Banks, processors, card schemes, retailers and other participants in the payments security and value chain came together to foster collaboration between all stakeholders in the payments chain, as well as to hear the insights of the Spanish Directorate-General for the Treasury and Financial Policy
The challenges of the European strategy on new retail payment systems and services, the vision for the future of payment wallets, user-centric digital payments, and security innovation in the face of new types of fraud, were the main topics addressed by the participants
Cecabank, Spain's leading custodian bank and one-stop shop for payment, reporting and treasury solutions for all types of financial institutions and corporations, and AECOC, the only business association in the country that brings together manufacturers and distributors in order to foster collaboration and bring greater value to consumers, organised the 2nd AECOC-Cecabank Payment Systems Conference. The event, held on 13 November in Madrid, has consolidated its position as a benchmark forum for promoting dialogue between financial institutions and retailers, with the goal of improving and increasing efficiency in the different processes of the payment chain, as well as fostering the exchange of experiences and best practices, providing first-hand knowledge of the new payment technologies and solutions that are setting trends at a global level.
The digital transformation in the retail sector has changed both the operations of the companies that drive mass consumption and the habits and customs of users. In addition, the adoption of technologies that reduce payment friction has accelerated, changing the way payments are handled in all sectors, both in relation to face-to-face sales and e-commerce. The use of digital payment solutions for purchases at physical retailers and for payments between private individuals has increased during 2024. From credit and debit cards to new retail payment methods such as Bizum, payment options are more diverse and accessible than ever before. The significant shift in consumer habits is reflected in an increased preference for e-commerce, which is also attributed to factors such as the convenience, security and efficiency of digital payments. In terms of retail strategy, it is also evident that it is essential to have payment technologies and services that ensure that operations are user-friendly, agile, secure and flexible.
Connecting visions to define the next frontiers of retail payments
With the theme 'Innovation and security for the future', more than 130 professionals from large retailers, financial institutions, fintechs, payment processors and schemes came together to define and examine the next frontiers of retail payments in light of the challenges posed by the new environment, stressing the advantages of improving security and user experience, while highlighting the importance of a regulation that establishes an adequate competitive framework that enables greater competitiveness in the Euro Zone in the field of payments. Along these lines, Carla Díaz Álvarez de Toledo, Director-General of the Treasury and Financial Policy, stated: 'Cooperation between the public and private sectors is essential to achieve the common goal of building a competitive, safe, secure and trusted financial sector that benefits us all. At the Treasury we are working to establish a framework that not only encourages this innovation, but one that also mitigates the risks, especially for financial stability and consumer protection'.
The opening addresses of the conference were delivered by Juan José Gutiérrez, Corporate Director of Technology Services at Cecabank, and Carlos Torme, Director of Expansion at AECOC. The event brought together representatives of major companies from the distribution sector and the financial industry, such as American Express, AEFI, Bizum, Cecabank, ABANCA, VISA, EURO 6000, LIDL AECOC, Ibercaja, Amazon, MasterCard Spain and Portugal, Lynx, Spanish Civil Guard, Unicaja and Media Markt, as well as representatives from the Directorate-General of the Treasury and Financial Policy, a management body of the Spanish Ministry of Economy, Trade and Enterprise, attached to the Secretariat-General of the Treasury and International Finance.
The speakers discussed the challenges of the European strategy on new retail payment systems and services, addressing technology neutrality, the use of AI and the implementation of instant transfers; the vision for the future of payment wallets; user-centric digital payments; and security innovation in the face of new types of fraud. Everyone agreed that the trend towards a society where digital payments are at the forefront is unstoppable. There is a growing uptake of account-to-account payments (A2A) in retail payments, but challenges still need to be addressed in order to make their use more widespread. Future new payment regulations, such as PSD3 or PSR, can be expected to play an important role in the transformation of payment processes. In this regard, the growing importance of ensuring payment security, which requires all stakeholders in the payment chain ensuring that consumers maintain their trust in the system, should not be overlooked. In addition, new technological players and proposals under discussion for the coming years, such as the digital euro, may change the scenario faced by retailers and payment providers alike. In an increasingly interconnected scenario, an open and universal regulatory framework is required to ensure the sustainability of the system for all stakeholders.
In the words of Juan José Gutiérrez, Corporate Director of Technology Services at Cecabank: 'The payments ecosystem is undergoing a continuous transformation. The increasing uptake of alternative payment methods to cash suggests that proximity payment technologies and e-commerce are taking the user experience to the next level, while at the same time posing new security challenges. Immediacy and the quality of the customer experience are key aspects of this process. That is why at Cecabank, as a wholesale processor and one-stop shop for payments, we are proactively working on payment solutions in thirteen markets to help our customers and their retailers keep pace with the digital transformation and globalisation'.
For his part, Carlos Torme, Director of Expansion at AECOC, emphasised that: 'Payment is a decisive process that conditions the shopping experience. For this reason, today we are holding the 2nd AECOC-Cecabank Payment Systems Conference, an event that brings together more than 130 professionals from the Administration, banking and the distribution sectors to address the most relevant and topical issues. In the field of payment systems, AECOC's role is to address the main issues of common interest to the stakeholders in the value chain, in order to improve and make the payment ecosystem more competitive for the benefit of the end user. With this philosophy, we are leading a working group of 38 organisations representing the entire value chain of the sector, which is responsible, among other things, for identifying inefficiencies and suggesting best practices in the payment process, in order to provide a good shopping experience and greater security. This working group also communicates legislative developments, shares valuable experiences and discusses key success stories'.
