Key Ideas from PayVest
Published July 20, 2013 5:18 PM
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Updated October 20, 2016 11:01 AM
1 Min Read
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The PayVest event in New York, presented by PaymentsSource, American Banker and NYPAY, brought together many key players in emerging payments and technology. Many of them are taking different paths to the future. (Image: ThinkStock)
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How Banks Can Learn from Innovative Disrupters: In this opening keynote, BNP Paribas Exec Sergi Herrero says "the guys in the hoodie and shorts" are the ones who will "change the banking industry ." Jack Dorsey, who runs Square, was once one such person. "Back in the day nobody knew who Jack Dorsey was," Herrero says. (Image: ThinkStock)
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Bank Ventures and Innovation Labs: In this session, major banks discussed the differences in their investment strategies. Citi favors investing in mature companies, Capital One favors investing in startups, and Wells Fargo favors internal development and partnerships instead of equity investment. (Image: ThinkStock)
BBVA also participated in the bank ventures discussion. This month, BBVA Ventures invested in SumUp , a mobile payments company that operates in 11 countries. Amex is another investor in SumUp. BBVA has also invested in Ribbit Capital , a venture firm led by Meyer Malka, whose payments-industry resume includes Lemon and Bling Nation.
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Citi's investments include fraud prevention companies Pindrop and Silver Tail Systems . Silver Tail is now a part of EMC Corp. (Image: Bloomberg News)
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Preparing for Compliance: "Technology has outpaced regulation, but regulation is catching up ," warns Auriemma's John Costa. (Image: ThinkStock)
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The Making Mobile Payments Happen discussion theorized that any mobile banking app could become a mobile wallet with a simple software update eliminating the chicken-and-egg problem of figuring out how to get payments apps into consumers' hands. (Image: ThinkStock)
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Security and Privacy in the Age of Payment Startups: Small payments startups don't have to go small on security. Many security startups are targeting small companies, and biometrics is getting more attention, says Gartner's Avivah Litan. (Image: ThinkStock)
