This technical de-brief focuses on the practical engineering required to break down siloed responses to fraud and align institutional responses to threats posed by criminals working in networks. We discuss:

• Engineered Proportionality: Expanding on the previous session’s focus on sharing insights rather than raw data, this discussion examines how proportionality must be encoded into the architecture itself. If proportionality depends on human interpretation under time pressure during a live fraud event, the sharing simply does not happen.

• Structural Fragmentation: An examination of what fails in real-time collaboration and how map scam flows across insititons to reveal blind spots that individual firms simply cannot see on their own.

• Network Topology & Containment: The operational shift from traditional, account-centric frameworks to reconstructing scam activity as a network of interacting accounts. Once the focus moves from accounts to topology, the strategy shifts from detection to containment.

• The Intervention Window: A look at how speed changes the economics of fraud. The session will cover the measurable difference between intervention in hours versus intervention in minutes, and how criminals arbitrage delays

• Utility Governance: An analysis of the systems architecture, governance, and resilience trade-offs between commercially provided collaboration platforms and nationally overseen sovereign utilities

FNA and guests Nick Maxwell (FFIS) and Ian Wachters (Roseman Labs) for this upcoming session, where we take a clear-eyed look at the assumptions shaping today’s debate on cross-border fraud intelligence, privacy obligations, and the role of privacy-enhancing technologies (PETs) such as Secure Multi-Party Computation.

In this 60-minute session, we move beyond the slogans and surface-level narratives by exploring the operational, regulatory, and technological realities behind Article 75, addressing:

Why today’s cross-border fraud blind spots persist — and how Article 75 aims to close them
The difference between sharing data and sharing insights, and why it matters
How PETs such as MPC enable collaboration that is privacy-preserving by design
What institutions can realistically expect in terms of governance, liability, and regulatory trust
The fraud and mule-network detection use cases that Article 75 could finally unlock

• Why atomic and instant settlement are not the same
• The liquidity trade-offs of faster settlement models
• Whether decentralization truly means resilience 
• Why the post-trade FX Layer is more advanced than it appears 

To help close this gap, FNA and Proto have joined forces to develop and integrate the Anti-Scam Centre platform- a solution recently shortlisted for the 2025 G20 TechSprint focusing on fraud and cyber-risk mitigation.

Guests Kimmo Soramäki and Proto's Curtis Matlock join host Amanah Ramadiah to discuss the partnership futher.

This session explored how organizations can move from reactive fraud detection to proactive prevention, embedding resilience through smarter systems, stronger cultures, and deeper collaboration.

Project Meridian FX- a collaborative experiment led by the BIS Innovation Hub’s London and Eurossytem Centres alongside central banks, including the Bank of England, Banque de France, Deutsche Bundesbank, Banca d’Italia, and the European Central Bank- set out to address these long-standing challenges. 

At the centre of the project is the concept of the synchronisation operator (SO), a technology that enables coordinated, payment-versus-payment  (PvP) settlement across different platforms and jurisdictions. Building on the original Project Meridian, the FX-focused initiative tested how the SO could support interoperability between real-time gross settlement (RTGS) systems and distributed ledger technology (DLT) platforms. 

John Jackson (Bank of England) and Stephanie Haffner (BIS Innovation Hub)  join FNA for the Payment Systems Broadcast as we explore these insights further to understand what they mean for the future of payments. 

This session follows the recent publication of a joint study from FNA and CLS investigating the trade-offs of potentially increasing settlement frequency in CLSSettlement which currently settles over $7 trillion in FX transactions daily with high netting efficiency.   

The study is significant in that it takes a unique look into the trade-off between increasing the number of settlements and reducing netting efficiency, something often neglected by public discourse, and serves as a foundation for future industry discussions on optimizing FX settlement. 

CLS’ Director of Corporate Strategy & Innovation Lead, Emanuel Vila, joins Carlos Leon for a fireside chat to discuss findings from the report, why this study matters, and what its conclusions may mean for the future of FX payments.

 Read the full report: ‘Reimagining same-day FX: Exploring the case for additional settlement cycles’ here >

Protecting consumers is paramount in ensuring trust in financial services. But as the right payment landscape evolves, how do financial institutions strike the right balance between offering a seamless payment experience and robust fraud prevention measures to protect consumers? 

In this session, we delved into regulatory and industry-led interventions including the role of data in fraud mitigation, emerging AI-driven solutions, and best practices from different jurisdictions.

Our guests provided valuable insights into how regulation industry initiatives can work in tandem to protect consumers, drive efficiency and foster innovation in payments ecosystem as we ask seek to find the balance between reducing friction across the payment journey while optimizing fraud prevention and funds recovery.

The initiative aims to revolutionize financial market infrastructures (FMIs) by addressing critical challenges such as scalability, interoperability, and security while preparing FMIs for emerging technologies, including AI and quantum computing. 

This session covered:

An overview of Project FuSSE and its objectives in modernizing payment settlement engines

The scalability of the solution and how it meets the demands of today’s financial ecosystem 

How FuSSe addresses operational challenges such as Liquidity saving mechanisms and security such as quantum-resistant cryptography

The role of private-sector innovation in creating more inclusive financial projects and what more can be done to accelerate the modernization of payment settlement engines

| Matthew Hunt (Deloitte, Currency Research)
| Valeria Gallo (Deloitte)
| Ben Thornhill (Deloitte)

Deloitte’s Matthew Hunt, Valeria Gallo and Ben Thornhill joined FNA for Session 18 of the Payments Systems Broadcast as we looked ahead to see what the future of money and payments holds. 

As payment infrastructures undergo significant moerniziation, it is crucial to address how these changes impact central banks, regulators and payment system operators.

In this session, we explored the evolution of payments, focusing on strategic priorities, trends and solutions for navigating the dynamic payments landscape including: 

• The evolution of the payments landscape and the rise of real-time, interoperable payment systems 
• Opportunities and risks of emerging technologies, including blockchain and IA 
• The role of Regulatory Frameworks in balancing innovation with stability

| Anneke Kosse, Senior Economist (Bank for International Settlements)
| Ajit Desai, Principal Data Scientist (Bank of Canada)

Given the substantial volume of transactions processed daily, finding anomalies is much like finding a needle in a haystack. So, how can Anneke Kosse and Ajit Desai’s novel machine-learning framework enhance transaction monitoring? 

Annke Kosse and Ajit Desai discuss their framework and how it significantly enhances the resiliency and efficiency of payment systems in this Payment Systems Broadcast.

We also looked at the recently introduced REDI Framework and how the regulatory strategies, educational initiatives, design, and deployment choices it outlines help pave the way towards CBDC adoption. 

The session covered:

• The Regulatory frameworks that offer the best prospects for fostering innovation while ensuring user protection 
• The IMF’s CBDC Virtual Handbook and the potential implications on global CBDC Strategies
• The key opportunities and challenges that CBDCs present for cross-border transactions 
• The importance of public-private partnerships in supporting the successful implementation of CBDCs. 

| David McKay (HSBC Innovation Bank)
| Chad Reimers (TransUnion)

As consumer scams and fraud become more sophisticated and complex, finding effective strategies and solutions to protect consumers becomes increasingly imperative.

In session #16 of the Payment Systems broadcast, guests David McKay (HSBC Innovation Bank) and Chad Reimers (TransUnion) joined FNA to share their insights on how to effectively tackle the ever-evolving threat of fraud, safeguard consumers, and maintain trust in the financial system.

Together, we explored the current trends and tactics organizations are deploying to combat fraud and the innovative technologies and strategies emerging to help protect consumers.

