Hubert Rachwalski, CEO of Nethone, busts the myth that frictionless payments and transactions cannot be achieved without skimping on full anti-fraud capabilities, and reveals what his key message on SCA and fraud will be at Open Banking Expo Europe in September.
1. What is of note, in your view, on this year’s Open Banking Expo Europe agenda?
Of considerable importance is the inclusion of the impact that the evolution of Open Banking is having on discussions about the potential for the expansion of Open Finance. Innovation is the key to success, and fintech companies have been the driving force behind the changes to how people make online payments and transactions – they are also at the forefront of providing advanced payment security. We’re already discussing this point with the future impact of PSD3 and it is interesting to see how SCA can be achieved while ensuring frictionless experiences. I am delighted these discussions are becoming commonplace, highlighting the effectiveness of fintech companies dealing with advanced tech, such as machine learning models to aid the process of helping the evolution of Open Banking.
2. What makes your panel stand out from the rest?
Our panel discussion highlights the effectiveness of using machine learning models, behavioural biometrics and digital fingerprinting to ensure PSD2 SCA compliance – without causing checkout friction nor risking a drop in online payments security. These same elements for ensuring successful, frictionless SCA will be the centre of PSD3 and any future evolution of Open Banking and Open Finance.
3. What unique perspective will you bring to the conversation?
We will show that frictionless experiences are possible without the need for a drop in security. There is still a misconception that frictionless payments and transactions cannot be achieved without skimping on full anti-fraud capabilities. This remains untrue now, just as it was when PSD2 and 3DS2 were being implemented. The solutions have existed now and are continually evolving and adapting to the challenges posed by various online security challenges.
4. Why is your topic for discussion important?
The answers to SCA compliance are available today. They are effective, provide high-level online payment security and can help ensure frictionless experiences. As online users continue to seek immediate payments and quick service, they are more than happy to look around for alternatives should they experience any online friction. Retaining existing customers and pleasing new ones with efficient services is more important now than ever before. Will we still be discussing these issues a few years from now? Most likely. Will advanced fraud solutions aid the Open Banking processes? You can bet they will.
5. What is the key message you want to leave the audience with?
The answers to frictionless online payments and transactions are already available to financial institutions. The advanced solutions may use big buzzwords and phrases that sound difficult to understand, but herein lies the beauty of fintech solutions – they are advanced and effective, but they are also simple to implement and use. Human-friendly, human-readable solutions.
Rachwalski is speaking about SCA and fraud in the context of frictionless experiences at Open Banking Expo Europe, which takes place on 30 September 2022 in Amsterdam, Netherlands, with headline partner Token.
Click here to view the agenda in full and get your tickets, which are free for qualifying individuals.