forecourttech June 19

forecourttech
Shaping the future of
payment technology
It’s been a busy first quarter for the Smart
Payment Association (SPA).
From GDPR to cryptocurrencies,
forecourttech rounds up the latest news
from the organisation.
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A message from Andreas Strobel - SPA President
The first few months of 2019 have seen the SPA striding
ahead in its mission to define, inform, and shape the
fast-evolving payments sector.
The Internet of Things (IoT) is set to transform payment
ecosystems, ushering in a new era of connected commerce,
payment automation and real-time clearing and
settlement. But addressing complex technology ecosystem
challenges and security vulnerabilities will be critical to
facilitating frictionless, faster, and risk-free payments.
In February, SPA published a new paper, IoT Payments:
Addressing the Protection Problem, which provides
insights on how to protect internet-connected devices with
the ability to pay and minimize the risk of attack and fraud.
With biometrics fast becoming a key verification and authentication
mechanism for payment services, in April we
published our paper on Biometrics, Payment and GDPR.
This document provides a detailed analysis on how to
achieve GDPR compliance in relation to the capture and
processing of biometric information for cardholder authentication.
As EU policy makers continue press for greater financial
market integration as a means to enhancing cross border
trade and investment, our SPA Insights Paper - Quantifying
the Potential of Utilizing Technology to Integrate EU Financial
Markets – evaluates the opportunities and provides
recommendations on how to accelerate the adoption of
innovative platforms that will enable more integrated financial
markets.
Influencing the industry
SPA continues to play a critical role in advancing the development
of industry standards, regulatory initiatives, and
best practices for a sector that never stands still.
Here’s a roundup of some of the ways they’re helping to
influence the future direction of our industry:
• A recent SPA presentation on how to resolve security and
privacy concerns relating to IoT devices delivered at the
Merchants Payments Ecosystem in Berlin and has stimulated
discussions at the European Cards Stakeholders Group
(ECSG) and the European Banking Association on potential
IoT use cases for banks and PSPs. Indeed, SPA believes
IoT initiated payments are set to become a reality within
the next five years, with wearables, connected cars and
smart homes representing the first environments to feature
embedded payment capabilities.
• As members of the innovation expert teams supporting
the ECSG in charge of cards standardization in the Single
Euro Payments Area (SEPA), SPA continues to push for the
integration of the technology building blocks that together
make up new payment architectures– distributed ledgers,
cloud and IoT – in a bid to address potential security and
regulatory concerns.
• SPA has been invited to join the ESCG’s new digital payments
taskforce to investigate the technical user interfaces
and security challenges that arise from the co-existence of
card and non-card payments and the potential impact of
these for the European payment industry.
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