Geopolitical, A2A, IA and digital money: thus it is changing the ecosystem of payments
In an increasingly fragmented world, the payments come back to the centre of the debate: sanctions, sovereignty, payments A2A (account to account), artificial intelligence and digital money. We talk with Juan José Gutiérrez, corporate director of Payments in Cecabank, a wholesale bank that contributes infrastructure to banks, managers, insurers and fintech, with processing of cards, digital payments, access to compensation nets and currency international services, regulatory security and fulfillment.
Q: How is affecting the geopolitical one to the international payments?
R: From the Russian invasion of Ukraine it is understood that the payments can be a weapon. Constraints in nets as a Visa and MasterCard or in systems as a SWIFT demonstrated that the financial infrastructure also plays in the geopolitical one.
The world is reordered for blocks, with more controls and less interoperability. While, Europe maintains a common framework and homogenizator within the area SEPA and drives initiatives as Bizum and its European interoperability in the project Europe. From the public field emphasises also the project of the digital euro to earn sovereignty and resilience, in which Cecabank already has integrated in its companies within Europe and it has participated in different pilots on digital euro and CBDC.
Q: The payments A2A grow, but in trade still costs. What slows down its adoption?
The major historic barrier of the A2A was the lack of immediacy: in trade need confirmation right away to deliver a product or service. That is why the advance of the immediate payments is decisive, because if the transfer se been worth in seconds, the payment with account can compete. The second challenge is the user experience: the card is fully assumed and is very easy-to-use; the A2A owes be equal of fluid, also in e-commerce with formulas type «pay by bank».
For the trade the responsibility between payments by card and payments with account will be positive. Currently the payment with account supposes a new competitor for the debit cards but little for those of credit for the own functionality.
Q: Where is contributing more value the IA in payments?
R: The IA takes years present in payments, most notably in prevention of fraud, although now has been popularised with the models generativos. Its key function is analyse real-time transactions, assign a score of risk and detect suspected operations. That analysis influences also in the experience of the client. With PSD2 increased demands of authentication, but thanks to risk and exception models is possible to exempt many verifications without raising the fraud, reducing friction in the payment. The customisation and the automation of the back-office contribute efficiency, but today the great value is in security and fluency.
Q: How will coexist the FIAT with the digital money and what cases of use see closer?
R: Short-term there will be coexistence: the FIAT rails —SEPA, cards, SWIFT— will follow because are robust. But some cases will migrate to digital solutions. The stablecoins can earn weight in international payments to operate 24/7 and be fast, most notably in B2B and remittances. Additionally will contribute efficiency in tokenización and settlement. The CBDC go slower, but they would strengthen sovereignty and resilience, as «an available army» before crisis.
