Bios
Olegs Cernisevs, CTO, Blackcatcard
As the Chief Technology Officer of Blackcatcard, Olegs Cernisevs drives innovation in product development and technology optimisation. His extensive background spans banking and payment services, with notable roles at PrivatBank, First Swiss Card and the Acquiring Committee of the Association of Commercial Banks of Latvia. Olegs has played a pivotal role in shaping IT projects for various European financial institutions.
Viktoriia Degtiarova, CCO and Co-Founder, Paysecure
Viktoriia Degtiarova is a seasoned marketer with over 10 years of international expertise, predominantly within the dynamic digital gaming industry. With a notable track record in leadership positions at LeoVegas Group, PokerStars, and Genius Sports Group, Viktoriia is passionate about introducing innovative products to the market and driving their reach across diverse geographies, languages, and cultures.
Simon Dorsen, CCO, Okto
Simon Dorsen is CCO at OKTO. A Senior Commercial Manager with 17 years’ experience in both the gaming and payent sectors. Dorsen previously held senior roles with Trustly, GTech and IGT, where he established the companies’ first omnichannel sales team, and has a strong background in commercial development, strategy and project management.
Paul Kavanagh, CEO and Co-Founder, MiFinity
With over 30 years of experience across diverse industries, including telecommunications, online payments and manufacturing, Paul Kavanagh is a recognised leader in the fintech space. Under his strategic leadership, MiFinity has rapidly grown, expanding its customer base to 850,000 users across 224 countries, and introduced innovative payment solutions like PayAnyBank and the MiFinity eWallet.
Zak Cutler, President of Global Gaming, Paysafe
Zak Cutler is an online gaming executive with a proven track record in strategy and corporate development. Before joining Paysafe in 2021, Cutler worked at both Jackpocket, an innovative app enabling players to buy US state lottery tickets online and DraftKings, where he was responsible for all product initiatives related to payment processing, US compliance, and international expansion.
Questions
How has increased regulation within payments helped to create more opportunities for innovation?
Olegs Cernisevs:
Increased regulation, such as the Digital Operational Resilience Act (DORA), has fostered innovation by pushing fintech companies to adopt a more forward-looking and integrated approach to risk management. Fintech firms are not only addressing regulatory compliance but are also using regulations as an opportunity to enhance their Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs) to improve services. The need to balance compliance with performance has led to innovative solutions, such as advanced cybersecurity systems and more resilient ICT infrastructures. This enables companies to differentiate themselves in a competitive market, as effective risk management becomes a major advantage, driving sustainable growth and customer trust.
Simon Dorsen:
Increased regulation within payments has been a powerful driver of innovation, compelling payment providers to develop more secure, efficient and compliant solutions. The need to adhere to stricter regulatory standards has accelerated the adoption of advanced technologies like biometrics, AI-driven fraud prevention and real-time data analytics. These innovations enhance security and transparency, while fostering the growth of instant payments, integrated ecosystems, and personalised experiences that elevate user satisfaction and this is what we at Okto always follow. Moreover, a comprehensive 360-degree approach is essential, ensuring that merchant partners are well-prepared to navigate evolving regulations. This includes operational continuity, financial planning, and maintaining an optimal user experience. By integrating compliance into their strategic planning, businesses can stay ahead of regulatory challenges, driving innovation while safeguarding customer trust and delivering seamless, secure payment journeys across multiple regions.
Paul Kavanagh:
Increased regulation is always a catalyst for innovation; it can be a real sink-or-swim moment for businesses to adapt, evolve and find creative solutions. Regulatory frameworks like PSD2 have required businesses to rethink their payment approach, emphasising security and transparency. This has driven the creation and adoption of new technologies like biometric authentication, more robust encryption,and open banking APIs, reshaping how consumers interact with payment systems. At MiFinity, we see regulation as not a barrier but an opportunity. We can push the envelope on customer experience and trust by adhering to compliance requirements. As a payments provider in the iGaming industry, we’ve embraced these innovations to provide more secure, seamless, and user-friendly payment solutions, giving operators and players the confidence they need to transact easily.
Zak Cutler:
It’s important to emphasise that the online payments space for iGaming has long been strictly regulated by financial and gaming regulators across all the major jurisdictions. These payment restrictions have stimulated player demand for alternatives to credit cards. While debit cards dominate payment preferences in markets like the UK where credit cards aren’t an option, our research indicates strong interest in alternative payment methods (APMs) like digital wallets and even eCash as well as pay-by-bank options. This demand has certainly galvanised innovation from payment providers – whether it’s upgrading digital wallets to support instant deposits or leveraging open banking to enhance speed and security for pay-by-bank solutions.
Viktoriia Degtiarova:
Regulations are often perceived as restrictive in the payments sector, but I personally think that they create new opportunities for businesses, fintech companies such as Paysecure, and consumers. Here are several reasons why: Regulatory frameworks like PSD2 in Europe mandate strong customer authentication and secure transaction protocols, new products due to the open API economy: This creates a foundation for innovative fintech solutions that build on top of traditional banking infrastructures, breaking Monopolies of Visa and Master, regulations have also pushed for more standardised and interoperable systems especially in cross-border payments, alternative payment models/methods, and country specific real-time payment systems.
