On Tuesday, the payments industry was told it must catch up with other digital technologies, while security professionals warned Sibos delegates that the war on cyber crime could be unwinnable.</p> Overall, delegates considered some of the toughest issues currently facing financial services yesterday, and Sibos Issues</a> was there to capture it.</p> The day’s big issue debate considered the threat of cyber crime that has grown exponentially in recent years. McKinsey & Company’s James Kaplan warned that the war against technologically advanced attacks from not just criminal gangs, but also nation states and terrorist groups, may be a never-ending one.</p> Though the message seems bleak, the industry is waking up to better ways of detecting and dealing with these threats to minimise their impact on consumers, business and reputations.</p> While cyber security is often seen as being at the cutting edge of technological developments, the payments industry was criticised at the Market Infrastructures Forum for lack of timeliness.</p> Katja Lehr of PayPal said consumers have become so used to instant gratification across digital channels that it is simply no longer realistic for payments to be processed hours or even days later. In an age where you can buy a product and have it delivered by drone within an hour, payments can seem sluggish by comparison.</p> In the first session of the Compliance Forum, Adam Szubin from US Department of the Treasury’s Office of Foreign Assets Control, explained his agency’s approach to financial crime compliance, while later in the programme banks showed support for collaborative and utility approaches.</p> Tuesday also saw the world’s largest global custodians consider how their businesses, as the foundation on which the rest of the financial services industry is built, can continue to evolve to ensure their customers can serve new asset pools and markets in the future.</p> </p>