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Transferwise's Low-Cost Model Scores a Transfer www.electronicpaymentsinternational.com Issue 377 / novemBER 2018 WORLD LEADER TRANSFERWISE’S LOW-COST MODEL SCORES A TRANSFER MARKET HIT COUNTRY SURVEYS INSIGHT ANALYSIS Analysis and key payment The ‘good guys’ need to The EWPN’s Miranda market data for Croatia, innovate at the same pace McLean on gender diversity Thailand and New Zealand as the fraudsters in financial services EPI November new 2018 377.indd 1 29/11/2018 16:26:48 contents this month COVER STORY NEWS 10 05 / EDITOR’S LETTER 06 / DIGEST • Google Pay launched for New Zealand online merchants • Visa takes minority stake in payments firm Billdesk • SmartPesa unveils softPOS in South East Asia • Swiss banks probed over alleged Apple and Samsung Pay boycott • Westpay payment terminals introduced on Android • CYBG, Worldpay sign payments partnership • Mastercard opens payments tech hub in Australia • Amazon pumps $30m into payments arm in India • Grab and KBank partner in Thailand • Starling Bank partners with Post TRANSFERWISE Office • TransferWise secures £65m investment Editor: Group Editorial Director: Director of Events: Douglas Blakey Ana Gyorkos Ray Giddings • MoneyGram fined $125m for AML +44 (0)20 7406 6523 +44 (0)20 7406 6707 +44 (0)20 3096 2585 lapses [email protected] [email protected] [email protected] Senior Reporter: Sub-editor: Head of Subscriptions: Patrick Brusnahan Nick Midgley Alex Aubrey +44 (0)20 7406 6526 +44 (0)161 359 5829 +44 (0)20 3096 2603 [email protected] [email protected] [email protected] Junior Reporter: Publishing Assistant: Sales Executive: Briony Richter Mishelle Thurai Jamie Baker +44 (0)20 7406 6701 +44 (0)20 7406 8633 +44 203 096 2622 [email protected] [email protected] [email protected] Customer Services: +44 (0)20 3096 2603 or +44 (0)20 3096 2636, [email protected] Financial News Publishing, 2012. Registered in the UK No 6931627. ISSN 0954-0393 08 Unauthorised photocopying is illegal. The contents of this publication, either in whole or part, may not be reproduced, stored in a data retrieval system or transmitted by any form or means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publishers. For more information on Verdict, visit our website at www.verdict.co.uk. As a subscriber you are automatically entitled to online access to Electronic Payments International. For more information, please telephone +44 (0)20 7406 6536 or email [email protected]. London Office: John Carpenter House, John Carpenter Street, London, EC4Y 0AN Asia Office: 1 Finlayson Green, #09-01, Singapore 049246 Tel: +65 6383 4688, Fax: +65 6383 5433 Email: [email protected] follow EPI on twitter @Payments_News 2 | November 2018 | Electronic Payments International EPI November new 2018 377.indd 2 29/11/2018 16:26:53 contents novemBER 2018 COUNTRY SNAPSHOTS 18 / CROATIA 18 The Croatian payment card market is growing, with a penetration rate of 2.1 cards per inhabitant in 2017. Despite this, payment card frequency of use in Croatia is one of the lowest among its peer countries 20 / THAILAND Cash remains the preferred method of payment in Thailand, accounting for 96% of the total payment transaction volume in 2017. However, card payments are set to increase in popularity in coming years 21 / NEW ZEALAND According to a February 2016 Mastercard survey, New Zealand has the lowest cash use among the OECD countries, and around half of survey participants expected cash payments FEATURE RESEARCH to cease in the following 10 years 10 / TRANSFERWISE 13 / REAL-TIME PAYMENTS 14 Digital remittance firm TransferWise is not With banks pushing to transform the user just a fintech unicorn: it believes it has now experience, customers have more choices than proved that its business model is profitable. ever. Andrew Hewitt, director of payment and Robin Arnfield talks to bank partnerships data solutions at FIS, discusses the new era for technical lead James Ferretti the banking sector with Briony Richter ANALYSIS 16 / FRAUD Cyberfraud and malware attacks are 12 / GENDER DIVERSITY decreasing, but is this just the eye of the The EWPN is a dynamic network for women storm? With heavy shopping periods left in from all EU and EEA member states working the year, cybercriminals are ready to strike in financial services. Executive board member again. Patrick Brusnahan reports Miranda McLean speaks to Briony Richter about diversity in the financial sector TECHNOLOGY 14 / TEMENOS 12 Technologies like artificial intelligence and machine learning are having a significant and positive impact on payments. Briony Richter speaks to Prema Varadhan, chief architect at Temenos, about its AI Centre of Excellence SECURITY INDUSTRY INSIGHT 15 / COMPUTOP 22 / RISK IDENT The financial sector may be moving rapidly Fighting fraud is a fast-paced business. The with multiple emerging technologies, but ‘good guys’ need to innovate at the same rate the payments system is being exploited every and, importantly, increase the agility and day. Computop CEO Ralf Gladis speaks to speed of development