Payments Beats

Hosted by Jordan Olivas, Commercial Director for Payments Consulting Network, this episode discusses the evolving role of AI in fintech and payments with John Minutaglio, the Chief Technology Officer for Payarc. The conversation delves into the widespread confusion and varying levels of readiness among companies regarding AI adoption. John highlights how despite strong board-level support for AI, a lack of deep understanding can still lead to unrealistic expectations and potential pitfalls.

The episode concludes with insights into the future impact of AI on consumer confidence and customer service.

In this episode of the Payments Beats Podcast, Payments Consulting Network and Merchant Advisory Chief Operating Officer, Liz Beggs and and co-host Marketing Partnerships Manager, Bernadette Walsh, welcome Peter Ratcliffe, Head of Technology at RM Williams, and Peter Clarke, Chief Technology Officer at Lorna Jane. Our guests this week are speakers at the National Retail Federation APAC conference in Singapore, where they discuss mastering the art of omnichannel transformation and understanding its business impact. The episode delves into the importance and challenges of companies having a high-performance technology team driven to enhance both customer and employee experiences. Both guests also discussed the importance of reliable technology solutions and strong partnerships, emphasising how the new point of sale system from NewStore has dramatically improved operational efficiency and employee satisfaction.

At the AusPayNet Summit in late 2023, there was a growing advocacy for adding friction to real-time payments—in other words, making them less instantaneous—to reduce, prevent, and protect against fraud and scams. The rationale is that real-time payments speed up the settlement process, which bad actors can exploit to commit fraud, swiftly transferring and withdrawing funds illegally, leaving consumers to bear the losses.

In this episode, Chris Jewell, CEO of Zepto, joins Matt Sykes, Director at Payments Consulting Network, to discuss the opportunities and challenges of real-time payment facilitation. They will delve into whether introducing friction to the settlement process is the most effective strategy to mitigate the risk of fraud associated with real-time payments.

In this episode, Leo Lipis, Director at Payments Consulting Network, discusses corporate travel payments with Colin Adams, Director of Payments Consulting at HRS, a leading technology company focused corporate travel.

The corporate travel industry, valued at $800 billion, poses challenges for the traveler, the corporate, and the merchant. Travelers want to be sure that they have payment acceptance and flexibility wherever they need it; corporates want to control cost, risks, and ease of reconciliation while ensuring that they maintain their duty of care; and merchants such as hotels and airlines want to attract corporate customers. Each has its own set of needs and balancing these is difficult.

With corporate travel payments, the needs revolve more around the person and the company making payments rather than accepting them. The conversation thus turns the tables on many payments' conversations, addressing the needs of each set of stakeholders in turn.

In this new episode, we are joined by David Tay, Asia Pacific Senior Director and Head of Client Engagement at Visa, who shared valuable insights alongside Richard Hartung, Research Director for Payments Consulting Network. Together, they delved into how financial institutions are proactively engaging customers on environmental sustainability. The conversation centred on driving awareness, engagement, and loyalty among consumers, with a focus on actions taken by FIs in each of these areas.

The podcast zooms in on the realm of cards and payments, specifically exploring features that catalyse behavioural shifts by individuals and companies, ultimately contributing to efforts to mitigate climate change. Rather than traditional incentives like rewards or cashback for donations to non-profits, or the use of alternative materials for card production, the discussion delves into how cards and payment programs can actively influence the adoption of eco-friendly behaviours.

In our second episode dedicated on Blockchain, Liz Beggs, Chief Operating Officer at Payments Consulting Network and Merchant Advisory, dives deeper into the topic.

Joined once again by Chin-Tah Ang, General Manager Singapore of Crypto.com, they explore the evolution from Web1 to Web3, highlighting the shift from centralised control to decentralised ownership in Web3, along with insights into digital currencies like stablecoins and central bank digital currencies (CBDCs).

The conversation also delves into blockchain technology, its role in ensuring data immutability and transparency through distributed networks, and its cryptographic protection.

Cross-border payments are entering another exciting era of change. This week, Rajat Mehta, Managing Partner at Payments Consulting Network, is joined by Alain Raes, COO and Co-Founder of iPiD, along with Quinn Pham, Regional Director for APAC region, to delve into their experiences in the cross-border payments sphere. Together, they navigate the challenges of adopting new-age solutions and automation processes while emphasising the importance of fraud prevention, error minimisation, and delivering optimal client experiences, particularly in a multi-jurisdictional landscape with stringent regulatory requirements. The discussion extends to the different benefits of leveraging new automation tools, central bank digital currencies (CBDCs), and tokenisation solutions, both for organisations and individuals. They also explore the associated costs for banks, organisations, and end clients, highlighting how these innovations contribute to streamlined processes and reduced time spent on remediation efforts.

In this episode of Payments Beats, Ken Musante, Commercial Director from Payments Consulting Network is joined by Caleb Avery, CEO and Founder of Tilled, one of the payment facilitators gaining momentum in the industry today.

Together, they discuss why PayFacs are increasingly considered by industries and businesses examining the diverse range of benefits they provide.

They also delve into how payment facilitators enhance businesses through streamlined payment processing, improved customer experiences, and enhanced financial insights.

Join us as we uncover the untapped potential of payment facilitators and their impact on shaping the future of payments in today's dynamic business landscape.

In this week's episode, we delve into the crucial intersection of sustainability and the payments and fintech industry. We shine a spotlight on the Impact of Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS), two pivotal regulatory frameworks that are set to reshape global business practices, particularly within the payments Industry. Alexandre Lheritier, Co-Founder of Koaloo.Fi, joins Urvik Patel, our Associate at Payments Consulting Network, to unpack the implications of these directives. They will explore not only what the CSRD and ESRS entail but also how businesses worldwide will be impacted. From navigating regulatory challenges to implementing sustainable practices, they discuss the hurdles and strategies necessary for the payment industry to adapt and thrive in this evolving landscape.

Additionally, they delve into the significance of preparing for these challenges proactively and the reasons why non-European entities should consider aligning with these regulations. Join us as we delve into the complexities and opportunities presented by ESG and sustainability in the payments and fintech sector.

In the dynamic landscape of finance and technology, Blockchain and Cryptocurrencies are a hot topic again, casting a spotlight on their profound impact on payments, banking, and e-commerce. Ross McIntyre, Associate at Payments Consulting Network, interviews Karim Raffa of KPMG, Ivy Fung, VP Women in Blockchain Asia, and Digital Assets Expert, Tim Way to discuss Seamless Asia 2024 as a relevant avenue to know more about CBDCs, tokenisation of real world assets (RWA), stablecoins, loyalty applications, and an array of innovative products that have emerged in tandem with the exponential growth of Asia's internet economy. Join us on this exploration of the forefront of innovation, where Blockchain and Cryptocurrencies stand as catalysts for the next chapter in Asia's financial evolution.