Has evolving compliance measures led to overall growth in the payment industry?
Simon Dorsen:
The need to adhere to stricter regulations has prompted investments in advanced technologies and cutting-edge solutions that streamline payment processes while ensuring regulatory compliance. This shift has created expansive opportunities for fintech companies and payment service providers specialising in compliant solutions, fostering industry growth. Moreover, businesses that prioritise compliance enhance their reputations, attracting a broader customer base. Meeting new regulations – covering essential laws, industry standards and best practices – ensures the security and integrity of financial transactions, protecting both consumers and businesses from fraud. Compliance also bolsters transparency and accountability, helping to prevent money laundering, terrorist financing and other illegal activities. This not only builds user confidence but also enhances a company's standing in the market, mitigating risks related to penalties, fines and legal consequences.
Zak Cutler:
Compliance measures for operators and the payment service providers that serve them are constantly evolving and it’s difficult to correlate such changes with the growth of the iGaming payments sector per se. What is clear is that the global regulated iGaming space continues to expand at pace. Against this backdrop, players’ online payment preferences continue to diversify. While cards are still king, their popularity is increasingly rivalled by APMs like digital wallets, pay-by-bank open banking solutions and eCash, as well as local payment methods (LPMs) only available in a particular jurisdiction like Venmo in the US or Canada’s Interac e-Transfer in Ontario. As mentioned, players’ adoption of APMs and LPMs tends to be more pronounced in markets where credit cards are restricted, though they are enjoying broader growth as well.
Viktoriia Degtiarova:
Absolutely, evolving compliance measures have pushed the payment industry to step up its game. Regulations like PSD2 didn’t just encourage banks to share data — they required it, paving the way for fintechs to step in and disrupt the space. Compliance isn’t just a dull necessity; it’s the reason behind innovative payment solutions, real-time transfers, and secure transactions. In many cases, compliance forced companies to innovate or risk falling behind. For example, standardised regulations, such as ISO 20022, have promoted the development of interoperable systems, streamlining cross-border payments and encouraging innovations like blockchain-based remittance services and digital identity verification. Compliance frameworks have also enabled the rise of new payment methods like Buy Now, Pay Later and subscription-based payments. These models offer new ways to integrate payments directly into the shopping experience, which wouldn't have been possible without clear legal frameworks ensuring consumer rights and fair practices.
Olegs Cernisevs:
Yes, evolving compliance measures like DORA contribute to overall growth in the payment industry by promoting structured risk management frameworks and fostering a more resilient operational environment. As fintech companies comply with new regulations, they not only mitigate risks but also improve operational efficiency, making the sector more attractive to investors and customers. The increased focus on technology risk management ensures continuity in services and strengthens the fintech ecosystem, driving sustainable growth.
Paul Kavanagh:
Absolutely. Evolving compliance measures have created a safer and more robust environment, which has directly contributed to the growth of the payments industry. Naturally, as regulations tighten, businesses have had to adjust, but it creates a level playing field where trust is at the forefront. For example, players in the iGaming sector expect secure, compliant payment methods that protect their data and money. When we meet those expectations, consumer confidence and growth increase. At MiFinity, I’ve seen firsthand how adherence to evolving standards has allowed us to expand our reach and attract users who may have previously hesitated to engage with digital payment methods – beyond traditional banking services.
Has increased payment regulation put more focus on improving the customer journey?
Simon Dorsen:
Starting off, a seamless payment flow is essential for customer satisfaction; lengthy processes and excessive information requirements can lead to frustration. By offering convenient payment options – such as contactless cards, mobile wallets, real-time eVouchers and region-specific payment methods – businesses can enhance the overall customer experience. As regulations prioritise consumer security, they play a crucial role in the customer journey. Secure and transparent payment processes foster trust, allowing companies to develop user-friendly systems that minimise friction during transactions. Enhanced compliance measures streamline operations and create reliable payment solutions, which in turn boosts customer satisfaction. In today's fast-paced digital environment, customers are understandably concerned about the safety of their online transactions. By implementing robust security measures, such as fraud protection and encryption in line with payment regulation, businesses not only reassure customers but also cultivate loyalty, encouraging repeat business and fostering long-term relationships.
Zak Cutler:
Today, operators have very high awareness of the essential role payments play in all aspects of optimising the customer journey. When it comes to player acquisition, payment factors are some of the most crucial and impactful. Payout and deposit speeds, as well as availability of a player’s preferred payment method at the cashier are all vital in converting players, according to our research. And a streamlined payment experience with minimal friction is also of utmost importance in maximising player retention and reducing churn. That said, in markets which restrict certain payment methods like credit cards, operators are perhaps even more focused on payments and the customer journey. This includes ensuring their cashier has a comprehensive range of payment methods, including APMs and LPMs, to offer as an alternative to credit cards.
