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“The Payments Association brings together a broad range of industry participants to identify and address prevailing risks and issues. It plays a leading role in looking around corners for the sector and provides an important forum for interaction with regulators.”

Max Savoie, Partner, Sidley Austin

FROM THE COVER

P20 Bitcoin Lightening as a payment rail

Editor’s

Word

Anjana Haines, editorial director

Welcome to the second edition of Payments Review: our quarterly magazine offers you analysis and insight on payments trends from across the industry.

Key themes in this issue include the future of digital currencies and how the sector is adapting its focus on the coming year, the recession, biometrics, the dawn of digital identities and much more.

There is still no economic uncertainty, many are still dealing with the cost of living crisis, financial fraud has not plateaued and the debate over future payment methods continues, but what should you do about it all. Explore this magazine to see what The Payments Association’s members, working groups and interviewees suggest.

Discover a variety of features, which will allow you to tap into expert voices through written articles, podcasts and videos.

I hope you enjoy this edition of Payments Review. If you wish to contribute or share your ideas, please do not hesitate to get in touch.

P5 Firms must change their culture to comply with Consumer Duty rules

P10 Are CBDCs the solution to crossborder payments

P12 Interview: J.P. Morgan’s Dan Baker on the relationship between banks and fintechs

P15 How a recession could reshape the payments industry

P18 Financial columnist Matthew Lynn on how digital IDs could open up market competition

P26 How biometrics could create a seamless customer journey

P28 As regulation evolves, is innovation at risk in the fintech space?

P34 True story: Rowenna Fielding talks about how she nearly got scammed

P37 Policy: Digital currencies could be here in the near future

P39 Regulatory landscape: A look at what to expect in 2023

P42 How Gen Z’s payments habits will shape tomorrow’s industry

P46 Spotlight: Ripple’s Luke Cutajar speaks about his career in payments

P48 CBDC: Threat or opportunity and why government must address the narrative

P50 Webinars and podcasts: Listen to what experts say about the latest trends

P52 How proposed regulation could impact cryptocurrency businesses

The team

Anjana Haines, editorial director

Anjana.haines@thepaymentsassociation.org

Jyoti Rambhai, editor

Jyoti.rambhai@thepaymentsassociation.org

Tony Craddock, founder and director general

Ben Agnew, CEO

Mark Bethell, CFO

Emma Banymandhub, events director

Maria Stavrou, operations director

Tom McCormick, sales director

Tom Brewin, head of projects

Riccardo Tordera, head of policy

Sophie Bossier, head of membership engagement

Julia Hearn, head of marketing

Gavin Alexander, content marketer

Jay Bennett, projects assistant

Editorial board

Anant Patel, president of international markets, ConnexPay

David Monty, co-founder, Tell Money

Joe Hurley, chief commercial officer, Crown Agents Bank, Kai Zhang, special counsel, K&L Gates

Khalid Talukder, co-founder and CEO, DKK Partners

Kit Yarker, director of product and propositions, EML Payments

Miranda McLean, chief communications and sustainability officer, Banking Circle

Sarah Jordan, director, Deloitte