With day two now completed, we are beginning to reflect on the incredible wealth of insights shared across six panel sessions, two roundtables, a dynamic chatroom forum, and continuous networking on the EBAday platform.
The day commenced with an inspiring challenge speech from RTGS Limited’s founder, Nick Ogden, followed by a spirited strategic roundtable. The discussions at EBAday covered a range of topics from payment regulation to real-time payments, correspondent banking, and digital identity. Below are some of the standout moments from the panel sessions.
Modernising the Financial Regulatory System
Kicking off the day’s discussions, Nicola Coyne, director and head of immediate and low-value payments at Barclays, posed a key question: can regulation serve as an accelerator for banks’ adoption of new technologies? Tara Rice, head of the CPMI Secretariat at BIS, affirmed that regulation can indeed inspire trust in the financial system, which is essential for facilitating transactions in daily life.
Coyne later asked Martin Georgzen, chief strategy officer and head of business execution at P27 Nordic Payments, whether the industry-led push for payment modernization has fostered innovation or if regulatory measures would better accelerate bank initiatives. Georgzen suggested a balanced approach, acknowledging that while regulation can drive momentum, proximity to end-users and speed are equally important.
Paul Thomalla, global head of payments at Finastra, argued that regulators should focus on the broader landscape and allow fintechs to determine the implementation of innovations. Eric Ducoulombier from the European Commission added that the Commission’s Retail Payments Strategy serves as a roadmap for the industry’s collective objectives.
Payments in a Real-Time World
Petia Niederländer from the Austrian central bank moderated a session on the evolution toward real-time payments. The pandemic has accelerated the demand for immediate transactions, highlighting the ongoing transformation of payment infrastructures. Francis De Roeck from BNP Paribas noted that while real-time payments have become a reality, only a small percentage of corporate banking transactions are currently instant.
Experts such as Tom Lambrecht from Sopra Banking Software emphasized that the impact of instant payments extends beyond just adding another payment engine; it also influences liquidity management and operational processes across banking.
Correspondent Banking: A Business in Transformation
Moderated by Veerle Damen of NatWest, this panel explored how correspondent banks can navigate increased competition and regulatory requirements. Saskia Devolder of SWIFT highlighted advancements made through the gpi initiative, which has significantly expedited cross-border payments.
HSBC’s Akshat Saharia noted that while some payments experience delays due to regulatory checks, the landscape is evolving with integrations like APIs that enhance payment efficiency.
The discussion underscored the importance of collaboration, as alternate payment solutions challenge traditional banks to innovate further. J.P. Morgan’s Gayathri Vasudev remarked on the necessity of distributed ledger technologies while reinforcing that correspondent banks continue to play a crucial role in the global payment ecosystem.
Digital Identity for Digital Natives
Eefje van der Harst from Innopay led a conversation on digital identity, focusing on the need for secure identity management. Speakers highlighted the evolving landscape, where financial institutions may need to assume unique roles in safeguarding identity data while ensuring customers retain control over their information.
Recent proposals from the European Commission aimed at establishing a digital identity wallet further emphasized the growing importance of digital credentials in facilitating seamless transactions and regulatory compliance.
First Steps with Request to Pay
In a session led by Kevin Brown, speakers evaluated the potential of Request to Pay as a crucial component for banks in linking open banking and instant payment strategies. Panelists collectively agreed on the development of this service but stressed the need for proper education among banks regarding its benefits.
Discussions highlighted the essential role Request to Pay could play in streamlining payment processes, particularly for managing subscriptions and direct debits, although integrating such services with existing systems remains a significant challenge.
Payments as a Service
Teresa Connors moderated a session focused on Payments as a Service (PaaS), discussing the essential components of customer experience, collaboration, and cloud technology. Panelists emphasized the importance of understanding client needs and the ongoing role of bank partnerships with fintechs in delivering comprehensive solutions.
The discussions underscored that while technology plays a crucial role in advancing PaaS, the true challenge lies in changing the banking mentality to put customer needs at the forefront.
As the event unfolded, the dialogue remained rich and varied, addressing the pressing issues and opportunities within the financial landscape.