Money 20/20 – The place where money does business
OBE’s panel session, “Open Banking Crossroads: The Global Regulatory Roadmap” kicked off the open banking discussion on the Summits & Bar stage. Featuring Ashwin Vasan from FS Vector and Henk Van Hulle from Open Banking, this session set the tone for a series of insightful conversations about the future of open banking regulations globally.
Open banking was a central theme throughout the conference, with significant discussions on its potential to revolutionise financial services by enhancing consumer control over financial data. The Consumer Financial Protection Bureau (CFPB)’s proposed rule changes aim to accelerate open banking adoption in the US, signalling a shift towards a more decentralised financial market structure. Sessions also focused on leveraging existing technologies, such as account-to-account payments and integrating open banking with point-of-sale (PoS) systems, to create seamless retail experiences. The trend towards collaboration was evident, with partnerships like Barclays with MarketInvoice and Wipro with Plaid showcasing the industry’s shift towards cooperative innovation.
London Tech Week 2024
The event showcased cutting-edge technologies like facial scan payments and voice-activated online form completions, underscoring the importance of innovation and cybersecurity in the evolving fintech landscape. Discussions on overcoming market-specific regulatory hurdles and learning from the UK’s open banking experience were key highlights.
OBE was in attendance as I joined a panel discussion on “Open Banking and the Rise of Embedded Finance”. I was joined on the panel by Stefano Vaccino, Founder and CEO of Yapily, and Ben Thirlwall, Head of SaaS platforms EMEA at Stripe, and the discussion was moderated by Dina Rudaka, CEO at TPF | The Payment Factory. We delved into the integration of financial services into everyday apps, balancing convenience with data privacy and navigating regulatory challenges.
This is too good an opportunity not to share a little of the backstory of OBE and to thank Stefano and the Yapily team specifically. OBE started with 38 fintech pioneers in a room, drinking warm wine and discussing open banking. Funded by Stephen Ingledew OBE at FinTech Scotland, the atmosphere was electric, leading to the birth of OBE.
Yapily played a crucial role in our early days, hosting many of our initial campfire meetings and encouraging the ecosystem with their support. Stefano was instrumental in our growth, and we are immensely grateful for his contributions. It was great to be back with him, talking about a topic dear to both of us.
Open Banking in a Box: Empowering businesses and regulators globally
“Open Banking in a Box” is a first of its kind programme to support regulators with capacity building and ecosystem development in parallel pathfinding for UK businesses with new market access opportunities leveraging the UK’s leadership in open banking.
By providing access to OBE’s global community of top-tier talent and market expertise, “Open Banking in a Box” ensures a smooth and informed journey through the complexities of open banking.
Discover how OBE can support the development and growth of open banking ecosystems globally and provide strategic market access for UK businesses looking to maximise their international footprint.
Bankwatch 