During this session, Larry Brennan will help merchants understand current cyber-security and fraud risks, the potential impact on their businesses and how to mitigate them.
This session will evaluate the need for faster/improved payments in Canada, including speeding up availability and certainty of payments, processing of payments and settlement, working towards ubiquity, competing on a global level, discussing industry initiatives related to faster payments, understanding legal frameworks for payment systems, the impact of risk management, compliance, and regulatory issues for operators and participants, and faster/improved payment products from the customer/end user perspective (consumer and corporate).
Real-time payments is now a reality with more than 30 schemes live around the world. However, not every scheme has been successful. A mixed response to real-time payments has led to countless opportunities for customers and businesses in some countries, whereas in other countries, consumers have not fully embraced real-time payments. In addition, as the need for cleared payments in real-time increases, so do the opportunities for fraud to occur. As real-time approaches Canada, ensuring the success of the country’s new real-time rails is essential to ensure such opportunities aren’t passed by. This session will explore the reasons behind the mixed responses to real-time payments around the world as well as potential products and revenue opportunities. In addition, it will cover key environmental changes that banks need to make to ensure they are successful, such as speed of processing, strong resilience, and required back-office functions including exceptions handling and fraud protection.