Daniel has been working in payments companies for over a decade delivering and bringing to market key strategic products. Setting up a Brazilian acquirer from the ground up to establishing a new digital bank has exposed him to multiple facets of the industry, allowing him to bring a unique perspective to discussions. Perspectives he usually delivers in an easy going manner with a good dose of dry humor peppered with food analogies making the most complex of subjects easy to digest by the audience.


Speaker Q&A:


What can we look forward to from your session at Financial Crime 360?

Consumer requirements and need for security are diametrically opposed. All financial services players are now struggling with how to balance the need for security with providing a good user experience. Traditional methods of using static data or fixed stage gates do not offer the flexibility needed to dynamically increase friction in the user experience using a risk based approach. The conversation that needs to take place is which of these dynamic decisions can be automated and what key information a manual reviewer needs to reach a final decision.


Why is the topic important to you and your company? Why is the topic so important now? 

At Ekata, we are hyper focused helping identify good and bad customers based on 5 key PII data elements and how these are being used by that user online. Our APIs provide the real time risk assessment customers need in order to make their risk based decisions on when to step-up friction in the process.


Where are the industry challenges & pain points in Financial Crime area? How can these be overcome?

The main pain point is finding the right balance between tightening the process sufficiently to prevent bad actors from entering the ecosystem and not penalizing the good customers. In our view, it’s about how you can know, with as much certainty as possible and within your own risk appetite boundaries, that 1) you are dealing with a real person, 2) they are indeed representing themselves, and 3) they can therefore be trusted. Using behavioral-driven models based on personal data helps us reach the goal of having a risk-based assessment if we are dealing with a real and the correct person.


Where are the opportunities?

Data. We recognize our own bias in this perspective, but we have also heard from many companies that they don’t trust their own data to drive automated business decisions to stay competitive and stay ahead of financial crime. If these organizations got to a point where they were able to trust their internal data and then evolve to make smart use of enriched data, we would all be able to read the internet’s “tea leaves” and figure out patterns for fraud before revenue loss happens. In a world where 7.9 Billion people will eventually transact, intelligence based on mining data is the only path that will scale.

Develop true value-added features for merchants. In the payments space, having true partners that develop new capabilities with an eye to revenue/profitability but also towards building trusted online platforms for consumers would be a real game changer for the entire ecosystem.


If we could grant you three wishes what would they be?

Delegated authentication in payments / a world without passwords. Enterprises already do this for their workers – for example, we use Okta as a single authority that verifies who we are and the level of access to other applications (MS Office, Salesforce, etc.) Imagine if there was such a place for shopping at your favorite merchants (or any merchant). Log in once (with 2FA), transact anywhere. 

Global standards & regulation, enforceable locally. If you conduct business online, you hope that will work and to be relatively similar anywhere in the world. The digital space is a great equalizer and it forces us to converge both in terms of experience and in terms of security/privacy.

Circles of trust/shared data between issuers, payments + merchants. If we were able to develop trust circles, this capability would simplify the world for consumers and protect them against stolen data/fraudsters.


Where do you see the industry going with this in the future?

We don’t believe in soothsayers, but we think the landscape of players will change drastically as anti-monopoly legislation takes legs in the US (for those global players) and as open banking and funding for payments unicorns continues to increase. The possibilities are endless for clever business people that can move payments companies to be true value added organizations.