What is the background of the Open Forum on Open Banking initiative that will kick on the 21st of November, and what is the leading motivation behind it?
For banks a challenging time lies ahead. Regulations are usually a stabilising factor in the financial services landscape that is under constant pressure to change due to technology, globalisation and changing customer behaviour. With the coming of PSD2, we see regulations popping up as a clear disrupting force, opening up the competitive landscape for banking (related) services. These changes pose great opportunities to create customer oriented solutions, but they also pose a challenge for incumbent financial institutions. Just as well as the increased responsibility for services providers that want to make use of bank data, poses a challenge for third party services providers (often Fintechs).
The open forum wants to bring together bankers, third party service providers and facilitators, to investigate how we can make these new connections work, from both ends. Both banks and new service providers making use of bank data need to align on things like communication standards, security and authentication to make PSD2 work. We believe an open dialog will help understand what is required, and bring together people to work on it.
Who are invited to contribute to the discussion and what is the objective for the first meeting?
Everyone with potentially an active role in the world of PSD2 is invited. We see that currently mostly banks and parties that already work with bank data, like PSPs have the main interest. We are making the atmosphere as open as possible, so diverse parties can learn from each other.
What pressing issues does the community need to address in the short term?
An understanding of the recently published RTS and the implications for all various parties. And the start of the dialogue between banks and non-bank players.
How realistic are the timelines of the RTS that need to be implemented by 2018?
That depends on who you ask. In theory it is well feasible to have a technical solution up and running in time. At the same time there are several things not yet sorted out, that might prohibit parties to start building solutions and agree on standards.
What is the secret of success in the marriage between banks and fintechs?
The most important is the notion that size does not matter, but that different sizes of companies have different operating models, capabilities and cultures. And in cases where the differences appear too big to overcome, it might be wise to work in a supply chain, where a technology integrator plays an important role to bring the parties together and make it work. As long as everyone understands that the difference between parties, that on one hand makes working together hard, is also the greatest asset when the co-operation succeeds.
About Don Ginsel
Don Ginsel is Founder and CEO of Holland FinTech, driving forward global financial innovation, with a strong base in Amsterdam. Before that he was founder of Principe Management, an investor and capital search firm for early stage ventures, as well as mentor and coach through several accelerators and incubators. Earlier he has worked for ABN AMRO and Deutsche Bank, investment firm ICOS Capital and Startup Fuel Up. Don is involved in several initiatives to help startups get funded and grow. He writes blogs and is a regular guest on Dutch radio and TV to discuss Fintech developments.
About Holland FinTech
Holland FinTech brings together people and organisations, who believe that creating a level playing field in the financial ecosystem will drive innovation. And that connecting mature players to innovative startups across borders, will accelerate financial innovation to its full potential. Leaning on the strengths and strategic position of the Netherlands towards continental Europe, Holland FinTech will is building a technology based market place in global financial innovation.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now