The session covered:

• Current fraud prevention initiatives organisations are currently deploying to tackle fraud
• The role of consumer education and the challenge in protecting vulnerable clients.
• The PRS rules influence fraud prevention strategies and the challenge associated with ensuring compliance across different currencies and geographies.
• How organisations can strike the right balance between offering a seamless customer experience supported by robust fraud prevention measures.

| Arvinder Bharath (International Monetary Fund)
| Beju Shah (Bank for International Settlements)

Session #27 of FNA’s CBDC Broadcast delves into Project Polaris- a collaborative initiative focusing on the exploration and analysis of potential risk and mitigation strategies associated with tokenized securities and Central Bank Digital Currencies (CBDCs)

Guest Arvider Bharath (IMF) and Beju Shah (Bank for International Settlements) joined FNA to guide us through the project, which aims to provide a comprehensive understanding of how these emerging financial technologies can impact the stability of the financial system. We also discussed the role and importance of technologies like blockchain and international collaboration as guests shared case studies and lessons learned from the project.

• The key takeaways from Project Polaris
• Recommended risk mitigation strategies
• Case studies and lessons learned from Project Polaris

| Cameron Nili (Accenture, World Economic Forum)
| Sandra Waliczek (World Economic Forum)

Overview
Guests Cameron Nili (Accenture, World Economic Forum) and Sandra Waliczek (World Economic Forum) joined FNA to give an insight into their newly published report, ‘Modernizing Financial Markets with wCBDC‘ as we took a closer look at the key concepts explored in the report, highlighted potential benefits and challenges associated with wholesale CBDCs, and discussed critical policy considerations for central banks.

The session covered:

• Key definitions and conceptual distinctions around wholesale CBDCs (wCBDCs) and tokenized central bank money provided by the report.
• Potential benefits and use cases where wCBDCs could complement existing financial infrastructures, as well as challenges in coexisting with current systems.
• Critical issues highlighted by the report’s findings, such as liquidity management, interoperability across platforms, accessibility implications, and crucial risks for policymakers to mitigate.

In this session of FNA’s 60-minute webinar series, The CBDC Broadcast, guests David Chaum and Animesh Ghosh join us to offer insight into Currency Network’s vATM solution.

We’ll hear how this innovative CBDC solution aims to break down the barriers to CBDC adoption by simplifying and reducing the cost of CBDC implementation as our guests discuss how the vATM solutions offer frictionless CBDC payments through the contactless PoS system while ensuring cash-like privacy by combining advanced cryptography with financial messaging.

The session covered:

• The key challenges hindering widespread CBDC adoption and how vATM aims to address these issues
• How the vATM solution simplifies the implementation of CBDC for Central Banks and Commercial Banks
• How the solution leverages existing merchant payment infrastructure to reduce the cost and complexity of CBDC rollout
• How the vATM solution offers cash-like transaction privacy for CBDC users
• The eCash 2.0 technology underpins the privacy capabilities of the vATM solution

| Thomas Moser (Alternate Member of the Governing Board, Swiss National Bank)

| David Newns (Head of SIX Digital Exchange)

Guests Thomas Moser and David Newns joined FNA to explore the third phase of Project Helvetia, in which the Swiss National Bank and SIX test the introduction of a live CHF wholesale CBDC on a distributed ledger technology (DLT)- based financial market infrastructure.

In this session, we focused on the liquidity management implications of settling tokenized assets in Central Bank money, assessing the impact on liquidity demands and liquidity fragmentation risk before considering the lessons learned from the pilot project so far.

This third phase of Project Helvetia continues pivotal work previously undertaken alongside the Bank for International Settlements. The multi-phase project is a significant endeavour aiming to understand how central banks could offer settlement in central bank money.

| Ivan Mortimer-Schutts (Advisor, SIMBAS)
| David Rennie (Digital Identity & Data Assurance Specialist at IDEMIA & DPF Privacy & Identity Working Group Lead)

In today’s digital age, safeguarding payment systems against fraud, scams, and money laundering is paramount. This session brings together experts to explore the intricate nexus between these critical challenges.

In this session, guests Ivan Mortimer-Schutts (SIMBAS) and David Rennie (IDEMIA) joined FNA to explore the regulatory frameworks, emerging technologies, and best practices that harmonize fraud/scam prevention with robust anti-money laundering controls.

Together, Ivan and David shared their insights on how to strike the right balance between leveraging innovations like digital identity and data analytics while upholding principles of privacy and security.

| Jannah Patchay (Executive Director, Policy Lead & Originating Member of the Digital Pound Foundation)
| Elise Soucie (Director of Global Policy and Regulatory Affairs, Global Digital Finance)

Guests Elise Soucie (Global Digital Finance) and Jannah Patchay (Digital Pound Foundation) joined the CBDC Broadcast to discuss what’s next for the Digital Pound as we asked how the Bank of England can build trust in the digital currency, what they can do to ensure appropriate safeguards are in place to maintain stability, and when we can expect to see a UK CBDC.

The session follows the Digital Pound Foundation’s submission to the Bank of England’s Discussion paper, outlining key considerations for developing a regulatory framework for digital forms of money, including stablecoins and CBDCs.

We’ll also look beyond the UK to explore what can be learned from other digital currency initiatives worldwide, to examine what advantages the UK has in pioneering this technology and the opportunity programmability brings for innovation and smart contracts.

The Session Covered:

• The Digital Pound and how it differs from stablecoins
• How the UK’s approach to CBDCs differs to other jurisdictions
• The use cases for a wholesale and retail CBDC
• The role of banks and other payment system providers in the Digital Pound Project
• How a UK CBDC that is seamlessly interchangeable with other forms of money would work in practice
• The UK and the digital financial and digital money landscape in 2024

Perttu Korhonen and Matt Grasser will join FNA’s Suptech Broadcast on Thursday, 14 December, for a session focusing on the complementary capabilities of regtech and suptech. First, they will explore how integrated architectures optimise risk management and advance supervisory objectives. Second, they will discuss what skills industry professionals need to effectively take advantage of new technologies shaping the regulatory and supervisory landscape.

| Dirk Bullmann ( Global Head of Public Policy, CLS)

Atomic settlement promises instant, simultaneous transactions, but does this represent a quantum leap for post-trade efficiency or a liquidity trap? In this session of the FMI Broadcast, Dirk Bullman cuts through the noise to make sense of what atomic settlement means and the benefits and drawbacks it offers as we ask whether molecular settlement could provide a solution that balances speed and liquidity needs.

| Joachim Samuelsson (CEO, Crunchfish)

| Sunil Karkera (Product Director, Digital Payments IDFC First Bank)

In today’s digital world, consumers expect seamless omnichannel banking and payment experiences, including the ability to make transactions offline. However, enabling secure approaches to offline payments presents many technological challenges. We aim to address some of these challenges in Session #22 of the CBDC Broadcast, with guests Joachim Samuelsson (Crunchfish) and Sunil Karkera (IDFC First Bank) joining FNA to explore cutting-edge approaches to offline payments and how partnerships between fintechs and banks can deliver innovative solutions.

Our guests shared insights into making offline payment systems scalable for mass adoption as we learned about the development and integration of such systems at an enterprise scale. Together, we also discussed considerations around consumer education and merchant onboarding when it comes to launching advanced payment technology.

The session covered:

• The use-cases and stability of offline payments
• Techniques for encrypting data and verifying transactions securely offline
• The technology behind offline transactions with the Digital Cash SKD to which IDFC First bank has access
• Feedback from pilot users and QR code technology for payments

| Bénédicte Nolens (BIS Innovation Hub)
| Rosie Hampson (Goldman Sachs)

How can collaboration and innovation accelerate the transition to sustainable finance?

Guests Rosie Hampson (Goldman Sachs) and Bénédicte Nolens (BIS Innovation Hub) joined FNA for Session #13 of the FMI Broadcast, sharing insights from Project Genesis 2.0 – a collaborative initiative exploring the technical feasibility of digital green bonds from a central and private banking perspective.

Our guests delved into Project Genesis 2.0, discussing key issues, including how AI/ML can improve sustainability data, regulatory challenges and opportunities for further collaboration before looking at how to drive further engagement in green initiatives to drive systemic change within the financial sector.

