Competitive Forces Investing in Payment Innovations: Risks and Rewards

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.


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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
Anil D Aggarwal, Chief Executive Officer, Prepaid Media, Inc.
Investing in Payment Innovations: An Industry Perspective
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
, 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
 

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