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Financial IT speaks with Ed Medcalf, VP Business Development at Konsentus at Sibos 2019, London.

We’re. Also, seeing the larger players, the the major accountancy firms and the the the big tech firms driving their messaging as well and seeing what they can do to disrupt the banks that have been established for hundreds of years and that’s an incredibly interesting opportunity for us.

We’re showcasing where there’s an air gap between regulation and banks, common sense or financial institution common sense, so banks at the moment have no defense if a third-party provider wishes to access their customers data and if they allow that third-party provider to access their customers data. If that third party isn’t allowed to do that in a regulatory way, then the bank has committed a breach, so our product, our service, is a one.

Stop one API call in order to allow the banks or the financial institution or the forex company or the EMI in order to be able to do that to check whether that third party is regulated, certified valid alive and allowed to do what they say. They’re allowed to do these latest news from consensus is that we have been funded by mastercards in our pre series, a around our seed funding round, and that enables us to expand our team throughout Europe.

We see that the opportunity for consensus is not just European. We see it as being a global opportunity. We also see that it’s not not just an open banking opportunity. We see it as an open finance opportunity and that might may be utilities. It mainly taxes. It may be the whole gamut of ideas beyond finance. So, therefore, we want to be able to expand into those spaces and be prepared for when regulatory bodies allow access from third parties in other areas than the ones we’re currently in payment industry in the next year is going to be very interesting, open banking is there Some people are waiting for it to lift off some say it’s already off the ground, but again, I think open finance is what going to come alongside it very quickly and possibly overtake it.

We think there’s a massive opportunity to expand beyond the standard message of purely checking banking, third parties, and we think that the regulatory opportunity there is massive and that’s what consensus is here to expect, exploit and we’re here to make sure that banks, financial institutions and other Industry members are all there to understand it. This goes beyond the the the pure play financial institutions.

We know that foreign banks, we know that exchange companies. We know that currency companies need to be aware of this message. We think they’re not aware of it. At the moment when they are they’re going to realize that, in order to get compliance, they need to be talking to somebody about how they regulate, who is coming in and accessing their systems.

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Eleni Coldrey, Business Development Director – EMEA, Equinix at Open Banking Expo 2019

What’s next now that we’re beyond compliance in the UK. So listening to the buying sandwich’ fintechs and the key service providers as to where their focus is going to be going into 2020, I think you know we’re going to be hearing a lot about how we drive customer adoption and in order for that, to really take Off we’re going to have to make sure that the end-user experience is is really performant and so themes around securing the open banking process and creating a really robust and resilient infrastructure that it can rely on are going to be key both in the retail space for Consumers, but also, interestingly, into the corporate space Equinix is the global leader in data centers.

We operate colocation and interconnection services and across our global platform we have over twelve hundred and fifty financial services companies and we hear from them on a daily basis that they’re looking to expand their ecosystems and clearly open banking is a key part of that. So we’re interested in understanding who our customers need to connect to what technology partners, what FinTech partners and bringing them together in a in a performant, secure environment.

It combines both the legacy technology platforms of the incumbents plus the cloud native environments of the FinTech players that are bringing innovative solutions to the market, so we’re effectively acting as a bridge between the old and the new world to enable the new generation of banking and Payment services, including an open banking, that’s an interesting question: Equinix is a global player, and so we see different trends emerging in the different regions we play in across the Americas across amia and over into Asia.

Pacific to drivers for open banking are different here. It’s a very compliance, driven and PSD to regulation and in other territories, it’s more driven by the industry itself as a strategic advantage, something that they actively want to pursue to differentiate themselves in the banking sector, for example. So we see some really interesting initiatives popping up in the US. I think Asia is a key market for seeing a lot of the innovation, particularly given the digital adoption at the consumer level, so um.

So, yes, it’s it’s an interesting worldwide picture, but I think every region is learning from each other. I’m sure there’s many predictions out there in terms of what we might expect in 2020. I think we’re going to see continued investments in enhancing the existing platforms in the banking sector. There’s still a way to go in terms of managing the the massive data that our incumbent banks, holes and once that is managed, then we can start to see interesting use cases around data analysis, so artificial intelligence and machine learning.

So I think that will be a key topic for the banking sector and that will continue to push into cloud adoption. And then I think in the FinTech space were already seeing some interesting use cases Ropin banking. But for me the real ones to read will be in the corporate and the SME space to see how that innovation really plugs into production environments and how corporates can really start leveraging the data and the insights that that the sector can offer them.

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Financial IT interview with Ioana Guiman, Business Development & Managing Partner of Allevo

We are celebrating 20 years of age this year, so we’re quite a mature business that have grown organically and we’ve been serving banks and other types of financial institutions from the very beginning, helping them automate their payments laws and achieve integration between their core banking systems and External market infrastructures, without our main focus, we very recently enrolled a new strategy that fresh out of the oven last year, and it defines us as a very customer intimate business, and that means we work very closely with our customers to understand what issues they actually have And what problems they also want us to solve, and that provides us with a lot of insight that allows us to develop our applications to provide not only compliance to their requirements, but also solve other issues.

Last year, for example, I noticed a lot of talk on the stage about cryptocurrencies and blockchain technology and applicability of that in financial services, a lot of talk behind the scenes about ideas that was not exactly on stage this. I have seen a bit of shift towards more focus on AI on artificial intelligence, and how can we best use the benefits of these types of technologies in financial services and how, on the other hand, do we protect ourselves from the bad things they bring with them? Cyberattacks and data privacy and all the type of so a levels solution for PSD to compliance enables the band to do a number of things.

