PAYMENTS

Security : The linchpin of modern payment networks As payment networks become more sophisticated and interconnected , the importance of robust security measures cannot be overstated . With cyber crime costing the global economy more than US $ 1tn annually , payment fraud remains a significant concern .

Anish emphasises the critical nature of security in real-time payments : “ It ’ s essential that security measures are front of mind for real-time payments .

“ Instant payments require more security measures across the transaction lifecycle , including the payment originator and the sending and receiving banks .”

A particularly concerning trend is the surge in Automated Push Payment ( APP ) fraud , especially in markets like the UK . As instant payments become more prevalent , there ’ s a risk this type of fraud could escalate if security measures don ’ t keep pace .

For businesses , investing in payment security is not just about preventing losses ; it ’ s about building and maintaining customer trust .

Recent surveys suggest a significant portion of consumers would stop patronising a retailer following a data breach , even if remediation steps were taken . This underscores the critical role of security in maintaining customer relationships and brand reputation .

The interplay between innovation and security will remain crucial as payment networks continue to evolve . Businesses that can successfully navigate this landscape – leveraging new technologies while maintaining robust security measures – will be well-positioned to thrive in the digital economy of the future .

From tokenisation to real-time payments , today ’ s advancements are creating new opportunities for businesses to streamline operations , expand globally and enhance customer experiences .

With these opportunities come new challenges , particularly in the realm of security . As the industry continues to evolve , staying informed and adaptable will be key to success in this dynamic environment .

Cybercrime costs the global economy over US $ 1tn annually , with payment fraud being a significant contributor

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