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12/16/2024
Why More Connectivity Means More Vulnerability for Cross-Border Payments
PYMNTS
Today’s interconnected world is, well, increasingly connected. Fundamentally, that means it relies on trust.
In the contemporary era dominated by digital payments and financial innovation, advances and threats alike are not isolated but interdependent. The complex reality of digital payments innovation can in some ways amplify the potential for systemic vulnerabilities that can erode that trust.
Within the payments landscape alone, credit risk, payment risk, counterparty risk, fraud, security risk and compliance risk are among five of the biggest threats to maintaining trust.
“All of them keep me up at night,” Akbar Hussain, co-founder and general counsel at TerraPay, told PYMNTS during a discussion for the series “What’s Next in Payments.”
“Each [risk vector] acts on the other. It’s like if someone has a terrible accident in a swimming pool, it doesn’t affect the neighbor’s swimming pool. But if the neighbor has a COVID infection, it affects everyone,” Hussain said, stressing that as payment ecosystems grow increasingly complex, no risks exist in isolation.
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