Carlos Figueredo CEO/Founder at Open Vector Limited
Last week, the CMA released a report on the status of open banking after 2 years in place in the UK. This blog will reflect and challenge the comments from the blog “Open Banking year two: Insights from the CMA9” and what the various banks perceive as progress. To set the tone, none of us who were part of the original team under the first trustee a...
24 January 2020 /payments Open Banking
The appearance of open banking created an immediate concern within the banks as they would now have to share customer data, competition from challenger banks, etc. Even though it is a well-known statement these days that “innovation will come with or without the banks” most banks (if not all) are still thinking that innovation will not affect them...
14 January 2020 /payments Open Banking
Open Banking – Big Tech’s in Banking? Nothing new. There was a very strong article last week titled “Big Tech’s Invasion of Banking” which illustrates how Silicon Valley is waking up to the benefits of going after the financial sector. The one thing that creates risk is regulation and how to control their movements but the scariest thing by far is...
06 January 2020 /payments Open Banking
In a December 20th article titled, “Without Open Banking regulation, banks and fintechs clash in the US” (*), we get a taste of the first issues that are arising in the U.S. of trying to work in a somewhat open banking space without regulation. One of the issues mentioned in the article relates to aggregators in the U.S. being blocked by banks tha...
30 December 2019 /payments Open Banking
Open Banking – A 2019 Summary Open Banking has been regarded by the financial sector as the most revolutionary movement since the credit card. In 2017, none of us involved in the creation of open banking in the UK, ever thought that it would be globally adopted and so important that, if implemented for all the right reasons, could impact social a...
23 December 2019 /payments Open Banking
It is no secret for those of us involved in UK open banking from its start that top UK Banks have and continue to drag their feet to truly meet open banking/API performance expectations as confirmed by the Finextra news report from APImetrics. While this report is sadly not completely news, it confirms the lack of commitment from UK’s top three. ...
06 May 2019 /payments Open Banking
(Due to my travels to various countries advising and speaking on open banking, I will be publishing a series of posts on this subject and how it is being embraced globally.) Background In 2016, I was asked to be head of data standards for the open banking Implementation Entity (OBIE) which was undoubtedly the most difficult assignment I’ve been a...
30 April 2019 /payments Open Banking
Last month I spoke at the Nordics NextGen conference in Stockholm. The topic was open banking and PSD2 with a truly great panel, moderator and a full house of intertactive 400+ attendees and my first Nordics visit with open banking experience under my belt. There were two key learnings that I took away from my time there. 1) Clients at the for...
14 December 2017 /payments Open Banking
It’s no surprise to anyone in the financial community that SIBOS is by far the most relevant global networking event of the year. Not only was Toronto a great city to host it this year but open banking was the topic many of us were keen to see if there was interest from the banking and fintech community. At this SIBOS I was invited by SWIFT to be ...
06 November 2017 /sibos Open Banking
It is no secret that the PSD2 regulation will open up the playing field to Fintechs and to the creation of AISP’s (Account Information Service Providers) and PISP’s (Payment Information Service Providers). Banks will have to share account information from their clients while PISPs will be able to generate payments on behalf of an end user. While ...
21 August 2017 /payments SEPA and European Payments
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.