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‘If we fix digital identity, we fix payments,’ Tony McLaughlin

Tony McLaughlin, Emerging Payments & Business Development, Citi, speaks with Finextra about authentication concerns as payment transactions become increasingly electronic, whether the industry push for frictionless payments is sufficiently secure, how partnerships are adding to the ecosystem, and why a Federated Bank ID should be rolled-out across borders.

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This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

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Comments: (1)

Andy Hunter
Andy Hunter - Perficiam Ltd - London 02 October, 2019, 12:54Be the first to give this comment the thumbs up 0 likes

Tony talks a lot of sense here (as he always does). Consumers are wary of push payments because there is no certainty of payee identity. As Tony says, there are many means by which this can be achieved but banks will never agree amongst themselves which scheme is best and when it should be adopted, so Government intervention is essential. The model for this is the Cheques Act which says it is the banks’ responsibility to ensure a cheque payable to Tony McLaughlin reaches Tony’s account and insists they put matters right if it does not. It has worked very effectively for more than 60 years  and I commend it to the PSR!