Payments professionals converge at Pay360 to drive industry forward

Chatsworth shares the talking points from the PAY360 conference; the key trends in the payments space and what’s next for the industry.

This week, team Chatsworth headed to ExCeL London for PAY360, the largest gathering of the entire payments ecosystem. We joined over 3500 payment professionals at the conference to talk about key trends in the payments space, as well as what’s next for the industry. Here are some of the key talking points from the conference:

  1. Instant payments and instant fraud 

The EU’s new instant payment legislation was a hot topic among payments professionals. From established banks to startups, many were looking at what the new legislation means for them, and how it will impact the payments space.

Instant payments empower individuals and businesses alike, streamlining processes and fostering greater efficiency in our interconnected global economy. 

Fintechs seem to be excited about the potential instant payments legislation brings, but also cautious that instant payments may lead to instant fraud.

Last week the Home Secretary proposed a new draft law at the UK’s Global Fraud Summit, which suggested bank transfers and payments could be delayed for up to four days if fraud is suspected. 

At PAY360, instant payment schemes were still on everyone’s minds. 

  1. AI and the fight against fraud 

AI is always a good conversation starter, but asking how AI can be used to fight against fraud seems to be an even better one. Fraudsters themselves have access to this technology, so it’s important that fintechs are able to stay up to date with new developments. 

We spoke to startups about how the emergence of OpenAI has sparked a wave of startups to harness AI technology to combat fraud. By swiftly analysing vast amounts of data, AI algorithms can detect suspicious patterns and activities in real time, preventing fraudulent transactions before they happen. 

We heard how AI systems are continuously learning and adapting, minimising false positives and ensuring a secure experience for users while staying ahead of evolving fraud tactics. By utilising AI algorithms, startups can analyse vast datasets and detect fraudulent patterns with unprecedented accuracy and speed. 

  1. Open Banking pushing ahead 

No, you’re not having déjà vu, we’re all still talking about how open banking has the potential to transform payments. 

With consumers finally starting to embrace the concept of sharing financial data securely, open banking is poised to revolutionise the financial landscape. This shift unlocks a wealth of opportunities for startups and established institutions alike to innovate and deliver personalised financial services tailored to individual needs.

The biggest hurdles seem to be raising consumer awareness and communicating the benefits of open banking to consumers, but we spoke to fintechs at the heart of open banking about how next year will be the year open banking reshapes the way we manage and interact with our finances.

  1. Digital IDs high on the agenda

Digital IDs were also a key trend, with questions being asked about boosting financial inclusion and what the next general election will mean for digital ID development. 

By leveraging technologies such as biometrics and blockchain, digital IDs offer robust authentication while protecting privacy and reducing the risk of identity theft.

However, as governments and businesses worldwide adopt digital ID solutions, we are approaching a significant turning point in the transition towards a more interconnected and digitally empowered society.

In terms of what the next General Election will mean for digital ID development, many payments professionals expressed their hope that the next government will continue their work to help people securely prove who they are without having to rely on physical documents.

Looking ahead

With discussions revolving around instant payments, AI-driven fraud detection, open banking, and the evolution of digital IDs, it’s evident that we’re amidst an exciting era of innovation in the payments space.

Team Chatsworth enjoyed conversing about these trends first-hand at Pay360 and we look forward to continuing our work with clients to amplify their thoughts and views on the future of payments during this fascinating time in the industry.


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