*This session covered:
*

• Project Genesis 2.0, new tech solutions and innovations driving progress on the sustainable finance front
• The key technical findings from Project Genesis 2.0 and how the prototype being developed can address issues such as greenwashing
• How more collaborative efforts between central banks, regulators, financial institutions and fintech can accelerate green finance innovation and adoption
• New policies or regulatory changes that could accelerate the transition to sustainable finance
• Future developments that could be the driving force behind future progress in the sustainable finance space and more!

| Danny Russell (Bank of England)
| Catherine Gu (Visa)

There are many challenges surrounding the development of CBDCs, from maximizing interoperability to encouraging public-private sector collaboration and driving consumer adoption.

Aiming to address these challenges is the BIS Innovation Hub London’s Project Rosalind- a joint experimentation with the Bank of England which aims to develop prototypes for an application programming interface that could best enable a Central Bank ledger to interact with private sector service providers to enable the safe provision of retail payments.

To offer further insight into Rosalind- named after British Scientist Rosalind Franklin and her work regarding DNA sequencing, guests Danny Russell (Bank of England) and Catherine Gu (VISA) joined FNA for Session #21 of the CBDC Broadcast.

In this session, we discussed the motivations behind the project and how it allows for further experimentation with CBDC design and interoperability, as well as the importance of public and private sector collaboration, drawing on the role of VISA and other private sector partnerships.

Session #9 of the Suptech Broadcast brought together Matei Dohotaru, Senior Financial Sector Specialist at World Bank Group and Julapa Jagtiani, Senior Economic Advisor and Economist at the Federal Reserve Bank of Philadelphia. Together, Matei and Julapa will discuss how suptech needs in advanced economies contrast to those in emerging markets and delve into global, collaborative suptech initiatives and their impact.

Sharmyn Powell (ECCB) joined session #20 of The CBDC Broadcast to discuss the promise and perils of emerging digital currencies.

Drawing upon her deep expertise, Sharmyn shared her perspective on how digital currencies, from rCBDCs to stablecoins and tokenized deposits, are changing the payment ecosystem and offered insight into the Dcash rCBDC project.

The session covered:

• The main motivation for rolling out DCash and an update on DCash adoption
• The factors driving/curbing DCash adoption, including education, internet access and use cases
• Why digital monies like cryptocurrencies, stablecoins, and retail CBDCs have seen limited adoption so far
• The role of regulators and supervisors regarding digital currencies
• How digital currencies can foster innovation and benefit the public
• how can CBDCs and vehicles like DCash replicate the benefit cash offers at-risk groups

| Ramunas Baravykas, Director of Data and Statistics Department, CDC, Bank of Lithuania
| Jermy Prenio, Principal Advisor, Financial Stability Institution, Bank for International Settlements (BIS)

Technology innovation is rapidly transforming financial supervision.

Session #8 of the Suptech Broadcast brought together suptech specialists Jermy Prenio (Bank for International Settlements) and Ramunas Baravykas (Bank of Lithuania), who explored the emerging technology shaping the future of the suptech landscape.

Jermy and Ramunas drew upon their extensive hands-on experience to offer a global and EU perspective on key topics, including data analytics, cross-border collaboration and the proportionality and ethics of AI to offer insight into how central bankers and policymakers can take advantage of the opportunities suptech for more effective oversight.

Martin Kyle, Chief Information Security Officer at Payments Canada, joined FNA’s Kimmo Soramäki to discuss the value of Digital Twins and how digital replicas of payment systems are accelerating the ability to design better systems, reduce developmental costs, increase the speed of deployment and enable smoother regulatory approvals. Kimmo will also share insight into how this technology applies to other financial areas, including CBDC development and liquidity management.

The session covered:

• Digital Twins in the context of financial services and what use they offer
• How closely can a Digital Twin replicate an existing system
• How Digital Twins support the function of an FMI
• Examples of projects where Digital Twins have delivered value to payment and settlement systems
• The data required and the purpose it serves
• Digital Twins and new innovations such as CBDCs and Digital Currencies
• The requirements to develop a Digital Twin Capability

Guests Aniko Szombati, Chief Digital Officer Magyar Nemzeti Bank and Chris Ostrowski, Co-founder and CEO of SODA, joined FNA for Session #19 of the CBDC Broadcast, Testing DLT-based Central Bank Solutions.

In this session, we delved into the Central Bank of Hungary and SODA’s joint project on the use of digital solutions, including rCBDCs and NFTs, as we gained valuable insights into the pivotal role of public engagement and hands-on experiences in shaping the development and adoption of rCBDs by leveraging NFTs and coin collecting to improve the understanding and implementation of digital currencies.

Together, we explored how the Central Bank of Hungary is approaching adoption issues ahead of rolling out an rCBDC in an approach that cultivates the consumer use case for rCBDCs and prepares the public for the introduction of an rCBDC.

The Session Covered:

• The Central Bank of Hungary’s approach to launching an rCBDC and how it differs from the majority of current pilot projects
• The insights gained by implementing a blockchain-based ledger on its own infrastructure to test-drive digital solutions aimed at the public
• Lessons to share with other Central Banks considering the adoption of rCBDCs
• The public’s response to activities such as coin collecting and token swapping on the Money Museum mobile application and how it has developed and refined the rCBDC concept
• Whether the Central Bank of Hungary’s approach will foster the consumer use case for digital currencies and rCBDCs
• Potential future developments and trends in the realm of digital money, including rCBDcs and how they could shape the financial industry and society in Hungary and around the world.

| Samuel Eddie Mogensen, Digitalization Task Force Lead, Innovation & Secretariat Financial Stability, Danmarks Nationalbank
| Michal Vodrážka, Director of the Financial Market Regulation Division III, Czech National Bank

While some consider retail CBDCs as necessary instruments in a rapidly evolving financial landscape, capable of enhancing the retail payment ecosystem and the economy, some remain agnostic.

In this session, guests from two prominent European Central Banks, Samuel Eddie Mogensen (Danmarks National Bank) and Michal Vodrážka (Czech Republic National Bank), joined FNA for a thought-provoking debate that took us back to the fundamental question, do we actually need a retail CBDC, as we examined divergent views on the potential rCBDCs offer with two jurisdictions who have no immediate plans to design or test one.

In an era of rapidly evolving technology and ever-increasing cyber threats, the need to strengthen our defences and ensure the resilience of financial institutions has never been more pressing. These initiatives require regulatory authorities, supervisory agencies, and financial entities to proactively address cybersecurity risks and adopt robust measures to protect the integrity of our financial systems.

In this discussion, we delved into the critical topic of cybersecurity and digital resilience in the financial services sector, with a particular focus on the implications of the recently adopted EU frameworks, DORA and NIS2.

The session covered:

• The steps regulatory authorities and supervisory agencies must take to ensure the requirements set by DORA and NIS2?
• How DORA and NIS2 compare to similar initiatives around the world
• The necessary collaborative efforts among multiple jurisdictions to enhance cyber resilience in the financial services sector
• Whether the interplay between people, processes and technology in strengthens cyber security and enhances digital resilience within the financial services sector
• How supervisory technology can increase cybersecurity
• Best practices and lessons learned from other jurisdictions or industries that could be valuable in enhancing cybersecurity and digital resilience within the EU financial sector
• The future trends or developments you would like to see in the realm of cyber resilience for the financial sector

| Neil Thomas, Managing Director, Goldman Sachs
| Alan James Anderson, Head of Liquidity Technolgy, Standard Chartered

It is imperative to remain ahead of the curve by embracing cutting-edge technological advancements and leveraging them to their full potential.

In this session of the Treasury Broadcast, guests Neil Thomas (Goldman Sachs) and Alan James Anderson (Standard Chartered Bank) joined FNA to address the technological challenges in bank treasury, stretching across liquidity and funding management, collateral, capital and transfer pricing.

During the session, we focused on tackling the technology challenges encountered across each of these areas. Sharing their expertise, Neil and Alan guided us through effective strategies for addressing these challenges before providing their own take on how recent market events have impacted prioritization in their institutions.

