Versapay CEO Joins NASDAQ TradeTalks For Discussion on AI's Role in Data Security, Privacy, and Regulation

The panelists engaged in a broad discussion of digital payments, emphasizing the emerging role of AI in payment automation and the collaboration between secure data practices and AI technology. The discussion highlighted the importance of AI in enhancing data security and mitigating risks posed by malicious actors, underscoring its potential to foster societal benefits when used responsibly.

When host Jill Malandrino asked, "Carey, you pointed out that trust, inclusivity, and secure identity ecosystems can protect and promote economic growth. What do you mean by that?"

Kolaja responded, "I think data is the core at how we can make different decisions in order to help people get the goods, the services, the assets they need instantaneously. Think of the Red Cross needing to move money to Myanmar or tornado relief in the US. If we understand who somebody is, how they were impacted, and what they were entitled to, we can do that through data—data that is harmonized, not just data that is sitting in these different repositories—and we can enable business to be more successful and enable citizens to live the lives they want to live.

Take unemployment insurance, for example. When COVID happened there was potentially hundreds of billions of dollars misappropriated or misused because businesses and individuals pretended they were someone they were not or were impacted in ways that they were not. Think about how that money could have been better appropriated to other aspects of our society and the problems that we have to solve. That’s where I think trust, transparency, and using information in the right ways and protecting it against the bad actors can actually spur economic growth."

The conversation went on to explore the complexities of navigating data and payment regulations in a globalized world, noting the challenges organizations face in integrating AI amid societal and governmental uncertainties.

Panelists explored how AI application vendors are leveraging sensitive data and collaboration within ecosystems to unlock value, yet acknowledged that AI is not a panacea, particularly in addressing lingering issues like B2B transactions still reliant on traditional methods such as check payments.

The discussion also underscored the necessity of safeguarding citizen rights, including privacy and freedom of speech, in data rights legislation, proposing a paradigm where individuals own their data and its implications on supply chain dynamics.

Learn more at NASDAQ TradeTalks here.