The Nordic region has consistently been at the forefront of payment innovation. However, the question remains: Is this still true in 2024? NextGen Nordics 2024, a prominent conference organized by Finextra Research, will take place in Stockholm on April 23, 2024, bringing together experts from Denmark, Finland, Iceland, Norway, and Sweden to explore this topic.
Hosted at the beloved Münchenbryggeriet venue for the Finextra community, NextGen Nordics will kick off with a discussion on pan-European payment collaboration and whether the focus for 2024 should shift to domestic advancements rather than regional ones. Despite the sophistication of payment systems, instant payments across the Nordics could be more efficient. The conference will address how the Riksbank’s RIX-INST, built on the Eurosystem’s TARGET Instant Payment Settlement (TIPS) platform, can serve as a blueprint for other Nordic nations.
As the deadline for migration to ISO 20022 approaches, banks and payment service providers will need to take decisive steps to ensure real-time payments at a cross-border level. Nordic consumers are already utilizing retail instant payments through digital wallets, yet there is still a need to improve data exchange between payers and billing organizations, particularly through the Request to Pay system. In the realm of e-commerce, discussions will focus on the emerging trends around Buy Now, Pay Later (BNPL) solutions and embedded finance, with traditional lenders needing to adapt rapidly.
The upcoming PSD3 regulation could usher in a new era for payments and the wider financial sector, aiming to facilitate digital transformation. While open banking and open finance initiatives enhance innovation, consumer protection remains a priority as data sharing continues to evolve. The conference will also investigate how Confirmation of Payee can streamline complex legacy systems, combat fraud, and enhance interoperability within the sector.
Key issues to be discussed include the challenges of faster payments, the role of behavioral biometrics in improving customer experiences, and how emerging technologies such as AI can be effectively regulated. With forthcoming regulations, including the AI Act, BNPL frameworks, DORA, and various ESG regulations, financial institutions will need to focus on the right priorities moving forward.
Topics to be covered at the event include:
- Nordic payment infrastructure: Is it time for a domestic focus?
- Instant payments: Preparing for RIX-INST on TIPS and leveraging Swish
- Real-time cross-border payments: The future of platform-based corporate business models
- Request to Pay: Effective cash flow management and data exchange
- BNPL: A new era for POS commerce and embedded finance
- Data privacy and Consumer Duty: Enhancing open banking through API integration
- Confirmation of Payee: Tackling legacy system complexities to reduce fraud
- Fraud prevention and AML: The role of behavioral biometrics in the instant payment landscape
- Risk and resilience: Can we regulate technology for the future?
- The future of AI: Unlocking the potential of this transformative technology
For the full agenda, please visit here and register to attend now.