Travelex today announced that it is hosting a landmark event on the future implications of Open Banking, titled “Open Banking: Innovation Disguised as Regulation”. The event will take place from 6pm on the 28th March at the National Theatre. The event will explore how Open Banking is expected to change the financial services landscape by hearing from companies that will potentially have the largest transformative effect.
Open Banking came into force on the 13th January 2018, after being created in 2016, and has been touted as one of the biggest shake ups the banking industry has seen in recent years. It has been designed to allow consumers to give trusted companies access to their bank accounts so that they can securely move, manage and make money available more easily and efficiently.
With the first raft of services under the new law expected to come into use in the coming months, Travelex has assembled a panel of experts to examine what the future holds for the UK’s banking market. What will these services look like? What will their impacts be on the balance of the financial services landscape? Perhaps most importantly, how will consumers react to these new services?
In gathering together the companies that will potentially have the greatest say in a post-Open Banking market, the panel aims to uncover first-hand insight on how innovation will drive this transformation.
The panel will focus on two main themes: The Marketplace model and Open Banking: False Positives. The panel itself will be comprised of companies at the forefront of Open Banking developments and will include:
Nick Cerise, Global Head of Product & Marketing, Travelex
- Anne Boden, CEO, Starling Bank
- Marjan Delatinne, Global Head of Banking, Ripple
- Jim Wadsworth, UK Product Director, Vocalink
- Miles Cheetham, Head of Proposition, Open Banking
- Phillip Mind, Principal, Payments Policy, UK Finance
The discussion will be moderated by David Elliot, Solutions Architecture Manager, Financial Services, AWS.
“Open Banking will change the face of financial services, of that there is no doubt,” Nick Cerise, Global Head of Product & Marketing, Travelex. “What is yet to become clear is what the new landscape will look like. By understanding the motivations of the key participants in the space, we hope to inform the wider market of how best to succeed, as banking transforms into a more customer-friendly industry.”
Panel #1: Open Banking: False Positives?
- Do the benefits of Open Banking outweigh the threats?
- Key areas of contention and the implications:
- Strong Customer Authentication
- Access to Accounts
- Competition or Confusion
- What can be done to mitigate these issues and drive positive disruption?
Participants: UK Finance, Vocalink, Ripple
Panel #2: The Marketplace Model
- Why financial services are becoming a marketplace
- Strategic considerations:
- APIs and permissions
- Storing customer data
- Regulatory compliance
- Key ingredients for a successful marketplace
Participants: Starling Bank, Open Banking, Travelex
Those interested in attending the event can email [email protected] to be added to the guest list.
About Travelex Currency Solutions
The Travelex Currency Solutions platform reinvents physical and digital cross-border money movement* for financial institutions.
Headquartered in London, Travelex Currency Solutions has a 140-year heritage in foreign currency, pioneering the travellers’ cheques of the past and the digital payments of the future. With a presence in over 70 countries across six continents, Travelex has distilled its expertise and experience into a platform that reinvents physical and digital cross-border money movement* globally to ensure its clients remain one step ahead of the competition. The platform provides financial institutions with a trusted, efficient and accurate international money transfer service, plus secure and reliable banknote delivery of both major and exotic currencies.
The Travelex Currency Solutions platform means financial institutions and their customers can do business across borders as easily as they do locally, while guiding customers through the complexities of AML compliance processes necessary for additional services. Travelex Currency Solutions’ commitment to ensuring compliance with local regulations means it has a dedicated team of 80 compliance professionals, responsible for ensuring ongoing risk management across all the jurisdictions it operates in.
For more information visit: https://currency-solutions.travelex.com/
(*Physical and digital cross-border money movement refers to International Money Transfer)