Innovation, security and PSD2 were the major talking points at the European Payment Summit Day 1

The first day of the European Payment Summit took place in The Hague yesterday, and it will come as little surprise that the impact of PSD2 on traditional banking services dominated proceedings.

In a panel talk titled The Changing European Payment Landscape, Thierry Chilosi, Head of Markets & Initiatives, EMEA, at Swift, led the four-person panel through a discussion on how PSD2 is going to change the industry for banks, with panellists disagreeing over whether the regulation was entirely negative for banks or whether there was any reason for optimism.

Patrick Tans, Senior General Manager, Banking Products, at KBC Bank was one panellist who was prepared to state that banks could find some positives from the new legislation, but also stated that banks were facing the biggest upheaval to their industry for 600 years.

This talk was later followed by second panel discussion titled Open Banking: Sharing the expertise, in which panellists spoke about the need for greater collaboration between banks and the fintech industry, particularly in reference to PSD2.

A third presentation titled Fraud and Authentication in the Digital Era – Mobile & PSD2, given by Omri Kletter, Head of Fraud Solutions Sales & Business Development, EMEA, NICE Actimize, focused on the ways that banks should be preparing for fraud coverage in a PSD2 world.

Other Day 1 highlights included a presentation by Massimiliano Michenzi, a payment fraud and cybercrime specialist at The European Cyber Crime Center at Europol, on the cybersecurity challenges in transacting, a keynote speech delivered by Maria Gracheva, CEO of Yandex.Money, a presentation on biometrics in payments from Denis Joannides, Founder of Onegini, and a presentation titled Next Generation X-Border Payments: The end of correspondent banking, given by Anders la Cour, CEO of Saxo Payments.

Day 2 takes place today, with innovation being the key focus. Fintech developments in China, and the dual roles of evolution and revolution in the payments industry are on the agenda.

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