What are the innovations and can there be secure and fast payments? The DIGI PAY 2023 conference provides the answers today

Innovations in payments will be discussed by representatives in the sector during the sixth edition of the DIGI PAY 2023 secure and accessible digital payments conference, which will be held in Inter Expo Center, Sofia. The event is expected to be opened by the Minister of Finance Asen Vasilev, and among the announced participants is Petar Chobanov, Deputy Governor of the Bulgarian National Bank (BNB), Banking Department, the organizers report.

The conference is scheduled to end with a discussion with the Minister of e-Government Alexander Yolovski. The special guest of DIGI PAY 2023 will be Markus Metshitzer from the European Commission, inform the organizers of the event.

For the first time, the organizers will place a special emphasis on money laundering, alongside the themes of open banking and fraud prevention. The fight against money laundering and the new supervision in the face of the European structure for combating money laundering (Anti-Money Laundering Authority - AMLA) will be the focus of the speech of the Bulgarian-born, but MEP from Spain Eva Maria Popcheva, member of the group " Renew Europe' in the European Parliament (EP).

The MEP from the "United People's Party" (EPP) group in the EP Eva Meidel will touch on the issue of fraud prevention and the use of artificial intelligence.

Svetlin Lazarov, head of the "Digital Analyzes and Cyber Intelligence" Department at the Cybercrime Directorate at the State Department of Internal Affairs and Communications, will speak about current frauds. Anelia Todorova, head of the "Money Laundering" department at the GDBOP-MII, will also participate. In addition to the trends and challenges in the field of anti-money laundering and the use of digital payments, she will also talk about the opportunities for public-private partnerships.

This year's conference will take place against the backdrop of upcoming changes to the payments directive - Payment Services Directive 3 (PSD3), which changes aim to make transactions more secure and accessible. More about the changes in PSD3 and how they will affect Bulgarian banks and financial institutions will be commented live by Markus Metshitzer, General Directorate for Financial Stability, Financial Services and Capital Markets at the European Commission.

Today, the industry is investing mainly in two directions - centralized monitoring of transactions across all channels to track overall customer behavior and control over digital channels, collecting data for so-called digital biometrics. This includes many metrics such as data from all devices, installed apps, malware check, how the device is handled, and more. They are complemented by other indicators that collect data globally - whether the device has been used for fraud, whether the customer is a victim of a phishing attack and another type of breach, they add.

The conference will end with a summarizing discussion with the Minister of e-Government Alexander Yolovski. He will also take a position on the electronic identification scheme, the legislation in Europe and the way it will be implemented in Bulgaria.

Partners of the event are the Association of Certified Fraud Detection Experts (ACFE Bulgaria), the Bulgarian Fintech Association, the Bulgarian Association of Software Companies, the Bulgarian E-commerce Association.

3eNews is the media partner of the event.