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INNOPAY’s Book of Insights 2018

INNOPAY’s ‘Book of Insights 2018‘ predicts the year to come in digital transactions. INNOPAY has plenty of experience to draw upon, combining expertise in payments, anti money laundering (AML) and e-business.

A key term is the ‘everything transaction.‘ This refers to how every interaction creates data. Data analytics, digital on boarding, the sharing economy and the Internet of Things (IoT) are all areas of great innovation having an inescapable impact on today’s financial landscape.

INNOPAY offers three tips for boardroom strategy for capitalising on data economy opportunities:

  1. Openness
  2. Client in control
  3. Digital transformation

The regulations

The Book of Insights devotes considerable space to discussion of EU regulations.

The revised EU Payment Service Directive (PSD2) introduces payment initiation services (PIS). This adds an extra service provider to the payment chain. The INNOPAY Book focuses on when the payment initiation service provider (PISP) is responsible for authentication of the payer. Additionally, there is detailed discussion of the innovation made possible by PSD2 and open banking, with participation of Deutsche Bank.

The GDPR analysis opens the final section of the report which is dedicated to the ‘Customer in Control.’ The ownership and usability of data will change the way financial institutions offer customers products and develop new ones. Personal data and its the new legal definition in the GDPR are discussed in reference to its impact on banks and execution strategies.

To conclude, this is an important read for developers of AML systems or for those looking to protect their companies from fraud. More generally, the Book of Insights 2018 has great analysis of the data economy and where technologies such as IoT, AI and ML will take us.

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