13 December 2017
Sydney

A big thank you to all who joined us at the Australian Payment Summit in Sydney last week!  The summit opened with a keynote by Philip Lowe, Governor of the Reserve Bank of Australia, on “A Journey Towards a Near Cashless Payments System” (see RBA notes).

Our co-host Australian Payments Network has also published this blog on “Key themes from our 2018 Australian Payment Summit“.  Be sure to check it out on key takeaways from the summit!

Feedback from attendees was awesome and we already have some great suggestions for the focus of next year’s event. We value all your comments and look forward to making 2019 summit even better!

Stay tuned for our announcement on the next edition of Australian Payment Summit!

 

“One of the best conferences I have been to in many years!” –Program Director

“Caught up with lots of old contacts and met some new ones, around genuinely interesting and thought-provoking panels with genuine experts.” – Business Payments

“It was arguably the best Australian event I have been to in 10 years. I stopped attending domestic events due to poor speakers, topics, and attendance, i.e. all speakers or exhibitors and no attendees per se. Well done.” Director

[Suggestions include] “Connectivity and interoperability solutions (e.g. APIs and Translation standards) – The transaction banking workforce of the future (e.g. how will the role of the human banker change over time) – RegTech vs BusTech (i.e. how can one leverage the necessary investment in Regulatory Compliance while adding immediate value to the technology stack of the overall business).” –
Director, Transaction Banking Solutions

 

Check out some of our photo highlights below.

 

You can find more photos here!

 


Snapshot of Media Reports from APS 2018

ForbesCould Australia Become Cashless Before The UK?

The Sydney Morning HeraldCashless future is here, with coins and banknotes to become ‘niche’

Finextra: RBA chief says cash is becoming a ‘niche payment instrument’

ABC NewsRegulators are pushing us into a cashless world as RBA declares ‘a turning point has been reached’

 

 


 

 

APS 2018 – Check out the highlights

 

“Payments in the Platform Economy”   – Unwrapping the A-Z and discussing the impact

 

In an absolutely compelling keynote opening panel debate, Paul Schulte will introduce and highlight key drivers of change in the market place and kickstart a fierce debate amongst thought leaders represented by:

Check out a sneak preview of a slide from Paul Schulte’s opening presentation.  Don’t miss out this exciting panel and join us to engage with our panelists in Q&A session.

 

Check out our most updated program and register!

 

 

 


 

“Payments in the Platform Economy” – Sneak Preview

 

The Cashless Society: Who demands it, do we need it and can we live with it? A view on resilience

The decline in cash payments is pushing central banks globally to consider the resilience in their financial infrastructure. This has raised certain alarms, even at the Sveriges Riksbank (central bank of Sweden), arguably the market whose decline in cash usage has witnessed historic proportions. Instead of praise, this has instead created in-depth reviews and their Governor has even warned about the dangers of rushing into a cashless society, arguing it may lead to a payment market ‘dominated by private players, with no public alternative’. Then there is resilience. Robust business continuity and recovery plans are essential in today’s changing landscape. A key component of strong resiliency is the ability to withstand and rapidly recover from operational disruption. Small cybersecurity crises have nudged central bankers to focus efforts on backup systems, cyber stress tests and incident response plans. However, despite all the technology advances, guess what? Cash continues to prevail in most contingency plans.

Critics of the cashless society point out that vulnerable groups such as the elderly, immigrants and disabled people rely on cash more than others. If cash therefore is a key component of resiliency, why all the hoopla of its demise? As a society, are we even prepared to be cashless?

Don’t miss this panel discussion at APS2018 with our panel of expert speakers!

Melissa Hope
Head of Note Issue
Reserve Bank of Australia
Gijs Boudewijn
Chair of the Payment Systems Committee
European Banking Federation
Gonzalo Santamaria
Vice President – Payments
Currency Research

 

Additional reading:
Central bankers warn of chaos in a cashless society

 

 


 

Can Australia Go Cashless?

