The Payments Association's Tony Craddock: Navigating Payment Modernization, Open Banking & ESG

Описание: In this conversation from Exclusive Interview: Tony Craddock, Director General at The Payments Association, Tony Craddock, Director General at The Payments Association, discusses the challenges and opportunities facing the payments industry.

He highlights key developments such as a recent positive shift in government approach towards payments modernization, likening it to releasing a handbrake on progress. This newfound confidence stems from three key changes: the canning of the "name and shame" regulation, the combining of forces between the Payment Systems Regulator (PSR) and the Financial Conduct Authority (FCA) for more efficient regulation, and the FCA's recently launched, "excellent" five-year strategy.

The interview also touches on broader themes, particularly the perceived failure of open banking due to a lack of commercial incentives for banks. Craddock argues that mandating free consumer payments without a viable business model for banks has led to disincentivized participation, favoring traditional card payments where banks earn revenue. He asserts that for open banking to truly succeed, there must be a clear financial reward for all participants in the value chain.

Tony Craddock also emphasizes the dual focus of ESG (Environmental, Social, and Governance) within the industry: internal practices (inclusivity, sustainable employment, accessibility, exemplified by real-time translation at events) and external impact on users and the world. This includes considering the environmental footprint of technology, wasted cards, manufacturing costs, and the energy consumption of IT systems. Finally, he expresses excitement about the growth of the Payments Association, attributing its success to "riding the right wave" with the right people, and aiming for continued 50% annual growth, while acknowledging global payments' local deployment and their role in enabling economic growth and improving lives, despite hurdles like complexity and misaligned regulation.

This session offers valuable context for professionals interested in payments regulation, open banking's commercial viability, ESG in fintech, and the future growth of the payments industry, and provides insight into how The Payments Association is evolving to meet changing business needs.

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