in software engineering, Briony Richter about fighting fraud write Felix Eckhardt and Piet Mahler www.electronicpaymentsinternational.com | 3 EPI November new 2018 377.indd 3 29/11/2018 16:26:56 HEAR ∤ NETWORK ∤ DISCOVER ∤ CELEBRATE SHAPE THE FUTURE OF PRIVATE BANKING Private Banking & Wealth Management: Switzerland 2018 12th December 2018 ∤ Marriott, Zurich Private Banking & Wealth Management: Switzerland 2018 Conference and Awards leverages the expertise across the Verdict research and publishing portfolio, including Private Banker International, Wealth Insight and Wealth Intelligence Centre. The event is an opportunity to share ideas, discover trends and network with peers across the wealth industry. Key Issues : ∤ Economic trends to 2020. Wealth ∤ How should Switzerland’s private banking management industry performance industry define itself in the age of digital technology and intensifying competition? ∤ With technology playing an increasingly significant role in service delivery what ∤ What channels are working for attracting, benefit does institutional size confer? retaining and managing an increasingly diverse customer universe? ∤ What are the implications for service, delivery and product distribution in the ∤ What’s the connection between distribution age of the digital wealth manager? and profitability? How are Swiss private banks adapting to the challenge of tight ∤ How is technology enabling faster, more cost margins and higher costs? effective on-boarding, KYC and compliance reporting among wealth management ∤ What does the country need organisations? to do to stay ahead? Gold Partner: Silver Partner: Bronze Partners: Exhibitor: Supported by For more details please contact: Page 1 Vicki Greenwood on [email protected] or call +44 (0) 20 3096 2580 EPI November new 2018 377.indd 4 29/11/2018 16:26:57 editor’s letter HEAR ∤ NETWORK ∤ DISCOVER ∤ CELEBRATE SHAPE THE FUTURE 2018: a lot of OF PRIVATE BANKING positives, but a lot of Private Banking & Wealth Management: Switzerland 2018 12th December 2018 ∤ Marriott, Zurich red ink Douglas Blakey, Editor Private Banking & Wealth Management: Switzerland 2018 Conference and Awards leverages the expertise across the Verdict research and publishing portfolio, including Private Banker International, Wealth Insight and Wealth Intelligence Centre. The event is an opportunity to share ideas, discover trends and network s is traditional, EPI and its sister cards and with one half of SWIFT gpi payments credited to end banking titles will publish a number of beneficiaries in less than 30 minutes. with peers across the wealth industry. A end-of-year review comment pieces and The Second Payment Services Directive (PSD2), driving 2019 forecasts from leading industry figures in the radical payments transformation and requiring banks to Key Issues : January issues. open customer data to third-party providers for account If you would like to add to the debate, please let information and payment services – i.e Open Banking ∤ Economic trends to 2020. Wealth ∤ How should Switzerland’s private banking me have your comments and forecasts by email by 7 – will inevitably feature in many an expert’s year-end management industry performance industry define itself in the age of digital December – my email address is undernoted. reviews. It is early days, but Open Banking deserves to be technology and intensifying competition? ∤ With technology playing an increasingly In advance of the experts’ comments, and using editorial placed firmly in the positives column. To expect instant significant role in service delivery what ∤ What channels are working for attracting, privilege, I will get my random jottings in first. 2018 is adoption by millions of consumers was never going to benefit does institutional size confer? retaining and managing an increasingly shaping up to be a very mixed year, but let us take the happen. The rise of instant payments across Europe is also diverse customer universe? What are the implications for service, positives first. going to plan, with many domestic initiatives either live or ∤ in the process of implementation. delivery and product distribution in the ∤ What’s the connection between distribution Cash displacement age of the digital wealth manager? and profitability? How are Swiss private banks adapting to the challenge of tight In the UK, debit card transactions overtook cash as the Negatives: a lot of red in 2018 ∤ How is technology enabling faster, more cost margins and higher costs? most popular form of payment for the first time. Forecasts It has been a dire year for bank share performances. In the effective on-boarding, KYC and compliance of the impending demise of cash are usually hopelessly UK, HSBC is the strongest-performing bank stock, down reporting among wealth management ∤ What does the country need optimistic and wide of the mark, and the UK is no Sweden by a mere 13% from the start of the year as EPI goes to to do to stay ahead? organisations? Mk II, but the direction of travel is encouraging.
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