations using blockchain; privacy; tax compliance and role of state; value exchange,...
READ MORE

Payment Services Directive 2: PSD2 sparks innovation in Open Banking ecosystems

14 September '17
In this article, Deutsche Bank and Innopay join forces to share our opinion on the foremost challenge currently facing the European payments market: “the practical implementation of third party access to account (XS2A) as part of the revised Payment Services Directive (PSD2)”. With European lawmakers finalising their work on the legal aspects of XS2A, it...
READ MORE

Data sharing and open banking

14 September '17
What will open banking bring to the Australian payment industry? How will increased open access change how players navigate and compete? Is the European model a good example / road map for the rest of the world? Check out this McKinsey Report on data sharing and open banking.   "The potential benefits of open banking...
READ MORE