BNB Deputy Governor Chobanov Addresses Annual Conference of European Automated Clearing House Association

Speaking at the opening of the 11th annual conference of the European Automated Clearing House Association here on Wednesday, Bulgarian National Bank (BNB) Deputy Governor Petar Chobanov said that Industry 4.0 is primarily digital as regards connectivity, advanced analytics techniques, automation, and cutting-edge financial technologies that are already transforming global business. “This wind of change in the financial and payments industries holds significant promise for the future development of operations and finance in general,” Chobanov said as quoted by BNB.

Each new technology improves and proves to be effective and efficient through its rapid implementation and the steady increase in its user base, the BNB Deputy Governor said. He noted that reliability and trust are the two distinctive characteristics of the implementation process. They provide the framework for the decision-making process of economic actors and should be woven into financial innovations at the design stage, he added.

In Chobanov’s words, Industry 4.0 in the financial sector will prove to be a benchmark for the entire economy’s transition towards a green and sustainable future. He said that the key to the rapid and successful introduction of new technologies is to build trust and ensure user security. Chobanov noted that trust develops when people are given a detailed explanation of how a new technology would benefit them.

This trust has many facets: protecting confidentiality, seamless use and access, prioritizing security, safety, transparency, reliability, and inclusive, responsible, and ethical use of new and emerging technologies, Chobanov said.

“The very essence of the processes of development and implementation of new technologies, the building blocks of their introduction, and the path to a green and sustainable future is summed up in this one word: trust,” the BNB Vice Governor concluded.

The European Automated Clearing House Association’s conference offers 160 delegates from 26 countries in Europe and the representatives of the host company, BORICA AD, a platform to discuss current trends in the payments industry, the impact of artificial intelligence on payments, the interoperability of instant payments across Europe, and joint initiatives to combat fraud.