Paolo Pelizzoli, EVP & COO of International Realtime Payments discussed “How Countries Have Adjusted Their Payment Strategies Due To COVID19 and The Implications.” The summary of Paolo’s presentation and his bio are below.
COVID19 pushed necessary evolution in payment strategies ahead of the anticipated innovation timeline
- Merchants refusing to accept cash (because of germs + availability)
- ATM and check use is down globally
- Online shopping is up (due to lockdown + improvements in delivery)
Large proliferation of Mobile Banking
- Limits increased for Contactless Cards
- Payment Immediacy is still complex (security, permissions, on-boarding)
- Users are looking for more seamless mobile payment apps across accounts (ApplePay, SamsungPay, etc)
Layers of Money Movement
- Governments need to adopt financial inclusion initiatives to unlock payment opportunities + increase flow even across “unbanked consumers”
Participants Across Card Network:
- Consumers- purchase goods + services
- Merchants- provides goods + services
- Acquirers- manage network of merchants
- Issuers- certify funds and move $
Cards vs. Request to Pay vs. Alternatives
- Cards (Pay now, pay later)
- RTP (open banking, allows for third party participation)
- Wallets + beyond (digital wallets- IoT, ApplePay, Blockchain, distributed ledger technology)
Consumer Expectations
- Choice across tools- varies across personal preference and generations
- Ease of onboarding
- Security (financial, digital identity protection)
Upcoming development (1-5+ years)- adoption and support of legacy migration is key to success or blockers to progress
- Voice payments
- Biometrics- Smile pay, facial recognition
- Sound- beyond human hearing
- 5G-enabled devices tying to payments network
- Blockchain/Distributed ledger technology- requires speed and economical adjustments
- Monumental increase in IoT- connected fridges, Alexa devices, etc.
Paolo Pelizzoli’s Bio
In December 2017, Paolo Pelizzoli joined Mastercard International as EVP and CTO of Global Enterprise Architecture. His role included architecting the Network of the Future which contains ‘Next Edge’ and ‘Next Switch’ assets, as well as looking at synergies across the multitude of systems that exist in the company. In January 2019 Mr. Pelizzoli was asked to take an assignment as EVP and COO of Vocalink (NPP) International based in London. The task includes rolling out Immediate Payment Systems to countries around the globe. Paolo runs all account-to-account payments for Mastercard globally. His role includes running all Operations and Technology for country payments with additional value added services that both extend financial inclusion and consumer/bank protections.
Paolo has worked in the Finance world since 1985 in all aspects of technology ranging from Fixed Income back-office processing to Front Office Trading technologies. He worked at leading financial institutions during his tenure including UBS, JPMorgan Chase, Bank of America Merrill Lynch, American Express, SCMB, Sumitomo, General Electric Finance, Wells Fargo. Paolo has worked extensively as a Middleware and Integration specialist since 1995 at New Era of Networks (NEON), Global Integration Technology (GlinTech) and TIBCO, helping to guide and in many cases formulate technology strategies that help customers both realize and achieve their business and technology goals of being controlled yet nimble when it comes to identifying opportunities and acting upon them using technologies available in the market place.
Paolo joined Broadridge Financial Solutions in 2011 as the VP of Architecture. His experience spans greater than 30 years in Finance and Technology. His role as Chief Architect and Head of Innovation at Broadridge allowed him to direct the design and implementation of complex systems with the goal of aligning them to the overall Technology Strategy. He was responsible for laying the foundation for the next generation of systems in Broadridge including their ‘Commercial Cloud’ strategy and newer technology offerings like Blockchain and Machine Learning and Portfolio Performance Reporting.