In this session, we discussed the following:

• The key technology-related obstacles banks face when implementing real-time solutions for cash, securities and collateral
• How recent events have impacted banks’ technology priorities
• The elements that ensure seamless integration and data interoperability
• How to architect global platforms in a way that allows flexibility to meet local business requirements
• How banks frame the issue of build vs buy when it comes to treasury management systems
• The classes of new technology that hold promise for enhancing efficiency in treasury operations

| Dr Tony Richards, Chair CBDC Committee, Digital Finance CRC

| Sonja Davidovic, CBDC Lead, BIS Innovation Hub Singapore

In session #17 of the CBDC Broadcast, guests Dr Tony Richards and Sonja Davidovic offered valuable insight into their work exploring digital currencies and how they contribute to shaping the future of money.

We gained insight into the RBA’s collaboration with DFCRC exploring rCBDC use cases in Australia, while Sonja discussed the BISIH’s Project Nexus investigating the scalability and interoperability of digital money, as well as cross-border transactions in the Asia-Pacific region.

Throughout the session, we addressed the key considerations and challenges associated with CBDCs, including technological considerations, regulatory frameworks, financial stability, and user adoption. We also looked at the importance of international collaboration among central banks, payment system operators and technology providers.

In this session, we covered:

• The Reserve Bank of Australia’s collaboration with DFCRC exploring rCBDC use cases in Australia
• Overview of Project Nexus and the next steps for the scalability and interoperability of digital money in facilitating cross-border transactions beyond the Asia-Pacific Region
• The collaborative efforts and standardization measures necessary to ensure global CBDC compatibility
• The challenges and considerations to ensure financial stability, compliance with monetary policy and user adoption
• The importance of international cooperation and public-private partnerships in realizing the full potential CBDCs and other forms of digital money
• Other innovations currently being explored that will likely shape the future of money and payments

The regulatory landscape is rapidly evolving, but what benefits does innovation offer, and how can organisations achieve the right balance between embracing innovation and ensuring consistency with relevant regulatory frameworks?

In this session of the Suptech Broadcast moderated by Thomas Nilsson, guests Carmen Barandela (Bank of England PRA) and Johannes Turner (Austrian National Bank) focused on the challenges, initiatives and best practices in achieving efficient data flows, highlighting the importance of data consistency across financial institutions.

The session also explored the role of regulatory innovation in promoting a more effective, efficient and resilient financial system crucial for supporting economic growth as Carmen and Johannes shared their insights, experience and perspectives with us.

| Richard Dzina (The Clearing House)
| Stephen Wojciechowicz (Bank of New York Mellon)

In Session #11 of the Payment Systems Broadcast, guests Richard Dzina and Stephen Wojciechowicz join FNA as we examine whether CBDCs have the potential to transform liquidity management. The webinar will explore how retail and wholesale CBDCs could change how liquidity is exchanged and managed and evaluate the implications of CBDCs on Financial Market Infrastructures (FMIs) and Financial Institutions as we discuss the potential benefits, challenges and considerations associated with this potentially transformative shift.

The Session Covered:

• The simulation testing and scenario modelling FMIs should conduct to prepare for CBDC integration and rollout
• The CBDC design choices that impact integration with existing FMIs and infrastructures
• The role RLN models play in designing resilience, such as redundancy and distributed architectures
• Whether the integration of CBDC systems requires changes to treasury and liquidity risk management processes at FMIs
• New liquidity monitoring tools that may benefit the CBDC world
• How settlement finality risks could be managed if CBDC transactions are settled in real-time
• What embedded programmability in CBDC systems could mean for collateral management and interest payment
• How cross-border interoperability for CBDC systems could be achieved and the future role of FMIs as integrators.

| Beju Shah, Head of Nordic Centre, BIS Innovation Hub
| Dr Lars Hupel, CBDC Evangelist, Giesecke+Devrient

CBDC’s Offline capabilities is a crucial topic that holds significant implications for the future of digital payments and financial systems worldwide.

As digital transformation rapidly reshapes the way we conduct transactions, it is imperative that we ensure inclusivity, accessibility, and privacy for every individual and business. CBDCs have emerged as a powerful tool in this transformative landscape, revolutionizing the way we think about money.

However, we must address a critical question: How can we ensure that CBDC systems work for everyone in society, regardless of their location or connectivity? The answer lies in exploring and understanding the offline capabilities of CBDCs. The ability to conduct transactions offline not only provides a layer of resilience but also supports crucial objectives, such as financial inclusion, accessibility, and privacy.

To discuss the intricacies of CBDC offline capabilities, guests Beju Shah (BIS Innovation Hub) and Dr Lars Hupel (Giesecke+Devrient) joined FNA to explore the technologies, security threats and risks associated with offline payments and delve into the CBDC design criteria that enable privacy, inclusion and resilience.

As the world becomes increasingly digital, there is growing interest in the potential of digital currencies and CBDCs to reshape the financial landscape. These new forms of money have the potential to facilitate faster, cheaper, and more secure transactions, while also promoting innovation in payments, financial inclusion and cross-border payments.

In this session, we have the privilege of hearing from two leading experts in this field, John Kiff (Satoshi Capital Advisors) and author and commentator David Birch (15Mb Ltd). Through their wealth of experience and knowledge, John and David will explore whether or not there is a case for new forms of digital currencies and how they could help address pressing issues in the financial system. We expect to have a view about how the future of money is being reshaped, and what benefits and drawbacks the public may perceive in these new systems.

Without any doubt, this discussion is essential for senior representatives of central and commercial banks, regulators, and policymakers who are looking to stay ahead of the curve and help shape the future of money.

The Session covered:

• The use cases for digital currencies likes CBDCs and stablecoins
• The benefits and drawbacks with various digital currencies compared to existing payment systems and traditional currencies.
• What needs to be done to help promote financial inclusion and facilitate cross-border payments
• The measures that can be taken to address privacy and security concerns when developing and implementing a CBDC and other forms of digital money
• How jurisdictions can reach the sweet spot of rCBDC adoption that doesn’t crowd out other payment instruments or cause an unbearable migration of deposits

| David Minch-Dixon, Deutsche Bank
| Peter Left, Lloyds Banking Group

Guests David Minch-Dixon and Peter Left joined FNA for the first session of our new webinar series, the Treasury Broadcast, exploring the key liquidity challenges and risks facing the banking industry today.

As two experienced bank treasurers, David and Peter offered an insight into their risk management strategies and how they have since evolved to face challenging market dynamics. We also explored the effectiveness of risk mitigation strategies in response to market events and how they have fostered a risk-aware culture within their organisations.

As technology continues to transform the financial landscape, regulatory authorities are working to keep pace with the rapidly evolving ecosystem. Many are also seeking to provide leadership in the innovation agenda for the financial communities in their countries and in harnessing technologies for use in their own organizations.

For this session, guest Arthur Yuen joins FNA’s Founder and CEO, Kimmo Soramäki, to offer perspectives on the role of suptech in financial regulation and supervision and explore key challenges and opportunities facing the industry.

Arthur joins the broadcast from the Hong Kong Monetary Authority (HKMA), an early leader in Supervisory Technology and the use of technology across the institution through its Digitalisation Programme. Our second guest, FNA’s founder and CEO, Kimmo Soramäki, is a former longtime central banker and known pioneer in Suptech analytics since long before Suptech was called Suptech.

The session will explore emerging trends in Suptech innovation, including the application of artificial intelligence, machine learning and blockchain and will examine how these technologies can help regulators to better monitor and manage risks in the financia system. We will also share insights on the importance of collaboration and partnership between regulators, industry participants, and technology providers in driving suptech innovation and shaping the future of financial regulation.

In Session #4 of the Suptech Broadcast, two seasoned practitioners, Rafael Gomes, Managing Director at Accenture and Oliver Wünsch, Partner at Oliver Wyman, joined FNA to continue the discussion on the critical factors that contribute to a successful suptech strategy, offering examples of success stories to provide inspiration for those looking to adopt these solutions.

In Session #9 of the FMI Broadcast, guests Keith Bear (University of Cambridge) and Philip Enness (JP Morgan) joined FNA to explore the motivations, benefits, challenges and main issues that arise from the tokenization of bank deposits. We discussed how the issuers of tokenized deposits, namely licensed depositary institutions, could become challenger FMIs aimed at issuing a new form of money.

