The Application of Digital Twins within Payment Systems

 

With:

| Kimmo Soramäki (FNA)

| Martin Kyle (Payments Canada)

 

Martin Kyle, Chief Information Security Officer at Payments Canada, joined FNA’s Kimmo Soramäki to discuss the value of Digital Twins and how digital replicas of payment systems are accelerating the ability to design better systems, reduce developmental costs, increase the speed of deployment and enable smoother regulatory approvals. Kimmo will also share insight into how this technology applies to other financial areas, including CBDC development and liquidity management.

 

The session covered:

  • Digital Twins in the context of financial services and what use they offer
  • How closely can a Digital Twin replicate an existing system
  • How Digital Twins support the function of an FMI
  • Examples of projects where Digital Twins have delivered value to payment and settlement systems
  • The data required and the purpose it serves
  • Digital Twins and new innovations such as CBDCs and Digital Currencies
  • The requirements to develop a Digital Twin Capability

 

Watch on-demand:

 

Session #12 Guests

 

Kimmo Soramäki 

Founder & CEO, FNA

Kimmo has been working with Central Banks for over 25 years. This work led him to found FNA in 2013 to solve important issues around financial risk and to explore the complex financial networks that play a continually larger role in the world around us.

Martin Kyle 

Chief Information Security Officer, 

Payments Canada

Martin Kyle is the Chief Information Security Officer (CISO) at Payments Canada. He is responsible for the organization’s corporate security program, including both cyber and physical security. Prior to joining Payments Canada in 2017, Martin held a similar role in the cooperative sector of Canadian financial institutions. He also has a deep background in technology development, implementation, and oversight. Martin is President of the National CISO Division of the CIO Association of Canada. He is also a Senior Member of the Association for Computing Machinery, a Certified Information Systems Security Professional, and a Certified Secure Software Lifecycle Professional. Martin holds a Bachelor of Science degree from Brigham Young University with additional graduate studies at Simon Fraser University.

 

 

Missed our previous sessions?

 

You can catch up with The Payment Systems broadcast on-demand. View all episodes >

 

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