 

Since the Notifiable Data Breaches (NDB) scheme started on 22 Feb 2018, the Office of the Australian Information Commissioner has been notified of 550 data breaches# (as at end of September 2018). Malicious attacks has been the leading source of data breaches with the finance industry being the 2nd largest source of data breaches, reporting an average of 14% of the total data breaches so far.

How can businesses retain customers loyalty by protecting sensitive payment data? How can you navigate complex data privacy regularions and PCI Security Standards?

Join Graeme Pyper from Gemalto and Vaqar from UL  on Day 1 at 1:45pm for the deeper insights and practical experience from the ground!

https://www.oaic.gov.au/privacy-law/privacy-act/notifiable-data-breaches-scheme

 

 


 

Payment Data Security & Complying with Data Privacy Regulations

 

 

The Australian government’s moves toward implementation of open banking is a significant stride for the traditional banking industry and enables a structured and enforced open model. With the UK model paving the way, the critical question now is how Australia can learn from the European models and pave the way for an improved and better version 2.0.

We begin the discussion with two introductions from the European experience

During the panel discussion, we will discuss the European model as well as new opportunities for Australia’s financial industry.

What roles will remain for banks? 
After banks have opened and allowed third parties access to customer data, how should they imagine their future roles? How can they generate new revenue streams and evolve to avoid redundancy? Globally, which banks lead in this digital open transformation?

Will banks get reciprocal access to social media from tech giants?
When banks allow third-party access, will the reverse then be the case? When the likes of Amazon, Facebook, and Google have access to bank customer’s data, will they be regulated and mandated to open their APIs and share their data as well? Where is the fair playing field?

Responsibilities of third-party data sharing
Consumer data rights are an essential consideration for any open banking regime. How will third parties be regulated in data sharing? What rules or legal frameworks are in place in data breaches?

Join our expert panel at this hot discussion on open banking at the Australian Payment Summit 2018.

 


 

Open Banking – Exploring New Opportunities

With the buzz around the 2018 Australian Payment Summit kicking into gear, here are our top reasons why you should attend our flagship industry event.

 

1. Hear from the Governor of the Reserve Bank of Australia (RBA), Dr Philip Lowe

We are delighted to have the RBA Governor as our keynote speaker again this year. For those who missed our inaugural Summit in 2017, Dr Lowe presented the Bank’s view on an “e-AUD”, opening the discussion around blockchain technology and cryptocurrencies.

We’re all looking forward to hearing what’s front of mind for the Bank this year and participating in the Q&A session with Dr Lowe following his speech.

 

2. Stay abreast of emerging issues and topics – Gain a different perspective

Our theme “Payments in the Platform Economy” highlights the shift to super platforms as businesses and consumers embrace the digital world.  The program explores key topics like open banking, AI, fintech innovation, blockchain, neo-banks, cross-border payments, digital ID and more, from a local and international perspective.

Countries represented so far include Australia, Belgium, Canada, Hong Kong, Netherlands, New Zealand, Singapore, United Kingdom and the USA. Here are just a few of the international market experts:

Check out the program which is updated regularly.

 

3. Network with payments experts, innovators and decision-makers

The Australian Payments Summit is the industry’s flagship event. Last year’s inaugural Summit was a sell-out, bringing together some 250 participants from across the payments world. As the payments landscape becomes more complex and diverse, so do the participants. Join financial institutions, card schemes, retailers, regulators, technology providers, fintech companies and new entrants for two full-days of thought-provoking plenary and panel sessions – and networking opportunities!

We look forward to welcoming you there.

 

(As published on Australian Payments Network blog here.)

 

 


 

Australian Payment Summit – Top reasons to attend!

