Visa recently hosted its second Issuer Enabler Open House, bringing together top issuing providers, program managers, and influential players across the payments ecosystem. Ward Hagenaar, Head of Consultancy at PaymentGenes, attended this event and shared its highlights with us. The Issuer Enabler Open House event provided a platform for knowledge-sharing on the latest advancements in payments, and it highlighted the dynamic shift underway within the industry. Here’s a look at some of the essential takeaways and insights from the event.
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1. Revolut’s Ambitious Global Retail Banking Proposition
One of the most exciting announcements at the Enabler Open House event came from Revolut, a prominent neobank, revealing its ongoing efforts to build a comprehensive global retail banking offering. Traditional banks have often struggled to create effective cross-border retail banking solutions, facing challenges in compliance, technological infrastructure, and user experience. Revolut’s initiative aims to fill that gap.
2. Untapped B2B Payment Potential in Europe
While B2C payments often take center stage, B2B payments in Europe remain relatively underpenetrated, presenting a significant growth opportunity. Businesses across sectors are increasingly in need of efficient, cross-border payment solutions that are as flexible and user-friendly as their B2C counterparts. This gap represents a promising area for further innovation.
3. Europe’s Leading Position in Payment Security
A key takeaway from Visa’s Issuer Enabler Open House is that Europe continues to set the benchmark for low fraud rates in payments. The adoption of advanced security features, including 3DS (3-Domain Secure) and CNP (Card Not Present) tokenization, has bolstered Visa’s fraud prevention capabilities across the region. The increasing use of secure contactless payments in stores further strengthens this position, making Europe a model region in Visa’s global security landscape.
4. Visa Protect’s Impact on A2A Payments and APP Fraud
A standout highlight was Visa’s application of its sophisticated fraud scoring system, Visa Protect, to Account-to-Account (A2A) payments. This adaptation tackles Authorized Push Payment (APP) fraud and other scams, which have become increasingly prevalent. By leveraging Visa’s established fraud prevention infrastructure, A2A transactions can now benefit from enhanced security, protecting both consumers and businesses from costly scams.
5. Collaborations with 100+ European Fintechs
The Issuer Enabler Open House event stressed Visa’s active engagement with the fintech industry underscores its commitment to fostering innovation. With collaborations spanning over 100 European fintechs, Visa aims to support and scale emerging payment solutions that meet the evolving needs of consumers and businesses. These partnerships also highlight Visa’s adaptive approach to the digital transformation in payments, providing an essential bridge between traditional banking and fintech.
6. Visa Flex: Streamlining Credentials and Enhancing Security
Visa Flex represents a pioneering approach to card credentials, offering users access to multiple cards with a single, unified credential. This consolidated approach simplifies account management, reduces the risk of fraud, and enhances the overall user experience. Visa’s strategy includes two core goals:
• Unified Digital Identity: By having one credential per user, Visa enables issuers to track and manage cardholder activities more effectively, resulting in easier authentication and fewer declined transactions.
• Enhanced Interoperability and Data Integration: Merging multiple cards into a single credential promotes interoperability with the latest technologies, including tokenization and network-based digital authentication. This shift reduces costs for issuers while providing consumers with greater convenience and security.
Visa’s recent portfolio acquisitions in the UK further reinforce this shift, emphasizing the value of streamlined portfolio management and fraud protection while fostering smoother customer experiences.
Reflections from the Event: An Independent Payments Consultancy Perspective
As an independent EU payments consultancy, Ward Hagenaar was inspired by the open dialogues and rich insights shared at Visa’s Issuer Enabler Open House. From addressing regional market differences to showcasing innovations in fraud prevention, the event emphasized the evolving landscape of payments in Europe. This gathering not only reinforced the importance of collaboration across the industry but also offered a vision of the future of secure, integrated, and user-centric payments.
The event underscored the vast potential for growth in payments and the critical role Visa plays in setting the standard for security and innovation in the ecosystem.
The payments world is incredibly complex and ever-changing. If you are you a merchant, entrepreneur, or executive seeking guidance in the complex payments landscape, PaymentGenes can help you thanks to our team of experts.
Contact Ward Hagenaar for related enquiries.
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The Adyen Experience event showcased how leading brands like JET, Rituals, and Adyen are pioneering new approaches in payments. JET shared its recent replatforming to a unified payments system, accelerating new payment method launches and adapting to regional differences like tipping. Rituals focused on enhancing in-store customer journeys with tap-to-pay and tailored recognition features, while Adyen unveiled “Adyen Uplift,” an AI-driven initiative for conversion optimization, alongside practical advice on adopting AI solutions incrementally. This event underscored the importance of strategic, adaptable approaches in payments, inspiring businesses to explore similar advancements.