First is obviously offering compliance to fill the PDP regulation, and that is, it manages the managing requests coming from payment initiation and account aggregation service providers on behalf of the final customer and processing all this type of communication between the data the bank has and is allowed To share with this third-party providers and them even allows a bank as the next step, to authorize itself as a PhD or a ISP and offer more value to the customer, and it allows the bank.

More importantly, I think to pursue the bank as a marketplace model where the bank itself and third-party developers can bring up into the API store and thus have diversification of product that they offer to people to become more relevant. And I think, a solution that enables that such as ours is what they should be looking at and, lastly, they also bring the merchant echo system closer and back to appoint the trust which is the bank.

One thing that is very different is that we work very closely with our customers to and started early last year, early 2017 to see how they perceive this regulation and what they want to do with it. But what we found is that they all have understood what the regulation said. They all have been part of the conversation and no, they knew all the implications that it had, but they had no idea how to go ahead and implement and collecting this feedback from our banks, our customers.

We were able to come back with them by midlist next year, with demo of this is how we think you should start to go ahead with it, and while doing that, we took into account not only their feedback but inside on the technologies they were already using In-House outers for strong customer authentication, for example, we wanted to be as this less disruptive as possible when bringing in a new architecture.

So we wanted to reuse the bits and pieces that were already available with the banks, and now we are very happy that we moved even further and we are running two books of concepts with two very important local bugs that I hope to be able to announce. Very soon there has been a lot of talk about, in fact that will replace pants and obviously no not everyone believes that truly the the truth is. I think that the need for payments to be solved has been cracked by a lot of feedbacks, so people have the needs for payments to be cheap, very fast, cross-border, with very small exchange rates with very small fees.

Banks have not done that yet, but then again, fintechs have not managed to do all that just on their own, so they are using the bank, rail, the bank infrastructures and the network of banks to be able to achieve this level of seamlessness. So I think we will see a lot of regulation that will target this in declare to bring a level playing field in the industry and more collaboration and more partnerships between banks, and things like to work together to actually give me something that actually needs.

As a user of their services,

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An interview with Yannis Larios, Business Development Director of Viva Wallet

It’s about, pin and glass. It’s how a small terminal can change the way you accept cards, it’s small, its light, it’s very cheap, and this change is what we knew up to now on how your accept cards we’ve a wallet of our seat across Europe. We’ve our wallet is offering European merchants a bank in a box which means we are offering card acceptance, an Iban account and the debit business card, all at your own country, which means, if you are a Belgian merchant.

You get a Belgian Ivan if you’re a few gamers and you get the UK, I won. Everything is customized to each and every European country. That’s what we offer across Europe. Viva bullet has built its own infrastructure from end to end, so it relies on nor third parties, it’s doing everything by by itself, so it is able to provide European merchants services like eibon’s card acquiring and card issuing, based on its own infrastructure.

The unique thing about with a wallet is that it does that on upon European level, but it customizes the service at each and every country as it goes. There are new trends in financial industry. One of them is going lighter and cheaper with the card terminals. The other is to harness all this data about payments, and the other thing is to combine acquiring an issuing. There are not different services, you have to combine them.

You have to provide new things to the merchants. This is what we are doing.

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Financial IT speaks with Jozsef Nyiri, VP of Business Development, W.UP at FinovateEurope 2019

How usually, like retail banks, can use more data to personalize their services and and use machine learning to do so on, like a million scale data set? So these are all all the topics, and especially analytics or all these topics are coming more and more every year we see so actually today we have a we had our demo in the morning and there was about a situation there as a retail banking customer, a Guy named Remco was not very happy of how his bank is treating him, because he exclaimed that he’s getting irrelevant offers spam, how he called him, and we were trying to explain how banks can understand their customers more by unlocking the opportunities in the data they already Have so basically, we went into into this guy lemkos financial life of how much money does he earn? It’s that he had an irregular income is a freelancer, but still he had quite a significant amount that his account at the end of the year and also he earns money from different sources.

We saw that, based from his retail banking data, his bank knows about him. They could predict that he lives in partly Amsterdam, partly London. He was a keen sportsman, runner and also this guy was driving a car back in his hometown. Amsterdam spent a lot of money at Shell to fill up his car, so lots of lots of interesting, smaller vehicle behavior profiles that banks can use to personalize banking communication to their clients and even start offering personalized banking products.

And that was the the next thing that that we we showed that personalized the banking service that our banking product, the trimco was offered was a flexible loan, because our machine learning algorithm predicted the trimco will run out of money in five days. If he’s spending the same way as he usually spends money and he didn’t have any foreseeable income, so this why we said: okay, why not have a 5,000 pound loan to straighten out your cash flow which which he was happy with so so there’s the type of Interaction, we try to enable our empower banks with to be able to based on their data understanding, to be able to personalize their customer communication and offer personalized banking services to them.

Basically, this year, I think the the most important thing is that banks can go even further and not only using their own existing first-party data sources, but also they can hook up to third-party data sources. Second, a third-party to use customers location by the by the phone location of a customer use their browsing history. What they are browsing on third-party websites, what they are interested in so and build all this data to a common data model to understand the customers even deeper.

Actually we’re still in the beginning of the journey, we see many European little banks started to do personalization projects, unlocking the value in that data, but if I would have to scale it from zero to ten, how major is this in in Europe in in this year? It would be maximum three, I would say so. We are still in the beginning.

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