Olegs Cernisevs:
For customers, the payment process has remained as simple and fast as before, with no noticeable changes in their experience. All the complexities introduced by increased regulation occur on the backend, hidden from the end user. We focused on ensuring that these regulatory requirements are met without disrupting or complicating the customer journey, allowing users to continue enjoying seamless and efficient services.
Viktoriia Degtiarova:
Instant Payments Regulation (IPR), adopted in July 2023, has notably improved the customer journey in several key ways: Speed: Instant credit transfers must be executed within ten seconds, providing rapid access to funds for customers at any time, Security: The introduction of a "verification of payee" service enhances transaction security, helping customers confirm the recipient’s identity and reducing fraud, Consistency: Uniform rules across the EU streamline cross-border transactions, making the payment process simpler and more reliable for customers, and Accessibility: All payment service providers are required to offer instant payment services, increasing options for consumers. These changes collectively lead to a faster, safer, and more convenient payment experience for users.
Paul Kavanagh:
Yes, although MiFinity has always focused on the customer journey, I’m proud to say we’re continuously improving our platform to make it more secure and user-friendly. However, increased payment regulation also pushes payment providers like us to refine our offerings. For example, Strong Customer Authentication (SCA) and other compliance measures have forced the payments industry to rethink how we streamline security without compromising ease of use. In the iGaming space, fast, frictionless transactions are crucial. However, regulations can introduce additional steps, creating friction. That’s why we’ve invested heavily in our products and platform, enhancing the user experience to build loyalty and engagement.
Does increased regulation within payments lead to greater trust from customers?
Olegs Cernisevs:
In the short term, increased regulation is unlikely to have a direct impact on customer trust. Most customers are unaware of or indifferent to the industry’s standards and procedures. Trust is an emotional matter, and simply having a well-functioning AML and KYC system is not enough to build it. What truly matters is a combination of transparent communication, reliable service and a strong focus on customer experience. Building trust requires ongoing effort, including maintaining open dialogue, providing personalised support and consistently delivering secure, high-quality services that meet customer needs. This holistic approach, combining communication with operational excellence, is key to fostering long-term customer trust.
Viktoriia Degtiarova:
Increased regulation in the payments industry acts as a trust enhancer for customers, even if they don’t always realise it. Regulatory frameworks like PSD2 have introduced strong authentication measures, making transactions more secure. While this undoubtedly boosts safety, the complexity of some processes can be overwhelming for less tech-savvy users. Regulations also ensure that customers can easily dispute unauthorised transactions, providing clarity and guidance through the process. In terms of reputation, these regulations help weed out bad actors, improving the overall trustworthiness of the industry. However, it raises the question: if these rules were needed to enforce ethical behaviour, what issues might have existed beforehand? So, yes, increased regulation might lead to a little more trust, but it feels like a lot of companies only get their act together when they have to. It’s essential that companies build credibility proactively, rather than solely in response to compliance requirements. Trust should be inherent, not something mandated by regulation.
Simon Dorsen:
Yes, increased regulation within payments significantly enhances customer trust. As consumers become more aware of the risks associated with digital transactions, regulatory measures that ensure security and compliance play a critical role in fostering confidence. Stricter regulations enforce standards for data protection, fraud prevention and transaction integrity, which ultimately reassure customers that their financial information is safe. When businesses adhere to these regulations, they demonstrate a commitment to transparency and accountability, further solidifying their reputation in the market. Customers are more likely to engage with payment systems that prioritise compliance, knowing that they are protected from potential fraud and other illegal activities. Moreover, regulatory frameworks that mandate secure payment processes build an environment of trust, encouraging customers to transact with confidence. This trust not only leads to increased customer loyalty but also drives repeat business, making compliance an essential component of a successful payment strategy. Ultimately, increased regulation is instrumental in cultivating a secure and trustworthy payment landscape.
Zak Cutler:
As mentioned, payment providers serving iGaming operators have long been regulated by financial and gaming regulators across the world, so players’ trust in the financial security of transactions is relatively well-established and appears to be improving. Our 2024 ‘All the ways players pay’ iGaming research revealed that 57% of European and North American online sports bettors were more confident in the financial security of their transactions than a year ago, with just 10% less confident (and the remainder on the fence). In addition, many iGaming-focused payment solutions like our Skrill, Neteller and Paysafecard solutions have high brand recognition among global bettors, meaning their availability at newer brands’ cashiers could also serve as an endorsement for its potential customers.
Paul Kavanagh:
Most definitely. Just as grey markets in the iGaming industry are often met with suspicion, consumers feel more confident in payments when they know the process is regulated. At MiFinity, we firmly believe compliance is central to building customer loyalty. By adhering to regulations and maintaining transparency, we assure users that their personal and financial data is secure. This trust is crucial for driving repeat business and building long-term relationships. It also positively impacts the iGaming sector as a whole, as it creates a more secure and trustworthy environment, encouraging more players to engage and feel confident in the services provided. Ultimately, it raises the standards across the board, benefiting operators and users.