The session covered:

• An introduction to the new concept of Tokenized Deposits
• The advantages and opportunities that Tokenized Deposits offer
• The risks associated with deposit tokenization and who bears the risk
• JP Morgan Coin as a live case of deposit tokens
• Whether deposit tokens are complementary to CBDCs but an answer to stablecoins issued by non-banks
• Whether licensed depository institutions issuing deposits could be considered as FMIs and whether they should be regulated as banking institutions
• CDBCs, Stablecoins and deposit tokens, what does the future look like?

In session 14 of FNA’s monthly webinar series, The CBDC Broadcast, guests Daniel Eidan (Bank for International Settlements) and Ousmène Jacques Mandeng (Accenture) join FNA to discuss Project mBridge, which aims to solve the challenges associated with cross-border payments through a CBDC platform based on new blockchain technology.

The platform aims to facilitate cheap, real-time peer-to-peer cross-border payments and foreign exchange transactions using multiple CBDCs while ensuring compliance with regulations set by each jurisdiction.

The session covered:

• The key objectives of the Project mBridge pilot and how they were achieved
• Accenture’s role in the development and implementation of Project mBridge, and the expertise offered
• How mBridge works and how the clearing and settlement of assets take place
• The customary blockchain developed by central banks for central banks forms the basis of the Bridge platform
• The results of the Project mBridge pilot in terms of transaction volume, speed, and cost-effectiveness and how they compare with existing cross-border payment and settlement solutions
• How Project mBridge handle cross-border regulatory compliance and ensure that all participants are following relevant laws and regulations

*The session covered: *

• The distinction between oversight and supervision
• What is ‘Augmented Oversight’?
• Whether PFMIs are appropriate when overseeing the new business models that support most challenger FMIs
• The best way to oversee decentralized FMIs when there is no clear institution
• Whether central banks should oversee stablecoins given that many think that stablecoins fit the definition of an FMI
• Whether the mandate for central banks is broad enough to oversee challenger FMIs that work from foreign jurisdictions but have a global reach

| John Jackson, (Bank of England)

ISO 20022 is expected to create a global and open message standard across all business lines of the financial industry. Several long-lived financial communication standards, such as ISO 15022 (cross-border securities settlement), ISO 8583 (credit and debit transactions), and MT messages (SWIFT propriety for correspondent banking and FX transactions), will be replaced with a new standard. ISO 20022 is here, with migration beginning in November 2022 and expected to be completed by November 2025.

In Session #7, guests Saskia Devolder (SWIFT) and John Jackson (Bank of England) joined FNA to discuss the key features and expectations around adopting the ISO 20022 standard. Together, we explored what ISO 20022 means for organisations and how it could change the financial ecosystem as we know it.

The Session Covered:

• The story behind the development of ISO 20022 and the benefits of implementing this new standard
• Whether the advantages ISO 20022 offers will benefit traditional financial institutions, fintech, and other new entrants equally.
• The expected changes to the payment system in the UK and the rest of the World
• Whether consumers or firms will be affected by the changes brought about by the adoption of ISO 20022
• Where we are in the process of adopting ISO 20022
• Who will benefit from the richer exchange of data that ISO 20022 allows
• How ISO 20022 will benefit the development and use of Application Programming Interfaces (APIs) in the financial industry

| Catherine Gu, Visa
| Carmelle Cadet, Emtech

Digital money is not a new thing. It’s been around for decades in the form of reserves at the central bank and commercial bank money. But today, we have additional forms of digital money, such as rCBDCs. We also have what we call challenger forms of money with stablecoins as the main example. With the new entrants to the money ecosystem, we must ask: How will the different forms of money interact? Are they substitutes or complements? Is it competition or coexistence?

To answer these questions, FNA was joined by guests Catherine Gu (Visa) and Carmelle Cadet from EMTECH.

The session covered:

• How system providers are looking at rCBDCs as part of their business
• The key to CBDC success following weak adoption in Nigeria, Bahamas and China
• How new forms of money and challenger forms of money will reshape the payments ecosystem
• The roadblocks to the successful integration of rCBDCs with existing systems and infrastructure
• The use cases for consumers and merchants that could spur adoption without crowding the payments market
• Whether jurisdictions could blend digital currencies to address multiple use cases, including a central bank’s motivations.
• Whether the availability of stablecoins and cryptos is pushing some countries to preserve monetary sovereignty
• Short and long-term predictions about the impact and market share of rCBDC and Stablecoins

The session covered:

• The vulnerabilities that may lead to a systemic crisis
• The amplifiers and dampeners of cyber risk
• Key technological advantages and financial innovations in realigning activity regarding Financial stability analysis
• The considerations policymakers should make when it comes to designing and piloting a CBDC
• How central bankers and supervisors make the financial system more cyber resilient

| Simon Chantry, Bitt
| John Kiff, Satoshi Capital Advisors

Many central banks are studying, designing, prototyping, or rolling out retail CBDCs. Motivations differ significantly across jurisdictions, but there is one potential advantage that could be common to all cases.

If central banks agree on some basic technological foundations, retail CBDCs could interoperate and become a solution to cross-border retail payments. Is this an overlooked potential benefit of retail CBDCs?

We asked guests Simon Chantry (Co-founder & CIO, Bitt) and John Kiff (Head of CBDC/ Digital Captial Markets Advisory, Satoshi Capital Advisors), who joined session #12 of the CBDC Broadcast, to discuss.

The session covered:

• Whether a CBDC could be a catalyst for responsible innovation in the digital economy and ensure interoperability with legacy and future payment solutions for cross-border payments
• The possibility of a CBDC crowding out other payment instruments
• Whether achieving full interoperability is likely if retail CBDCs are designed with local use in mind
• The factors determining if CBDCs could be interoperable
• How foreign exchanges issues typical of cross-border payments be solved via interoperable CBDCs
• The competitors of cross-border retail CBDCs- correspondent banking, stablecoins and cryptos or both
• Whether an FMI’s decision to provide interoperability between a CBDC with another form of money would be a commercial decision based on its business model
• Whether the type of CBDC issued to the market would impact the willingness of FMIs to provide interoperability
• The benefits cross-border retail CBDCs bring to the table

| Commissioner Hester M. Pierce, U.S. Securities and Exchange Commission
| Professor Patrick McCarty, Georgetown University Law Center

We are in the midst of studying and discussing the potential effects of a digital dollar, a digital liability issued by the Federal Reserve, available to everyone in the United States-in other words, a retail CBDC for the United States of America.

Theoretical benefits around the idea of a CBDC include greater efficiency and redundancy in the payments ecosystem, a field for innovation, greater financial inclusion, and the potential to lay the foundations for better cross-border transactions. But not only are those benefits still to be verified, but there are also risks as well in the form of financial instability, operational, reputational, surveillance, and money laundering risks. The devil is in the details, and CBDCs are not the exception, If a digital dollar is issued, its regulation and design will be particularly responsible for its success.

Having explored CBDC motivations and challenges from an Asia-pacific, Latin American, UK and Canadian perspective, we now turn our attention to the United States. In this session, guests Commissioner Hester M. Peirce from the U.S. Securities and Exchange Commission (SEC) and Professor Patrick McCarty, Adjunct Professor, Derivatives/ICOs and Cryptocurrencies at Georgetown University Law Center join FNA to offer an insight into CBDC deployment and its relationship with other digital forms of payment and benefits/implications of a national rollout from a U.S. perspective.

