30 November and 1 December 2017
Ignazio Visco, Governor, Banca d'Italia
Yves Mersch, Member of the Executive Board, European Central Bank
Innovation-driven developments, such as instant payments, payment initiation services, person-to-person mobile payments and contactless proximity payments, are transforming the retail payments ecosystem. New legal and regulatory requirements also play a role in shaping the future. This high-level panel will discuss the most recent trends in the retail payments landscape from a central bank perspective and bring together experiences from different parts of the world.
Moderator: Yves Mersch, Member of the Executive Board, European Central Bank
Chris Skinner, Fintech Commentator and Author
Digital transformation in retail payments should give customers access to services that are not only fast and user-friendly, but also safe and cost-efficient. Cooperation and coordination are key to achieving this ultimate goal, as well as to understanding the technological, social and economic factors that drive these developments in the retail payments ecosystem. This policy panel will discuss the impact of digital transformation from both the demand and the supply side.
Moderator: Paolo Marullo Reedtz, Head of the Directorate General for Markets and Payment Systems, Banca d’Italia
This academic session will analyse the digital evolution of retail payments in the light of innovations such as instant payments and digital currencies. It will also draw lessons from past experience and identify facilitating and inhibiting factors.
Lola Hernandez (co-authors Monika E. Hartmann, Mirjam Plooij and Quentin Vandeweyer), European Central Bank
Ruth Wandhöfer, Cass Business School, City University London
Discussant: Päivi Heikkinen, Head of Cash Department, Suomen Pankki
Moderator: Dirk Schrade, Deputy Director General, Payments and Settlement Systems, Deutsche Bundesbank
José María Roldán, Chairman and CEO of the Spanish Banking Association and Vice President of the European Banking Federation
Much has been said and written about potentially disruptive innovations, such as distributed ledger technologies and virtual currencies. New records in fintech investment are reported on a regular basis. But what will be the impact on the retail payments ecosystem in the medium to long term? Will fintech simply improve existing processes and allow existing providers to make their services more efficient, or is there disruption on the horizon? This panel will discuss the impact of fintech on the retail payments ecosystem by bringing together the experience of fintech investors, payment innovators and public authorities.
Moderator: Pēteris Zilgalvis, Head of Startups and Innovation, DG Connect, European Commission
Silvio Micali, Ford Professor of Engineering, MIT Computer Science and Artificial Intelligence Laboratory
This academic session will offer a reality check on the awareness, adoption and usage of fintech innovations among payers and payees and draw lessons based on experience with digital currencies.
Nicole Jonker, De Nederlandsche Bank
Kim P. Huynh (co-authors Christopher S. Henry and Gradon Nicholls), Bank of Canada
Discussant: Daniel Heller, Visiting Fellow, Peterson Institute for International Economics
Moderator: Domenico Gammaldi, Head of The Market and Payment System Oversight Directorate, Banca d’Italia
As proprietary retail payments solutions compete for market share, there is a risk of fragmentation and lack of interoperability, which will hamper payments efficiency on both a domestic and a cross-border level. Avoiding such a scenario is therefore a main focus for all stakeholders. This panel will discuss the experience and challenges of interoperability from the perspective of different regions around the globe.
Moderator: Lorenza Martinez Trigueros, Director General, Banco de México
This academic session will offer insights into the payment instruments customers choose by analysing payment data from retailers and payment behaviour in some of the world’s largest economies.
Jan Lukas Korella, Deutsche Bundesbank
Tamás Ilyés (co-author Lóránt Varga), Magyar Nemzeti Bank
Discussant: Björn Segendorf, Adviser, Sveriges Riksbank
Moderator: Morten Linnemann Bech, Head of Secretariat, Committee on Payments and Market Infrastructures
This academic session will analyse the impact of regulatory requirements, such as customer authentication and access to payment accounts, on the demand and the supply side.
Guerino Ardizzi, Banca d’Italia
Carin van der Cruijsen, De Nederlandsche Bank
Discussant: Michael Salmony, Executive Adviser, equensWorldline
Moderator: Carlos Conesa, Director Payment Systems Department, Banco de España
Fabio Panetta, Member of the Governing Board and Deputy Governor, Banca d’Italia
Digital transformation presents both challenges and opportunities. One such challenge is the increased risk caused by cyber criminals in the light of ever-growing digitalisation. More frequent and sophisticated cyber attacks make retail payments infrastructures, payment service providers and end users vulnerable. To ensure cyber resilience in a network industry such as payments, cooperation at a broad strategic level is required, together with the involvement of all relevant stakeholders. This panel will explore how to ensure that the retail payments ecosystem is resilient to cyber threats.
