IBS Journal November 2017
35
Regulation is affecting everybody, even - remarkably - Latin America
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sessions the efforts that Latin American governments have been putting in over the past few years to accommodate and encourage the young financial technology companies popping up throughout the region. Mexico, with its friendly fintech law, is a great example of regulation leading change. “Some Latam countries are more advanced in particular areas than the US and the UK. When it comes to real-time payments, for example.”
Security and gpi
The host of the show SWIFT, is responsible for implementing the global payments innovation (gpi), a system designed to enhance transparency, predictability and certainty of cross- border transactions, a process that is challenging due to the different jurisdictional policies and the challenge of real time payments. Implemented early this year, many of the interviewees look back now and realise the impact that this has had in the industry and the different regions. In fact, going back to Latin America, the LatAm sessions remarked on the importance of gpi in the region.
Regulation in the Americas
Around the topic of regulation, Mark Ranta, ACI Worldwide, highlighted the need for flexibility in light of the continuous changes in regulation. What has become increasingly clear is that now is the time when everybody is thinking about meeting these deadlines. Interestingly, Ranta made a point about how the current US administration had been hinting at a roll back of certain regulations, which ACI is preemptively prepared for, just in case.
Regulation is affecting everybody, even - remarkably - Latin America. We saw a large presence of Spanish-speaking delegates from firms eager to either showcase the potential of Latin America, or to learn more about this emerging market to smash their own glass ceilings in innovation, growth and international reach. Diego Herrera, relationship manager at Inter-American Development Bank, highlighted during the LatAm community
All this talk about regulation and consequently the rise of regtech, is the outcome of an increasing number of fraud and financial crime cases around the world. To address that, we spoke with an agent in cybersecurity, crime and risk, Chris Mathers and head of cyber security at BAE Systems, Robin Oldham, who highlighted how gpi has aided in the area of security. “Regulation is trying to catch up with the trends of crime in the financial industry,” said Oldham. “However, we cannot approach security from a perspective of ticking off boxes - this is when regulation is not as effective. We need to adopt a risk-based approach to security, keeping in mind how to mitigate the damage that data breaches can make.”
Interestingly, the same message was repeated during the closing remarks of the event, where Javier Pérez-Tasso and Stephan Zimmermann from SWIFT said that the mindset to have is not about having a checklist, but looking at risk, assuming that the company is compromised and exploring options to mitigate it pre-emptively. This led to a conversation about risk in channels of communications. Another quote stands out: “The digital age is the age of risk management.”
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