Kinfos Events have announced a virtual summit, Open Banking and SCA Forum that aims to give more momentum to the Open Banking initiatives. Taking place on 25th to 26th February 2021, this second annual dedicated show plans to help attendees to get the most out of Open Banking, as well as aid in understanding Strong Customer Authentication.
The unique event will be jointly represented by 18+ leading speakers and it aims to gather over 120 qualified attendees (mostly from banks, regulators, merchants, corporates and innovative fintech companies) who are looking to stay ahead of the curve.
Open Banking has marked the beginning of an era where Banks are trying to implement it, payment processors are trying to facilitate, and central banks and policymakers are trying to regulate it. The EU’s 2nd Payment Services Directive (known as PSD2) requires banks to give access to their customer data for third party providers (TPPs) therefore, Banks all over the world are in a race to introduce some form of Open Banking and be labelled as ‘Open Banking Ready’.
Open Banking has been an interesting journey where it has lead to new opportunities for fintech enablers and solution providers across the globe. Banks also are now embracing Open Banking as a chance to capitalise on their ongoing digital transformation journeys and introducing innovative services enabled by open APIs or risk losing out to more digitally agile competition. With the UK’s exit from the EU, it will be interesting to see how Open Banking would evolve in the UK.
As part of PSD2 compliance, organisations also need to authorise initiated payments with Strong Customer Authentication (SCA). While authorities are eager to implement SCA for secure payment processing, many banks are still lagging behind due to the existing pandemic where the road ahead looks ambiguous. This virtual summit aims to alleviate such ambiguity and give momentum to Open Banking initiatives.
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