There are many successful use cases for Open Banking but payments is arguably not one so far. In this article, Volker Schloenvoigt (Director, London) highlights how it might be required for merchants to share some of the benefits with the end consumer to kick start adoption.
In last month’s newsletter, we took a deeper look at Open Banking and the recent successes that various use cases in this ever-developing industry segment appear to have. In many parts of the world, Open Banking has really gathered momentum.
Later this summer, in September, to be precise, the payments industry is celebrating the second anniversary of PSD2 being fully enforced in European markets.
Miriam Wohlfarth, Co-founder of Banxware, a white-label Software-as-a-Service provider for embedded financial services, spoke with Samee Zafar (Director, London). Miriam is a successful FinTech entrepreneur with more than 20 years of experience in payment, banking and eCommerce. During the interview, Miriam outlines her views on Open Banking and how it is changing the financial services landscape in Europe.
Open Banking, which is meant to enable new ways of managing money, whether this is in the shape of payment initiation or account information/aggregation services, has been around as a concept for several years now, and it is fair to say that it is getting traction now.