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Pat Patel
Chief Executive Officer, USA, LATAM, Middle East & Africa; Co-CEO, GFTN Connections
Global Finance & Technology Network (GFTN)
Pat Patel is the business CEO driving GFTN’s growth in the USA, LATAM, Middle East and Africa and jointly leads on GFTN’s Forums around the world.
During his time at the Monetary Authority of Singapore (MAS) between 2019-2022, he led the spinout of Elevandi Ltd in 2021, the first iteration of GFTN, building the strategy, plan, team and securing the seed capital. At MAS he led the International FinTech Office, a team which was responsible for building relationships in different jurisdictions between the public and private sectors and driving both FinTech and investment growth.
Pat serves on the board of Mojaloop, an open-source software project of the Mojaloop Foundation. It was created by the Bill & Melinda Gates Foundation’s Level One Project in 2017.
Prior to MAS, Pat led the growth and launch of Money20/20 into Europe in 2015 to become the most the successful and profitable FinTech event in the region and subsequently led the product launch into Singapore and China. In his early career he worked at VocaLink on the world’s first national retail real-time payments system, the UK Faster Payments Service, and built the international strategy for the product and drove opportunities across Asia and Europe.
A seasoned international leader with experience of building products, teams and launches into new markets and leveraging networks to drive positive outcomes.
Speaking At
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4:15–5:45pmMon 16 NovPublic-Private RoundtableRoundtable Room 4OpenModerator
Global Frameworks and Shared Best Practices in Payments Chains
Rethinking Instant Payment Infrastructure from the Ground Up
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Blaise Pascal GasabiraChief Executive OfficerRswitch Ltd
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Clara B. ArthurChief ExecutiveGhana Interbank Payment & Settlement Systems (GhIPSS)
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Irene Arias HofmanChief Executive OfficerMIRA
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John MukonoChief Executive OfficerKenswitch
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Julie GuettaManaging DirectorThitsaWorks
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Mark MunneHead of TechnologyNexus Global Payments
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Musa Itopa JimohDirector, Payments System Policy DepartmentCentral Bank of Nigeria
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Steve HaleyGlobal Director, Mojaloop EcosystemMojaloop Foundation
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Pat PatelChief Executive Officer, USA, LATAM, Middle East & Africa; Co-CEO, GFTN ConnectionsGlobal Finance & Technology Network (GFTN)Moderator
About this session
Most conversations about improving instant payment systems focus on iteration: faster rails, lower costs, broader interoperability. This roundtable asks a more foundational question: are there aspects of how these systems are typically architected that are worth revisiting at the root, rather than only refining at the edges?
Many systems today rely on a model where a payment is sent, and if something doesn’t match up, the two sides exchange after-the-fact messages to reconcile what happened. This reconciliation-heavy approach carries real ongoing cost, and emerging approaches, including early pilot evidence, suggest that dependence on it can be reduced through pre-validation, where payment data is checked and verified before a transaction is executed. Such design choices made early in a scheme’s architecture can shape how easily it extends to full inclusion later.
This session aims to bring together development institutions, instant payments players, central banks, and relevant voices to discuss whether the iterative path – where systems are made incrementally better over time – or the fundamental path – where systems are rebuilt from the ground up – is a more viable solution for national payments systems looking to embark on pre-validation.
The roundtable aims to produce a practical roadmap for countries looking to implement prevalidation across financial institutions. Where available, early pilot data will serve as evidence, discussed frankly under the Chatham House Rule.
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