The session covered:

• The regulatory challenges and implications of issuing a digital dollar
• Whether a digital dollar poses a real risk of disintermediation of banks and financial stability and how CBDC design regulation could avoid this
• The role of the digital dollar in cross-border payments
• The advantage and impact of rolling out a digital dollar before other G7 nations
• Whether new forms of money, such as stablecoins and cryptocurrencies, compete with the digital and physical dollar
• Whether regulators and supervisors have the knowledge and skills to cope with the evolution of digital money and assets
• The regulation of stablecoins and cryptocurrencies
• The demand and readiness for a retail CBDC in the U.S

Session #2 of The Suptech Broadcast featured guests Perrtu Korhonen (Qatar Financial Centre Regulatory Authority) and Clara Machado (Banco de la República), who joined FNA to explore how payments data analytics and anomaly detection have evolved over recent years, focusing on the integration of new datasets for RTGS Stress Testing.

On the 10th of November, guests Richard Dzina (The Clearing House, TCH) and Stephen Wojciechowicz (Bank of New York Mellon) joined FNA to discuss the Relevance of Liquidity Savings in a real-time World.

| Anneke Kosse, Bank for International Settlements
| Illaria Mattei, Bank for International Settlements

Today, 90 per cent of central banks are exploring Central bank digital currencies, with over half already developing digital currencies or conducting experiments.

In Session #10 of FNA’s 60-minute webinar series, The CBDC Broadcast, guests Anneke Kosse and Ilaria Mattei from the Bank for International Settlements joined FNA to discuss the recent report ‘Gaining Moment – Results of the 2021 BIS Survey on Central Bank Digital Currencies and the report “Options for access to and interoperability of CBDCs for cross-border payments.”

The session covered:

• The current state of CBDCs
• Emerging trends surrounding bank engagement, motivations and intentions
• The critical questions to address when developing a CBDC
• Common interoperability models and the likelihood they are to succeed
• Wholesale CBDCs and cross-border payments
• The cross-border frictions CBDCs could address
• The importance of international cooperation to the success of a CBDC

| John Velissarios, Accenture
| Raoul Herborg, Giesecke + Devrient

CBDC is a very particular product. An extremely successful rollout, with massive adoption, could affect financial stability as deposits could migrate to CBDCs. On the other hand, poor adoption could mean a reputational risk event for the central bank. Therefore, unlike most central bank products, it looks like CBDC design should be user-oriented, with consumers and merchants as the main users and commercial banks as distributors. This means that before CBDCs are rolled out, there has to be a design phase that studies under which design options the CBDC will be used will be convenient, as well as safe, reliable, and efficient.

Guests John Velissarios (Accenture/DEA/DDP) and Raoul Herborg (Giesecke + Devrient) joined FNA for session #9 of The CBDC Broadcast as we discussed how some design options could shape the rollout and adoption of CBDCs. The session played close attention to the particular balance CBDCs must achieve to be successful, that is, being effectively adopted without jeopardizing the stability of the financial system.

The session covered:

• How to achieve a digital version of cash to provide an instant and secure payment option for everyone, everywhere
• The obstacles in making CBDCs accessible to all groups of society and factors considered to ensure inclusivity during the design and pilot phases
• Whether central banks should develop global standards to ensure interoperability between jurisdictions
• CBDCs and offline payment capabilities
• Whether banked people with easy access to commercial bank money feel the need to hold and use a CBDC balance

Financial markets face unprecedented challenges. These challenges include fragmented and inefficient post-trade processes, liquidity constraints and complex and costly risk management.

To address these challenges, Fnality is developing a peer-to-peer payment system underpinned by Distributed Ledger Technology to enable quicker and safer exchanges of value.

In session #5 of The Payment Systems Broadcast, Jan Schoombee (Fnality) joined FNA to discuss the success of a project exploring liquidity savings calculations and what this means for banks looking to optimise their balance sheet.

The session covered:

• The role Fnality plays in the cross-border wholesale industry
• The key challenges of cross-border payments
• The advantages FMIs like Fnality offer in terms of cost and efficiencies compared to traditional correspondent banking
• How Fnaility addressed the design and build phases of its cross-border wholesale payments solution
• Whether crypto solutions or stablecoins could become large and liquid enough to manage large payments
• How the wholesale cross-border payment ecosystem is likely to evolve

| Phil Mochan, Nomos

Cross-border payments have always been in the spotlight, often criticized for being slow and costly and unable to cope with the demands for efficient payments among individuals, firms and financial institutions from different jurisdictions.

Challenger financial market infrastructures are trying to solve this long-lived claim for efficient cross-border payments. New technologies and access to flexible and affordable computing services have encouraged the development of solutions that aim to fulfil the demand for better retail and wholesale cross-border payments.

In this session of The Payment Systems Broadcast, we’ll continue the discussion on how challenger FMIs are contributing to solving the cross-border payments conundrum with guests Phil Mochan from Nomos, a new global FMI that supports correspondent banking and Claudio Ceresani from DGT Solutions. Join us as we explore the extent to which FMIs are influencing the cross-border payments ecosystem.

The session covered:

• The challenge for lower-value transactions within the correspondent baking ecosystem
• What the banking industry and public sector could gain from lower-value transactions
• Low-cross remittance
• Next-generation of cross-border payments and other future developments
• Risks, policies and solutions around cross-border payments
• The extent to which challenger FMIs are going to solve cross-border payment problems

| Larissa de Lima, Oliver Wyman Forum
| Erica Salinas, Amazon Web Services

In previous sessions of The CBDC Broadcast, we focused on the many motivations for rolling out a CBDC, from achieving higher financial inclusion and higher transactional efficiency to preserving monetary sovereignty by compensating for the declining use of cash and by countering the entrance of new private forms of digital currencies.

Session #8 of the CBDC Broadcast featured guests Larissa De Lima (Oliver Wyman Forum) and Erica Salinas (Amazon Web Services), who joined FNA to discuss their joint report: Retail Central Bank Digital Currency: From Vision to Design. The report sets a framework to support policymakers in evaluating the interdependencies between policy and technological choices and highlights the importance of ensuring CBDC motivations, design principles and policy decisions are properly aligned.

The session covered:

• The principles that influence CBDC design choices
• Key policy trade-offs when designing a CBDC
• What services a Central Bank may offer if it positions itself close to identify-based services
• The role the private sector plays in designing a CBDC
• How central banks can make CBDCs as attractive as possible without threatening financial stability
• The choices around ledger technologies for CBDCs
• The risks associated with the implementation of a CBDC system
• Whether a G7 bank is likely to introduce a CBDC in the next five years

| Masaki Bessho, Bank of Japan
| Dr Steven Hu, Standard Chartered Bank, Singapore

There are many motivations for rolling out a CBDC, from achieving higher financial inclusion and higher transactional efficiency to preserving monetary sovereignty by compensating for the declining use of cash and by countering the entrance of new private forms of digital currencies.

Each country has a different set of features and objectives that make the CBDC’s design and roll-out a tailor-made process.

In the seventh session of FNA’s CBDC Broadcast, we talked to two guest speakers from the Bank of Japan and Standard Chartered Bank Singapore, who offer an insight into CBDCs from an Asia-Pacific perspective.

The Session Covered

• An overview of CBDCs in Japan and Singapore
• The motivations and challenges, and expected outcomes of introducing a retail CBDC
• Whether there is a first-mover advantage when it comes to rolling out a CBDC
• Should CBDCs serve as a complement to or substitute for cash?
• The implications of introducing a CBDC on custodians like Standard Chartered and the securities services industry
• An insight into the Bank of Japan’s CBDC ledger design alternatives
• Can a central bank balance the delicate trade-off between the privacy of transactions and anti-money laundering considerations.
• How can central banks and relevant stakeholders assess the potential outcomes and effects that influence CBDC design choices?

Today, as new technologies and innovations continue to emerge with the potential to transform the financial system, such as CBDCs, we ask, what historical and modern lessons are shaping the future of CBDCs?

To answer this question guests John Kiff, Managing Director at the CBDC Think Tank and Harish Natarajan, Lead Financial Sector Specialist, Finance, Competitiveness & Innovation at The World Bank joined FNA for Session #6 of The CBDC Broadcast.

