I attended the 8th Commercial Payments International (CPI) European Summit in London with my colleague Shona Sabah. As in previous years, the event was a great forum to discuss the current and future hot topics in the commercial payments space and to meet up with many of the movers and shakers within the industry.
Topics discussed this year included:
- the impact of new technologies (including artificial intelligence and machine learning)
- the disruptions brought by new applications and real-time payments
- the continuing challenges with supplier enablement and the impact of PSD2 (and soon enough PSD3!) on the future of commercial payments
Regarding the latter, of particular concern in the short term is the lack of clarity around stronger customer authentication, the likely friction this will create and the negative impact it may have on the growth in card not present transactions. In the longer term, there are concerns over potential interchange regulation which would severely impact the industry and its business model if interchange for commercial card products are also capped.
I had the pleasure of being asked to moderate the panel titled ‘FIs and FinTechs – so happy together too?’ on the evolving interactions between bank and fintech companies, leading a discussion between representatives of a large traditional Nordic issuer (Eurocard) and two FinTechs (Conferma and Fraedom). All agreed that although there remain challenges for traditional players when partnering with FinTechs (e.g. cumbersome processes and legacy systems), there are also some clear benefits and synergies which can have a positive impact, including a higher degree of innovation, quicker time to market, increased customer engagement and satisfaction. As both parties learn to work together, we will see more collaboration throughout the commercial payment value chain in the coming years.
Another interesting feature of the event and a new addition to the programme this year, was a short pitch delivered by 5 FinTechs (Ixaris, Kantox, Form3, Modulr and itemize), showing the breadth of offering that FinTechs can deliver to the commercial payments ecosystem.
Another great event from the CPI and Eurofinance team!
Looking forward, we will also be attending the CPI Asia-Pacific Summit, taking place in Singapore on the 18th and 19th May. Our SVP Chris Holmes will be at the Summit, joined by Omar Hegazy and Ane Unamuno.
We look forward to seeing all our friends from across the Asia-Pacific region and would be delighted to meet you at the event and share our views on the opportunities and challenges in the region.
For more information on the CPI Summits, please click here.