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Competitive Forces Investing in Payment Innovations: Risks and Rewards

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The Federal Reserve Bank of Chicago hosted its sixth annual payments conference, Investing in Payment Innovations: Risks and Rewards, on May 12–13, 2006. The conference explored recent trends in the adoption of payment technologies. The conference addressed the following questions:

What are key features of successful investment strategies in payments? How important are end-user benefits in driving the adoption of new payment technologies? How should payment system participants position themselves to meet global security challenges?

 

Speakers included decision-makers from financial institutions, payment networks, merchants, payment innovators, venture capital firms and central banks, along with academics.

05/11/06
8:30 AM
Registration and Continental Breakfast (Third Floor Conference Center)
10:15 AM
Introduction and Welcome

Michael H. Moskow,  President and Chief Executive Officer,  Federal Reserve Bank of Chicago

10:30 AM
Investing in Payment Innovations: A Federal Reserve Perspective

Donald L. Kohn,  Governor,  Board of Governors of the Federal Reserve System

11:00 AM
Confronting Security Threats

Reported security breaches have become a more prominent feature of the payments landscape in the last few years. This panel examined the state of payments security and the best practices for mitigating the attendant risks.

Moderator

William A. Barouski,  Senior Vice President,  Federal Reserve Bank of Chicago

Speakers

Mikko H. Hyppönen,  Chief Research Officer,  F-Secure Corporation

Daniel J. Larkin,  Chief, Internet Crime Complaint Center,  Federal Bureau of Investigation

Rick Siebenaler,  Principal,  Deloitte and Touche USA, LLP

John Stewart,  Vice President and Chief Security Officer,  Cisco Systems, Inc.

12:30 PM
Luncheon (Third Floor Conference Center)
2:00 PM
Emerging Technologies at the Point of Sale

Alternative payment technologies such as radio frequency identification (RFID) and biometrics are a growing presence at the point of sale. This panel explored the different perspectives of end-users and payment providers regarding the successful adoption of these technologies.

Moderator

Tony Hayes,  Vice President,  Dove Consulting Group, Inc.

Speakers

Diane Offereins,  Executive Vice President and Chief Technology Officer,  Discover Financial Services, LLC

Scott Rau,  Senior Vice President,  JPMorgan Chase & Co.

Gary Charboneau,  Executive Vice President,  Duane Reade, Inc.

Martha Smith,  Assistant Treasurer,  McDonald's Corporation

3:30 PM
Break
4:00 PM
Prepaid Card Applications

This panel explored the diverse applications of prepaid cards. Panelists discussed the reasons behind the recent growth in prepaid cards and what factors may have affected their growth.

Moderator

Gary Palmer,  Chief Operating Officer,  e-Funds Prepaid Solutions, Inc.

Speakers

Talbott Roche,  Senior Vice President,  Blackhawk Marketing, Inc.

Terrence J. Cooney,  Marketing Executive,  HealthBenefit Corporation

Jack Sipes,  Cash Manager,  American Red Cross

Andrew Crowe,  Vice President,  MasterCard International

5:30 PM
Day One Summary

Richard D. Porter,  Senior Policy Advisor and Vice President,  Federal Reserve Bank of Chicago

5:45 PM
Reception (Third Floor Conference Center)
05/12/06
7:45 AM
Continental Breakfast (Third Floor Conference Center)
8:45 AM
Introduction

Charles L. Evans,  Senior Vice President and Director of Research,  Federal Reserve Bank of Chicago

  • Investing in Payment Innovations: An Industry Perspective

Anil D. Aggarwal,  Chief Executive Officer,  Prepaid Media, Inc.

9:15 AM
Investment Strategies

Recent technological advances offer the potential to improve access to payment channels and the underlying payment processes. This panel addressed criteria that investors use when choosing in which promising payment technologies to invest.

Moderator

David Hochstim,  Senior Analyst, Equity Research,  Bear, Stearns & Co.

Speakers

W. Thomas Smith Jr.,  Founder and Managing Director,  Total Technology Ventures

Eric Dunn,  General Partner,  Cardinal Venture Capital

Patrick C. Foy,  President, Bank Servicing and ePayments Group,  Fiserv, Inc.

Mark S. B. Tiggas,  Senior Systems Architect, Enterprise Payment Strategies Architecture Group,  Wells Fargo Bank & Co.

10:45 AM
Break
11:00 AM
Cross-Border Payments

This panel explored the challenges that financial institutions and end users encounter when making cross border payments. Regulatory challenges and payment solutions were discussed.

Moderator

Daniela Russo,  Deputy Director General, Payment System and Market Infrastructure,  European Central Bank

Speakers

Joan Rosás,  Director of International Division,  la Caixa

George Zinn,  Vice President and Treasurer,  Microsoft Corporation

Eileen Dignen,  Managing Director, Global Payments,  Citigroup, Inc

Emery Kobor,  Policy Advisor,  U.S. Department of the Treasury

12:45 PM
Closing Remarks

Sujit Chakravorti,  Senior Economist,  Federal Reserve Bank of Chicago

1:00 PM
Luncheon

 

Background Information

Event Information
Date
05/11/06 - 05/12/06
Location
Federal Reserve Bank of Chicago
230 South LaSalle Street
Chicago, IL 60605-1413
Schedule
Th 8:30 a.m. - 5:15 p.m. F 7:45 a.m. - 12:30 p.m.