The session covered:

• The stability of the banking sector and consequences of instability
• Whether banks are likely to see declines in profits or increased funding costs when a new form of central bank currency arrives
• Why G7 economies are still in the Research & Development phase of their CBDC projects whereas small, emerging economies like The Bahamas, which seem to be leading the deployment of CBDCs
• Whether other nations will follow China in introducing a non-DLT-based retail CBDC
• What CBDCs promise and what they are likely to deliver

| Ludmilla Buteau Allien, Bank of the Republic of Haiti
| Dr Adolfo Sarmiento, Central Bank of Uruguay

There are many motivations for rolling out a CBDC, from achieving higher financial inclusion and higher transactional efficiency to preserving monetary sovereignty by compensating for the declining use of cash and by countering the entrance of new private forms of digital currencies.

Each country has a different set of features and objectives that make a CBDC’s design and roll-out a tailor-made process. Having heard about the challenge and motivation from a G7 perspective in Session #4 with the Bank of England and the Bank of Canada, we turn our attention to Latin America as we hear from Ludmilla Buteau Allien (Bank of the Republic of Haiti) and Dr Adolfo Sarmiento (Central Bank of Uruguay)

| Francisco Rivadeneyra, Bank of Canada
| Mehregan Ameri, Bank of England

There are many motivations for rolling out a CBDC, from achieving higher financial inclusion and higher transactional efficiency to preserving monetary sovereignty by compensating for the declining use of cash, and by countering the entrance of new private forms of digital currencies.

Each country has a different set of features and objectives that influence a CBDC’s design, making the roll-out a tailored process.

In this fourth session of FNA’s CBDC Broadcast, we talk to Dr Francisco Rivadeneyra from the Bank of Canada and Mehregan Ameri from the Bank of England to gain an insight into CBDCs from a G7 perspective

• A brief introduction to simulating payment systems
• The advantages of using an agent-based model for modelling complex adaptive systems
• FNA’s model for simulating CBDCs
• How FNA’s simulator works and how it can help organisations understand the impacts of introducing a CBDC
• The presentations also include a brief demonstration of the CBDC Simulator.

In this episode of FNA Talks, Kevin Gardiner, Managing Director and Global Investment Strategist at Rothschild & Co joins host Adam Csabay to highlight the key lessons from the Covid-19 crisis, assess its impact on the future of Fintech and explore the implications of CBDCs on the roles and responsibilities of Central Banks and Financial Services providers.

00:00: Introduction

01:19: To what extent has your business been affected by the COVID-19 crisis, and what key lessons would you highlight for our listeners?

04:05: Has Fintech- or innovative technology in general- provided any useful tools for tackling these disruptions?

05:13: Which key areas should fintech innovation focus on going forward?

08:12: In what ways will the financial industry be affected by developments related to CBDCs and the rise of digital money in general?

11:04: Can the Libras- or digital money issued by BigTechs- challenge Central Banks’ monopoly over monetary policy?

Clair Mills is currently, the Chief Operating Officer for the Prudential Regulation Authority (PRA), within the Bank of England. Clair is responsible for the PRA operations, this includes the delivery of the PRA’s Operating Strategy, Budget, Internal Communications and Investment Portfolio. Other areas of responsibility include managing Data innovation, Regulatory and Business Change, Workforce planning and Diversity and Inclusion.

Clair has over 20 years’ expensive financial services experience, operating at board level and leading successful strategic and transformational change in a number of complex organisations, having started her career in the Building Society and Retail Banking sector, before moving into Operational and Technological Change Management Consultancy.

Clair joined the Financial Services Authority in 2011 to lead the Internal Twin Peaks programme to transition to the PRA and FCA regulatory model, moving across to the Bank of England with the PRA.

In her current role, as well as providing the leadership, management and vision necessary to support the business and to ensure that the proper operational controls are in place. Clair is also responsible for driving a demand-led data approach for the PRA, this includes giving keynote speeches both in the UK and internationally on topics such as Regulatory Technology (RegTech) and how regulators can take advantage of the advances in technology in the work we do. Clair is one of the few senior women in Central Banking and Regulation that work in the sphere.

Alongside this role, Clair is a trustee for two charitable organisations, the Addington Fund and the Chartered Institute of Securities and Investments, where she also sits on the Audit and Risk Committee.

Clair’s home is a working farm in rural Devon, which she shares with her husband and son. Her passion since childhood is horses, together with helping out on the farm, this provides a great way to recharge batteries and is a very different challenge.

00:16: What is your background and how did you come to work in your current role?
08:39: Would you say that your current role is more FinTech, RegTech or SupTech oriented?
11:24: Do you think diversity is a problem in the industry anecdotally?
14:37: Has the lack of diversity affected your actions?
16:37: Why is diversity important especially in managerial positions and finance and technology?
19:34: Did you notice this diversity gap in your education or in entering the workforce or was there a time where it became more apparent to you?
21:20: Are there any steps we as a generation can take to minimise the gap?
25:20: How do you see the role of women in fintech evolving over the next few years?
26:26 What steps can younger generations of women interested in STEM take to be more proactive about creating changes?
28:43: What advice would you give to young women int arrested in finance or technology?

As well as a Senior Economic Advisor and Economist at the FRB Philadelphia, Julapa Jagtiani, is also a Fellow member of the Wharton Financial Institutions Centre, and a Central Bank Research Fellow at the Bank for International Settlements (BIS). At the Federal Reserve, Julapa has conducted research and participated in several supervisory policies and implementation projects, including Basel capital requirements for banks, CCAR bank stress testing, and more recently Fintech innovations and regulatory policies. She is a member of the Fintech Subgroup of the Risk Council. Julapa has published influential research articles in top finance journals. Her recent research has focused on issues relating to Fintech innovations, the roles of alternative data and AI/ML in the new financial landscape, small business lending, and various consumer finance issues. Jagtiani has a PhD in finance and an MBA from New York University’s Stern School of Business, where she held the Rockefeller Foundation Fellowship.

00:17: What is your current role and how did you start working in it?
04:45: Would you say that your role is currently more Fintech, Suptech or Regtech oriented?
06:53: What is your background and education and how does this relate to your role and the research you’ve done?
08:51: Do you think that there’s a diversity problem in the industry anecdotal speaking?
10:30: How has the lack of diversity affected your actions subconsciously or subconsciously?
13:21: Why is diversity important, especially in the financial and technology field?
14:37: Would you say that there’s any association between women and their skillsets as it pertains to different roles?
15:47: What steps can his generation take to minimise the gap that you’ve seen?
17:47: What advice would you give to young women interested in finance and technology?

Stacey Cunningham joins host, FNA’s Isabella Ivanov, to discuss Stacey’s role at the New York Stock Exchange and her experience as a woman in a traditionally male-dominated sector.

Stacey Cunningham is President of the NYSE Group and a member of the executive management committee of the parent company, Intercontinental Exchange (NYSE: ICE). NYSE Group includes the New York Stock Exchange, the world’s largest equity exchange and premier venue for capital raising, as well as a diverse range of equity and equity options exchanges.

Prior to being named NYSE President, Cunningham served as NYSE Chief Operating Officer and has held several senior positions at global exchanges. Cunningham has a degree in Industrial Engineering from Lehigh University and currently sits on the Board of Directors for Catalyst, and the Partnership of New York City.
​
With conversations and advice from influential women across the Fintech sector, the FNA Talks mini-series, Women in Fintech, aims to bring awareness to the role women play within the financial industry and the importance of gender diversity within the sector.

00:00:21: Stacey’s Background and Role
00:03:12: Current work focus and day to day role
00:05:44: Is Gender diversity an issue?
00:10:26: How has the lack of diversity influenced your actions?
00:14:00: Importance of diversity in finance
00:16:24: Steps we can take to minimize the gender gap
00:19:12: Role of women in Finance over the next 10 years
00:20:03: What steps can women in the younger generations take?
00:22:11: Final advice for women in STEM

00:00:00: Introduction
00:02:13: Approaches to applying stress testing to intraday liquidity
00:09:42: What are some of the data and operational challenges in quantifying and measuring stress testing from an Intraday liquidity perspective
00:18:02: Important considerations when building a successful programme to address regulatory requirements
00:24;02: new techniques and consideration in intraday liquidity stress testing programme

Over the past few years, Slavka has chaired different working groups at the EBA, such as the Network on Sustainable Finance, the Sub-group on Risk Assessment Systems, the mandate to develop the European Supervisory framework and the Subgroup on supervisory Effectiveness and Convergence.