In Search of New Business Models in Payment

How to monetise data, APIs, identity, and more

 

 

It’s no secret: data is the oil of the future and in today’s data-rich economy, intelligent use of information makes way for new opportunities and multiple streams of monetisation. Digital banks focused on APIs are looking at new revenue through innovative solutions and overlay services. The open banking environment encourages exactly that.

Banks historically collected and were the custodians of huge data sets, but vastly under-utilised and missed capitalising on the opportunities. As payment infrastructures flatten out, new Fintech / startups continue to create value by leveraging payment data instead of relying on traditional processing fees.

Even customer identity and authentication has become a monetisable asset to companies in this space. How is data safeguarded where it is stored, and where can data be further applied to capture opportunities for new business models to emerge?

We will discuss these questions and more at the opening keynote panel on day 2 of the Australian Payment Summit 2018. Be sure to register and not miss this intriguing discussion with our global panelists!

 

Tony Fish | Board of Advisors | Digi.me | Sydney 

Debbie Gamble | VP Digital Products and Platforms | Interac Corp | Toronto

Martin Gold PhD | Course Director | Sydney Business School | University of Wollongong | Sydney

Mary McHale | Business Development Director, Financial Services, Asia Pacific | Equinix | Hong Kong(moderator)

 

In Search of New Business Models in Payments

 

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 revenue. This service along with similar challenger banks have disrupted money transfers.

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

 

 xxxxxxxx xxxxxxxx xxxxxxxx xxxxxxxx
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
Dane Birdseye 
Group Treasury Manager
Cochlear Limited
Sydney

 

 

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

APS 2018 – Check out the highlights

7 December '18
A big thank you to all who joined us at the Australian Payment Summit in Sydney last week!  The summit opened with a keynote by Philip Lowe, Governor of the Reserve Bank of Australia, on "A Journey Towards a Near Cashless Payments System" (see RBA notes). Our co-host Australian Payments Network has also published this blog...
READ MORE

"Payments in the Platform Economy" - Sneak Preview

20 November '18
  "Payments in the Platform Economy"   - Unwrapping the A-Z and discussing the impact   In an absolutely compelling keynote opening panel debate, Paul Schulte will introduce and highlight key drivers of change in the market place and kickstart a fierce debate amongst thought leaders represented by: Leading global payments platform -  Mia Ma | WeChat...
READ MORE

Can Australia Go Cashless?

6 November '18
  The Cashless Society: Who demands it, do we need it and can we live with it? A view on resilience The decline in cash payments is pushing central banks globally to consider the resilience in their financial infrastructure. This has raised certain alarms, even at the Sveriges Riksbank (central bank of Sweden), arguably the...
READ MORE

Payment Data Security & Complying with Data Privacy Regulations

6 November '18
  Since the Notifiable Data Breaches (NDB) scheme started on 22 Feb 2018, the Office of the Australian Information Commissioner has been notified of 550 data breaches# (as at end of September 2018). Malicious attacks has been the leading source of data breaches with the finance industry being the 2nd largest source of data breaches, reporting an...
READ MORE

Open Banking – Exploring New Opportunities

30 October '18
    The Australian government's moves toward implementation of open banking is a significant stride for the traditional banking industry and enables a structured and enforced open model. With the UK model paving the way, the critical question now is how Australia can learn from the European models and pave the way for an improved...
READ MORE

Australian Payment Summit - Top reasons to attend!

26 October '18
With the buzz around the 2018 Australian Payment Summit kicking into gear, here are our top reasons why you should attend our flagship industry event.   1. Hear from the Governor of the Reserve Bank of Australia (RBA), Dr Philip Lowe We are delighted to have the RBA Governor as our keynote speaker again this year. For...
READ MORE

In Search of New Business Models in Payments

25 October '18
In Search of New Business Models in Payment How to monetise data, APIs, identity, and more     It’s no secret: data is the oil of the future and in today's data-rich economy, intelligent use of information makes way for new opportunities and multiple streams of monetisation. Digital banks focused on APIs are looking at new revenue through...
READ MORE

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