The Financial Arms Race: The Game With No Rules
By Ekaterina Safonova
Director of Partnerships and Training, Technical Advisor, Cybertonica
We are living in an era of revolution in payments. In the past 20 years, different and novel types of payments have burst into our lives and transformed the industry beyond all recognition. Competition between financial institutions, the appearance of new technologies, changing customer demand for new services, growth in the use of mobile and other devices, new laws and regulations, and more have shaped payments from every angle.
Some changes took us years to adopt, some just days to make new payment technology an inherent part of daily life:
- Internet payments
- online banking
- mobile payments
- PayPal
- contactless payment (cards)
- Bitcoin
- micro payments
- Chip & PIN
- biometrics
- wearables (watches, rings, bracelets and more).
2018 was a crucial year for financial institutions and merchants due to the adoption of open banking initiatives and new regulations such as the second Payment Services Directive and the General Data Protection Regulation requiring total compliance and increased transparency. In these changing conditions, the financial industry is moving towards real-time payments and one-click services, as customers want fast and frictionless payment experiences.
Fraud Landscape
In a new world of super-speeds, the fraud landscape continues to develop, with more complexity and sophistication. New technology’s appearance always opens new ...
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