Shaping the Future of Payments: Insights from Tribh Grewal at Pay360

The rapidly evolving payment technologies and increasing fraud tactics necessitate regulatory adjustments to combat these challenges effectively, as outlined in The Fintech Times. The Pay360 conference at London’s ExCel brought together over 5,000 payment and finance professionals to address the balance between regulation and innovation.

Event organizers emphasized the need for ongoing modernization and regulation in payment systems to counter fraud and enhance market resilience. Tribh Grewal, head of altpay, fintech, and commercial solutions at Discover® Global Network, discussed the potential impact of the proposed Payment Services Directive 3 (PSD3) on creating a more efficient and inclusive financial system.

Grewal stressed the importance of adapting regulations to keep up with technological advancements and new services. “Many regulations haven’t kept up to pace with the technology and the new systems, use cases, and new services that are emerging,” he said. Ensuring inclusivity and security in financial services is crucial to increasing consumer confidence.

Fraud prevention was another key topic. Grewal highlighted the need for proper data management and compliance with regulatory requirements to enhance fraud detection. “It’s all about data and sharing information. Many companies view data as proprietary, but regulations will require payment service providers to share data,” he noted.

Customer protection remains vital as companies navigate data management complexities. Grewal emphasized the importance of making services inclusive, accessible, and secure. “There’s a lot of work that companies can do in education, making things simpler, convenient, and easy to use, while ensuring consumers are protected and have confidence,” he explained.

Grewal’s insights underscore the importance of understanding regulatory changes, fraud prevention strategies, and emerging innovations to guide decision-making and solution development. He highlighted Discover® Global Network’s commitment to navigating the dynamic payments landscape effectively.

“We’ve been part of the Payments Association for several years. It’s about visibility, engaging with partners and clients, and collaborating with key industry players. Understanding these dynamics helps us tailor our solutions effectively,” Grewal concluded.