Highlights from Cybertonica at Paris FinTech Forum

12 February 2019
Fraud PreventionVideo

Joshua Bower-Saul speaking at Fight against fraud in a digital world panel

Joshua Bower-Saul speaking at Fight against fraud in a digital world panel – Image Credit: Paris FinTech Forum

Cybertonica team participated at Europe’s leading FinTech event, the Paris FinTech Forum January 29th and 30th 2019. Our Market Development Manager Melike Belli is sharing Cybertonica’s highlights and impressions from this year’s conference.

Cybertonica’s highlights at Paris FinTech Forum

Cybertonica, an award-winning fraud prevention and payment risk management company, attended Paris FinTech Forum on 29th & 30th January. The top team were on site to launch our new product ScreenWiZe™. This intelligent device risk and authentication product has iOS and Android SDKs and provides enriched authentication by collecting and synchronising anonymised yet unique biometric and usage data. The team also showcased our leading fraud prevention and management technology GoFrictionless to PSPs, merchants and banks.

Watch our Chief Product Officer Olaf Hofmann’s interview with FinTech Finance at Paris FinTech Forum

On Day 1, our team demonstrated Cybertonica technologies in the innovators area and pitched on stage to 100+ investors alongside with pre-selected 63 FinTech companies. In addition, we launched a competition to understand what GDPR and PSD2 means for Paris FinTech Forum audience and announced that the winner would be rewarded with a free Eurostar return ticket to Paris (or London). The competition stimulated some interesting ideas and the entrants had fun using their imagination to best reflect what GDPR or PSD2 stands for them. We are excited to announce today that our team selected “PSD2 = My entire working day!” as the best entry and has contacted the winner, who is an associate in a major law firm.

Entrants participating our competition and sharing what GDPR or PSD2 means for them – Image Credit: @CybertonicaLtd

On Day 2, our CEO and Co-Founder Joshua Bower-Saul joined the Fight against fraud in a digital world panel composed of several leading companies in the space and moderated by Tony Craddock, Managing Director of Emerging Payments Association. The panel discussed the current trends in fraud and risk market, innovative fraud management and data analytics solutions, threats and challenges in protecting organisations and customers from fraud, risk and preventing data breaches and cyber-attacks.

What was discussed during Paris FinTech Forum 2019?

Paris FinTech Forum kicked off on 29th January with an interview with Mastercard’s Vice Chairman Ann Cairns where she talked about Mastercard’s partnerships with FinTech companies and incumbents as well as plans on financial inclusion.

World-wide new retail banking world panel welcomed the leaders of challengers to stage to share their views – Germany’s N26 (valued $2-7bn), Brazil’s Nubank (started as a credit business) and Russia’s Tinkoff (reached profitability).

N26’s Co-Founder Maximilian Tayenthal shared their ambition to become a global bank and added that N26’s main objective is to build trust and enlighten customers on managing their finances. He said: “Building a fair and transparent business based on trust means that customers will come to you naturally”.

Tinkoff’s CEO Oliver Hughes shared that their main focus is how they can have positive unit economics – which is key for a business to survive – and scaling up. He also added that he believes the opportunity lies in lending business as platform business is hard to monetise and scale.

In The future of finance at FinTech time: New opportunities, new risks, new challenges panel, Managing Director of International Monetary Fund Christine Lagarde said that FinTech helps fighting against the violence towards women and shared the story of a woman from Peru whose life has been transformed by mobile payments.

Christine Lagarde speaking at The future of finance at FinTech time panel – Image Credit: Paris FinTech Forum

BBVA Group’s Chairman CEO Carlos Torres Vila said as an incumbent, they are increasing the pace of change by acquiring, buying and partnering with FinTech companies. He said: “If the pace of change is faster outside than the inside, it will destroy your organisation.”

In Platform is the new black (banking as a service) panel, UK challenger Starling Bank’s CEO Anne Boden said banking and payments industry has still much to innovate compared to other industries. She added: “Let’s stop criticising regulators and legacy banks for not innovating enough. We have the investment to innovate, so let’s innovate now”.

The second day of Paris FinTech Forum welcomed speakers to discuss fraud prevention, identity, challenger banks, insurance and payments.

In Fight against fraud in a digital world panel, our CEO and Co-Founder Joshua Bower-Saul was on stage to share Cybertonica’s ambition to bring transparency and trust to the transaction businesses. Emphasising the importance of managing fraud and risk using the latest technologies including machine learning and AI, Joshua said: “We all need to realise that fraud is a trillion-dollar business and fraudsters are acting as teams, not individuals”.

In What is next for challenger banks? panel Mark Mullen, CEO of BBVA-backed Atom Bank, said creating a fast, easy, secure, relevant and ‘good value’ solution is the secret sauce to succeed in FinTech space.

Speaking in Future of money: How digitalisation of finance is transforming economies? panel, CEO of WorldRemit Ismail Ahmed said: “Digital payments are empowering women”. He shared that 80% of the recipients of transfers are women on their platform.

Paul de Leusse, CEO of Orange Bank, said telcos usually know their customers better than banks. He also shared their recent survey findings which found that 90% of European citizens think their banks are putting their own interests first than their customers.

Paris FinTech Forum was a great success for Cybertonica, we enjoyed presenting our transaction risk and authentication technology to the FinTech leaders and meeting payments and financial services experts. If you missed us at the event, please feel free to contact us at info@cybertonica.com to book a demo and learn more about how our products GoFrictionless and ScreenWiZe™ can help you manage fraud and risk using AI.

About Cybertonica

Cybertonica uses Machine Learning and Artificial Intelligence to eliminate fraud, reduce basket drop-off and increase conversion for all channels of e-payments and transaction platforms. The company provides frictionless on-boarding, checkout and secure payments processing for e-commerce and digital banking. Cybertonica’s service increases conversion and sales by up to 25% while managing card-not-present and other categories of fraud at world-class compliant standards. Cybertonica has won numerous distinctions and awards since its product came to market, including the Best Use of Payments Data Award at Emerging Payments Awards 2018 and Best Data Analytics & Science Award at Merchant Payments Ecosystem 2018 Awards. Cybertonica also became one of the two peer-selected winners of FinTech Europe 2018 Program, received the Best New Back Office Innovation Award at the Emerging Payments Awards 2017, selected as one of the European FinTech 100 companies, and identified among the 2017 top cybersecurity AI companies by CB Insights. To learn more, please visit cybertonica.com.

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