The Australian Payments Clearing Association (APCA) chief executive, Leila Fourie, has outlined a number of key areas of focus including cybersecurity and digital identification as the industry group confronts the fast-moving payments environment.
Fourie (pictured) emphasised that any initiatives will be done in collaboration with the industry.
“APCA is the home of collaboration and networking. We have always worked with industry participants on the latest innovations,” Fourie told AB+F.
One immediate and high-profile initiative is of course the launch of the New Payments Platform (NPP) which is expected to go live later this year.
Fourie describes NPP as a “new payments railroad” that is set to transform consumer transactions by enabling payments in real time.
Essentially consumers will be able to pay without having to know the other person’s account details but instead using, for example, their mobile number.
Another big focus area for the association is fraud and cybersecurity with APCA set to ramp up strategies to mitigate card-not-present fraud, particularly in the onlinespace.
“We are working with market participants to address fraud. We will provide a central point for collaboration and bring new ideas and strategies that will tackle this area," she said. "More customers are transacting online now and with the emergence of new technologies, cybersecurity and fraud need to be a central focus for us.”
Digital identity (ID) is also an industry priority and Fourie and her team plan to support the Australian Payments Council in investigating the concept of digital identity and looking into potential solutions. She noted that a number of innovations in digital ID are already happening in both the private and government sectors.
“Working with the Australian Payments Council, we are investigating ways to make it easier for consumers and businesses to access online services securely," said Fourie.
“We are seeing a world that is becoming increasingly digitised. The focus for us will be to manage risk but at the same time provide consumers with convenience and choice. It is an enormous undertaking.
“To enable many digital technologies, we must have a safe and secure environment. We think that this is the cornerstone of an innovative payments sector. We have had tremendous interest from the market for this initiative – and we are quite excited about what the future holds.”
To read the full interview with APCA’s Leila Fourie, see the April edition of AB+F Magazine.