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The only globally-crowdsourced book on the future of payments ("PayTech"), offering comprehensive understanding of a rapidly evolving industry at the centre of global commerce
The movement of money between individuals, organisations and governments is crucial to the world economy. The payments industry has undergone immense transformation - new regulations, technologies and consumer demands have prompted significant changes to the tools, products and use cases in payments, as well as presented lucrative opportunities for entrepreneurs and FinTech professionals. As payment technologies become faster and more efficient, companies and investors are increasingly favouring PayTech innovation due to better customer experience, increased revenues and manageable risks. The PAYTECH Book brings together a diverse collection of industry experts to provide entrepreneurs, financial services professionals and investors with the answers they need to capitalise on the highly profitable PayTech market.
Written by leaders in the global FinTech and payment sectors, this informative volume explains key industry developments and presents valuable first-hand insights from prominent industry practitioners. Contributors include advisors and consultants to the payments and financial services industry, entrepreneurs and business owners utilising cutting-edge PayTech capabilities, academic researchers exploring the social-political-economic impact of PayTech and many others. Detailed chapters cover essential topics such as cybersecurity, regulation and compliance, wholesale payments and how payment systems currently work and how PayTech can improve them. This book:
The PAYTECH Book: The Payment Technology Handbook for Investors, Entrepreneurs and FinTech Visionaries is an indispensable source of information for FinTech investors and entrepreneurs, managers from payments companies and financial services firms and executives responsible for payments in government, corporations, public sector organisations, retailers and users of payments.
SUSANNE CHISHTI is the CEO of FINTECH Circle, Europe's 1st Angel Network focused on fintech investments and Founder of the FINTECH Circle Institute, the leading fintech learning platform offering Innovation Workshops to C-level executives and fintech and entrepreneurship courses. She is also the Co-Editor of the bestsellers The FinTech Book, The WealthTech Book and The InsurTech Book, all published by Wiley. Susanne is considered as one of the leading fintech influencers globally and advisor to top management in financial services.
TONY CRADDOCK is the Founder and Director General of the Emerging Payments Association, the UK's largest payments trade association. Credited with coining the term 'PayTech,' Tony is a popular commentator, speaker and writer on PayTech and is the architect of The Emerging Payments Academy, the Emerging Payments Awards, the EPA Inclusion Accreditation Service, The Inclusion Foundation and the PAY360 conference.
ROBERT COURTNEIDGE is a Payments Lawyer and the CEO of Moorwand, Ltd, an international provider of payment services. He has more than 27 years of experience in cards and payment systems and works closely with The Payments Services Regulator, HM Treasury and the Financial Conduct Authority. Robert speaks and writes extensively on cards payments, financial technology and current legal and regulatory issues.
MARKOS ZACHARIADIS is Full Professor and Chair in Financial Technology (FinTech) and Information Systems at the Alliance Manchester Business School, University of Manchester, a Council member at the World Economic Forum, and a FinTech Research Fellow at the University of Cambridge. His research has been published in top academic journals and books. A board advisor, mentor and international keynote speaker, Markos has been invited to present his research insights to various international conferences, governments and global organizations. He holds an MSc and PhD from the London School of Economics.
