Pay.UK discusses the future global economy at Sibos 2024
We recently attended annual financial industry conference, Sibos, joining thousands of leaders, decision makers and subject matter experts from payments ecosystems around the world to discuss the future of the global economy.
This year’s event in Beijing was underpinned by the theme ‘Connecting the future’, with clear messaging on the significance of collaboration in fostering a resilient and inclusive financial ecosystem.
Our Chief Policy and Engagement Officer, Dave McPhee, spoke to Sibos TV about the role and responsibilities of a payments system operator, highlighting the position and operations of Pay.UK, and the changes to the payments landscape in recent years. He further spotlighted our current priorities, including continued engagement with the Government to create a National Payments Vision for the UK , and anti-fraud initiatives such as Confirmation of Payee expansion.
Dave McPhee also joined industry representatives in a panel discussion entitled ‘Can AI join the fight against financial crime?’. The panel explored how the global payments industry is using AI tools as a vital part of its armoury to combat financial crime, in the context of a dynamic payments industry, and the regulatory and governance challenges that accompany it.
Further to our Pay.UK-led discussions, we profited from networking opportunities and insight from the continued programme of industry sessions and roundtables. We learned about international approaches to data sharing and ISO20022, the future of cross-border payments and digital money, and challenges in respective payments landscapes.
We shared expertise and experiences with other payment system operators from around the world. Much like in the UK, it was the challenge of mitigating fraud that our counterparts highlighted as one of their most pressing priorities. And we learned that many of our peers are interested in the work we’ve been doing here in the UK to implement the new authorised push payment reimbursement regulation and expand Confirmation of Payee .