Before joining the EBA, Slavka worked for the National Bank of Slovakia as the Head of Supervisory Division for Banks with Advanced Risk Management Approach, responsible for supervising all large banks in Slovakia.

Slavka holds an MBA in general management from the City University of Seattle and a Master's degree in Mathematics and Physics from the Comenius University Bratislava.

00:00:00 Introduction
00:00:26 Slavka's Role at EBA and Introduction to EBA
00:02:02: What topics are you focusing on under the Digital Finance work
00:03:31: Education and the background to your current role
00:07:40: Is diversity an issue in the industry anecdotally speaking
00:12:53: Importance of diversity in Technology and finance

For four years, Jekaterina has developed policies for the fintech industry in Lithuania and prior to her appointment as Executive Director of Supervision Services, she worked as a coordinator of Lithuanian Fintech Strategy and Head of the Innovation Committee.

Jekaterina has previously worked as a lawyer across various divisions within the Bank of Lithuania. Responsibilities included insurance, payments, lending, peer-to-peer lending and crowd-funding regulations.

She holds various accolades and was awarded Public Sector Lawyer of the Year for developing the concept of crowdfunding regulation in Lithuania, and for preparing a dwarf law on crowdfunding. Jekaterina has also been acknowledged by Lattice80 as one of the Top 100 Women in Fintech.

With conversations and advice from influential women across the Fintech sector, the FNA Talks miniseries, Women in Fintech & Suptech, aims to bring awareness to the role women play within the financial industry and the importance of gender diversity within the sector.

Per - who edited and co-authored the book - and Adam review the key themes of the book and highlight its practical contributions, as well as discuss the role that data science will play in the post-Covid world.

Index:
00:00 - Introduction

01:08 - Why does data science matter for decision-makers in 2021?

05:01 - How can data science help us tackle the impacts and implications of disruptions like the Covid-19 crisis?

08:31 - In what ways is data science transforming the work of central banks?

The first FNA Talk of the year focuses on one of the most prominent FinTech themes of 2021. Join Adam as he chats with with Moad Fahmi, Senior Advisor (Financial Technology) from the Bermuda Monetary Authority. Bermuda is one of the first jurisdictions with a regulatory framework designed specifically for digital asset businesses. We will be discussing the impacts and implications of digital currencies and crypto assets and highlight the new roles and responsibilities of central banks and financial authorities.

Index

00:00 - Introduction

01:24 - How is digital money changing the landscape of financial services including payments and settlements?

07:18 - What are the particularities of the digital assets regulation and sector in Bermuda?

12:14 - How do regulators and central banks need to change to be able to supervise and regulate the digital assets businesses?

18:20 - What are the key prerequisites for a successful regulation of digital currencies and digital assets on the cross-jurisdictional level?

23:46 - What are the potential implications of the digital money being issued by a variety of entities including the BigTechs?

Today's FNA Talk is dedicated to one of the most important topics for the banking sector, with FNA's President Phillip Straley and Tucker Dona, Head of Business Development and Client Success at Baton Systems, examining the technological considerations of intraday liquidity.

Index

00:00 - Introduction

02:19 - What does the landscape of technology look like for intraday liquidity management for banks in today's market?

05:08 - From a technology enablement perspective what are some of the main building blocks for intraday liquidity?

07:18 - Looking at the evolution of intraday liquidity technology at banks what are some of the key elements that define operational maturity?

10:45 - Looking forward to the next 1-2 years, what are some of the key priorities that banks need to keep in mind to maintain a robust intraday liquidity management program?

Today's FNA Talk is dedicated to one of the most important topics for the banking sector - with FNA's President Phillip Straley, and Jesse Drennan, Senior Vice President at HSBC, discussing key developments in the area of intraday liquidity management.

Index

00:00 - Introduction

02:33 - How do you see the market dynamics of 2020 having impacted the plans of large global banks?

05:13 - What have been the key focuses related to intraday liquidity in the market over the last 2-3 years, and what do you see as priorities for the next year or two?

09:39 - How are challenger financial institutions impacting the market & banks’ thinking? - particularly from the standpoint of impact on client expectations and systemic risks?

14:54 - Looking forward… Can you describe "End State" outcomes in the market ? And what does this mean for individual large bank’s capabilities?

19:10 - Could you provide a summary of how you see internal processes optimized, plus any final points on the broader ecosystem?

In today’s FNA Talk, John Hagon, Chief Operating Officer at CLS and FNA’s Adam Csabay focus on how to maintain resilience during systemic disruptions. In the second part of the episode,John discusses whether the COVID-19 Crisis has changed his team's approach to business and operational resilience; outlines his views on the implications for coordination and collaboration between the FMIs and their overseers; as well as highlights the sources of systemic disruptions that will need to be paid attention as a priority to going forward.

Index

00:00 - Introduction

01:25 - What lessons has the COVID-19 crisis taught us in relation to systemic disruptions, and the processes and procedures for tackling their impact?

04:08 - What will be the implications for coordination and collaboration between the FMIs and the authorities that oversee them?

06:49 - Which sources of systemic disruptions should the FMIs and overseers focus on as a priority going forward?

09:32 - How will the future of work change in Finance in response to the current pandemic?

In today's FNA Talk, John Hagon, Chief Operating Officer at CLS and FNA's Adam Csabay discuss how to maintain resilience during systemic disruptions. The first part of the episode focuses on the impact of the COVID-19 Crisis on the FMI landscape, the implications for CLS' operations and the taxonomy of its response; as well as the practical applicability of technology-based tools and frameworks.

Index

00:00 - Introduction

01:25 - How has the COVID-19 crisis impacted the FMI landscape?

04:06 - What were the implications on CLS's operations? And which areas have been the most affected ones?

08:56 - What immediate steps has the operations team taken to tackle the impact of the COVID related disruptions?

11:58 - Has FinTech - or innovative technology in general - provided any useful tools or frameworks

Part 2 - Impact of Digital Currencies on the Use of Cash, Financial Stability and Monetary Policy

Today’s FNA Talk is dedicated to one of the most prominent FinTech themes of 2020. Together with Daniel Heller from Fnality International we discuss Digital Currencies and their impact and implications. In the second part of the episode, we focus on the Impact of Digital Currencies on the Use of Cash, Financial Stability and Monetary Policy.

Index

00:00 – Introduction

01:31 – What will digital currencies mean for the use of cash?

03:54 – Which traditional cash related risks can digital currencies help to solve?

06:33 – What will be the implications of digital currencies for financial stability?

09:14 – In what ways will the existing regulatory and supervisory procedures need to change?

10:38 - How will digital currencies impact formulation and implementation of monetary policy?

14:05 - Can the Libras (digital currencies issued by the BigTechs like Facebook) challenge central banks’ monopoly over monetary policy?

Part 1 - Taxonomy of Digital Currencies and the Impact on Payments and Settlements

Today’s FNA Talk is dedicated to one of the most prominent FinTech themes of 2020. Together with Daniel Heller from Fnality International, we discuss Digital Currencies and their impact and implications. In the first part of the episode, we focus on the Taxonomy of Digital Currencies and their Impact on Payment and Settlement Systems and Infrastructures.

Index

00:00 - Introduction

01:31 - Taxonomy: How to distinguish between various types of Digital Currencies?

05:55 - Central Banks' response to the non-bank providers of money

08:21 - How are digital currencies changing traditional payment and settlement systems and infrastructures?

11:57 - How to ensure that the benefits of Digital Currencies are not outweighed by their risks?

Index

00:00 – Introduction to FNA Talk

01:34 – Financial Cartography

05:01 – Maps of Trade Networks

10:47 – Maps of Financial Markets

15:31 – Maps of Financial Market Infrastructures