Preface viii
About the Editors xi
Acknowledgements xiii
1. Payments Explained
Payments are Getting Political Again 6
Money: A History of Gods and Codes 11
Payments Explained 14
From Barter to App - How Payments Have Changed 17
Do We Still Need to Pay? 21
How ACH and Real-Time Payments Clearing and Settlement Works 23
Payments as a Service 26
The New Emerging Banks and Their Role in Payments 28
The Payments Race 31
PayTech Regulation Trends 34
An Innovative Local Payments Method in an Ancient Land 37
2. Payment System Infrastructures and Money Transfer Technologies
The Convergence of Card Payments and Bank Payments 46
Instant Payments: A New Deal for the Payments Market? 49
PIN on Mobile - A Pivotal Moment for Payments 51
PayTech in the Cloud 54
The Rise of a Super-Correspondent Banking Network 56
Why Distinctions within Mobile Wallets and Tokenization Matter 59
The Future is Already Here; It is Just Not Evenly Distributed 61
PSD2 Open Banking: The Challenges of Third-Party Provider Identity and Regulatory Checking 64
Taking PayTech to the Villages of India 68
3. Payments Regulation and Compliance
How Payments Regulation and Compliance Can Create a Better Future 74
Refining the Collective Responsibility for Compliance 78
Can Operational Agility Grow Payments in the New Online Platform Marketplaces? 81
The Hidden Value of Greater Standardization for the EU-Wide FinTech Market 84
Is Europe a Good Example of Open Banking? 86
Taking Back the Power: Regulations in the EU are Changing the Face of Banking 88
Achieving Control Effectiveness and Sustainable Compliance Using Nine Factors 91
Money Laundering Laws, Technology and Keeping Up with Criminals 94
Dynamic Regulation Readiness - Implementing the 5th Anti-Money Laundering Directive 97
eKYC: The Next Mountain for e-Businesses to Climb 100
AML Systems After Madoff: Ponzi-Identification Using "Complexity" 102
4. Blockchain Regulation Around the World
Understanding Cryptocurrencies, Blockchain Technology and Regulations 110
Blockchain, Cryptocurrencies and How They Fit Within Current Payments Regulation 114
Blockchain and Beyond 117
Will Central Banks Adopt the New World Economy of Cryptocurrencies? 119
The Case for a National Cryptocurrency 122
Regulation and the Future of Blockchain: Which Approach Will Succeed? 124
Web 3.0 - The Internet of Value 127
Blockchain - An Elixir for Anti-Money Laundering? 129
Facilitating Online Crypto-Payments Now and in the Future 132
A New Law for Derivatives Markets and the Use of Smart Contracts 134
PayTech and Blockchain: Adjusting for Security and Risk 137
Cryptocommodities: An Essential Element of Decentralized Payments 140
5. Payments in Practice
The Perspective of a Passionate Payments CEO 148
Plugging the Data Black Hole: How Mobile Self-Checkout Can Help Revive the High Street 152
How UnionPay Quick Pass is Beating Alipay and WeChat Pay in China 155
How Payment Agility and Cash-for-Carbon Can Solve a Global Problem for Mankind 158
Revolutionizing the Retail Industry Through Integrated Payments Systems 162
Asset Management and Payments in India - So Near and Yet So Far 164
Exploiting the Value of Data Embedded in Payments Systems 167
Reinventing the Customer Experience by Focusing on the After-Payment Emotional Experience 170
How Open Banking and Payment Touchpoints Will Save Banks 172
Why Personal Financial Management Will Be Embedded Into the Next Generation of Payments 175
How Helping Microbusinesses Accept Digital Payments Could Transform Kenya's Economy and Enhance Inclusion 178
How Decentralization Can Create a Customer-Centric Ecosystem 182
6. Blueprint for Change
A Blueprint for Change 188
Accelerating the Adoption of PayTech Innovations 192
How to Build a Successful PayTech Product 195
The Future of Digital Payments Market Infrastructures 198
It's Money, Jim, But Not as We Know It 201
Payments as Open Business Banking Enabler for the Gig Economy 206
The Financial Arms Race: The Game with No Rules 209
How Network Paradigms Can Lead to New Payments Innovations 212
It's the Ecosystem, Stupid! Keeping Ahead in a Payments Ecosystem 215
Mobile Money: Creating a Cash-Light Africa to Solve the Financial Inclusion Problem 217
Back to the Future: A Miraculous Time-Trip Through the Future, Present and Past of Payments 222
Fifteen Ways in Which Our Digital Future Will be Shaped by PayTech 225
List of Contributors 229
Index 236
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