Moderator: Jan Smets, Governor, Nationale Bank van België/Banque Nationale de Belgique
Fabio Panetta, Member of the Governing Board and Deputy Governor, Banca d’Italia
The conference will be held in English language. Participation is by invitation only.
This programme may be subject to change without notice.
This conference is the fifth in the series of high-profile retail payments conferences organised by the European Central Bank (ECB) in cooperation with a national central bank. These retail payments conferences have proven to be an excellent platform for bringing together market participants, policymakers, regulators and researchers to share experiences, research and policy analysis. This time, the conference will be co-hosted by the ECB and the Banca d’Italia and will focus on “The Digital Transformation of the Retail Payments Ecosystem”.
The retail payments ecosystem is undergoing material changes due to potentially disruptive technologies, new legal and regulatory requirements, innovative business models, new market entrants and changes in customer behaviour. These developments have the potential to foster competition among payment service providers (traditional ones and “FinTechs” alike), improve efficiency and drive innovation. Some of the most relevant developments in retail payments in Europe and beyond are instant payments, payment initiation services, person-to-person mobile payments, and contactless proximity payments. Digital currencies and distributed ledger technologies are still in their infancy, but they have the potential to substantially change the payments industry. In this context, the involvement and cooperation of relevant stakeholders are key to ensure the alignment of strategic objectives in a network industry such as the retail payments industry. The Euro Retail Payments Board (ERPB), which includes high-level representatives from both the demand and supply sides of this market and is chaired by the ECB, fosters the creation of an integrated, innovative and competitive market for euro retail payments in the European Union and deals with a range of topics that will facilitate the digital transformation of the retail payments ecosystem in Europe.
However, digital transformation brings challenges as well as opportunities. As proprietary (and in particular innovative) retail payment solutions compete for market share, there is a risk of fragmentation and a lack of interoperability. Avoiding the emergence of fragmentation in the European retail payments market is therefore an important point for the attention of all European stakeholders. Enhancing retail payment interoperability within countries and across borders is therefore high on the agenda, not only in Europe but also in many other countries and regions across the globe, as interoperability can contribute to increasing the efficiency of cross-border payments. Another focal point is the increased cyber risk in such a growing digital ecosystem. Retail payment infrastructures, payment service providers and end-users can be vulnerable to cyber attacks, which may become more frequent and sophisticated and require cooperation at a broad strategic level in order to effectively address potential security risks.
Exploiting the opportunities and mastering the challenges of the digital transformation requires a good understanding of the technological, social and economic factors that drive these developments in the retail payments ecosystem. The digital transformation of the retail payments ecosystem should ultimately give end-customers access to retail payment services that are not only fast and user-friendly, but also safe and cost-efficient. The objective is to improve authorities’, academics’ and practitioners’ understanding of how the digital transformation affects the retail payments ecosystem and to identify possible future developments and dynamics.
The conference organisers invite authors – whether from academia, public authorities (including central banks), special interest groups or the private sector – to submit policy-oriented, theoretical and/or empirical papers. These papers should be original and clearly focus on digital retail payments, by covering at least one of the following three related themes:
Extended abstracts of around 1,000 words (or preferably completed papers) should be in English. Each submission should include an abstract and the name and email address of a nominated author who could present the content or specific aspects of the paper. The deadline for submissions of extended drafts/papers is 1 May 2017. Papers should be sent by email in PDF format to the following two email addresses: firstname.lastname@example.org and email@example.com.
All extended abstracts/papers submitted on time will be reviewed by the conference organisation committee with respect to their quality and broadness of interest/policy relevance, while also ensuring an overall balance of topics, stakeholder interests and approaches. The authors will be informed by the end of July 2017 as to whether or not their papers have been accepted. If a paper is accepted for presentation and discussion at the conference, the authors must submit a final draft of the paper no later than 1 October 2017. Authors also agree to have the submitted paper published on the conference website and to revise it based on discussion at the conference. Accepted and updated academic papers can be submitted for inclusion in the Banca d’Italia Discussion Papers following the conference. Travel and accommodation costs can be reimbursed for one academic speaker per accepted paper.