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Shaping the Future of Payments: Regulatory insights at Pay360 from Tribh Grewal of Discover® Global Network

As new payment technologies continue to emerge and fraud tactics evolve, there is a growing recognition of the need for regulatory adjustments to effectively combat these challenges.

At this year’s Pay360 conference held at London’s ExCel – one of the largest payment events of the year in the UK – more than 5,000 payment and finance professionals from around the globe gathered to address balancing the drive of regulation and innovation.

Event organisers and key speakers stressed the necessity for continuous modernisation and regulation in payment systems to ensure their effectiveness, championing various approaches aimed at mitigating the rising prevalence of fraud within payments and bolstering the resilience of payment markets.

Tribh Grewal, head of altpay, fintech and commercial solutions at Discover® Global Network, hit Pay360’s main stage to take attendees on an exploration of Payment Services Directive 3 (PSD3), a proposed EU directive about payments, data and security, and how it could pave the way for a more efficient and inclusive financial system.

Following Grewal’s engaging keynote session, The Fintech Times had the pleasure of sitting down with the renowned payment expert to delve deeper into evolving regulatory trends and their impact on the payments industry.

Tribh Grewal of Discover® Global Network

Importance of adapting

He explained how with all the change and innovation in the industry, many regulations are no longer relevant.
“Many regulations haven’t kept up to pace with the technology and the new systems, use cases and new services that are emerging,” said Grewal. “With innovation, there’s a lot of modernisation, so it’s important to make sure that it’s within a robust regulatory environment.

Grewal highlights the broader goal of regulatory adaptation: not only to keep pace with technological advancements but also to uphold principles of inclusivity and security in financial services to increase consumer confidence.

“We need to make sure everybody has equal access to services, they are protected, and they feel comfortable using them.”

Using data to manage fraud detection

This need for regulatory adaptation extends to fraud prevention as well. Fraudsters typically have always been one step ahead of anything that the payment companies do. So how can payment companies use data to manage their fraud detection and prevention?

According to Grewal, it’s crucial for companies to instil proper data management and compliance with regulatory requirements to enhance fraud prevention measures.

“It’s all about data and sharing information. Many companies view data as proprietary, but regulations will require payment service providers to share data, whether at a macro or micro level, and this involves staying informed about emerging fraud trends and scams and educating users to manage them effectively.

“Then, it’s about how you cleanse that data, how you look at it and how you analyse it but the regulation will make sure that companies share their data and that it is utilised properly.”

Looking after customers

As payment companies navigate the complexities of data management for fraud prevention, their commitment to customer protection becomes increasingly vital. Ensuring data integrity and compliance not only strengthens fraud prevention measures but also fosters consumer trust and security.

In our conversation, Grewal touched on the importance for payment companies to ensure inclusivity, accessibility and security in their services. In particular, he highlighted the need for customers to feel confident that they are dealing with legitimate companies and that their transactions are secure.

“There’s a lot of work that companies can do in education in making things simpler and making them convenient as well as easy to use, while making sure that the consumers are protected and have that confidence,” he outlined.

Spotlight on Pay360

Grewal’s insights offer a broader perspective on industry dynamics. By comprehending regulatory changes, fraud prevention strategies and emerging innovations to guide decision-making and solution development, Discover® Global Network is able to show it is committed to navigating the dynamic payments landscape adeptly, he explained.

“We’ve been part of the Payments Association (previously the Emerging Payments Association or EPA), including Pay360, for several years. We’ve observed the conference’s growth over time and know it’s about visibility, engaging with current and potential partners and clients, and collaborating with key industry players.”

“Our focus was to meet with existing partners and organisations for potential collaboration. But personally, it’s been enlightening to engage with experts discussing regulatory challenges, fraud prevention strategies, and emerging innovations in the industry.

“Understanding these dynamics helps us tailor our solutions effectively.”

Watch The Fintech Times chat to Tribh Grewal at Discover® Global Network


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