Voice of the Industry

Open Banking – fundamentals, lessons learned, and practical examples

Wednesday 10 March 2021 07:43 CET | Editor: Oana Ifrim | Voice of the industry

Asia Payments Connect has introduced a comprehensive (self-study/live) course on Open Banking

This key trend in finance will have a great impact on both banks their clients – some say this will be the biggest revolution in payments and banking. We asked the founders and international moderators why this course is important.

Why a course on Open Banking?

Harry Smorenberg, Joyce Ang: We see Open Banking and Open Finance evolving all over the world. Sometimes stimulated by regulatory measures and also often by new market parties using the latest information technology. The importance of financial information (data) has become crucial. The safe and secure exchange, privacy are all elements of great importance. New investments need to be made in the (digital) infrastructures of financials, intermediary partners and the ‘receiving side’. Forward integration of information in B2B is becoming crucial. This will change the banking/finance industry dramatically! The APC Open Banking Course will discuss key fundamentals in a structured way so executives and practitioners in the financial services industry will get a great and compact insight into this global trend. Besides that, it will add value to open up eyes to concrete next steps for practitioners in their organisations.

How is this course structured and what can one learn?

Paul Brisk: In building this course, we set out to take attendees on a journey to explore Open Banking. The course is structured into twelve modules, each building on the content presented in the previous modules. We have used two experienced instructors – me, Paul Brisk, and Dr Michael Salmony. Michael and I bring different perspectives to the topic, with my Open Banking experience shaped by South-East Asia, and Michael bringing a European view. Blended together, we aim to present a rounded and global picture of Open Banking. 

We start our story at the beginning by defining the fundamentals – what is Open Banking and why is it happening. We then move outward to examine how it is evolving and explain why there are different models for implementation. With the fundamentals established, we then delve into some of the detail by exploring the role of market regulators, the various strategies that banks might employ and the different roles they can adopt to join the new ecosystems enabled through Open Banking.

Michael presents the final six modules, providing attendees with real-world and practical examples, exploring in more detail key aspects of Open Banking – from the technology employed, to the business outcomes achieved, and on to the impacts Open Banking may have on the world of banking, finance, and beyond.

How do you see the ‘economics of Open Banking.’ Who will benefit the most?

Michael Salmony: Open Banking will change the face of Finance dramatically. Already we are seeing that fintechs are disrupting the position of banks and providing different – often radically better – services to customers. It is thus important for decision-makers in banks, insurances, fintechs, regulators, service providers and other market players to understand the developments. What is causing the fintech revolution and how is data being unlocked to provide new business value? Should banks/insurances and fintechs see each other as enemies or what are the proven cooperation models for mutual benefit? Open Banking is a topic that has a deep impact on strategy, product development, compliance, sales, and IT and thus impacts not only all stakeholders in the financial services industry but also all functions within them. All must understand what the threats and potentials of this development are. The course developed by experienced practitioners in the field will show clearly what is going on and what to do about it. Best of breeds from across the world will show success models of the past and the deep knowledge of the presenters in regulation and industry will show what is to be expected next and what to do.

About Michael Salmony 

Dr Michael Salmony is Executive Adviser to the Board at equensWorld line SE, Europe’s leader in financial processing and transactional services, which processes over EUR 17 trillion per year. He is an internationally recognised leader in the strategy of business innovations in digital and financial services. He is a board-level adviser to major European banks, industry associations and European finance bodies. He regularly helps shape future directions in European decision making bodies e.g. European Commission, EPC, ERPB, and further national and international boards. His views are much in demand as a keynote speaker at international events and he appears on TV/Radio/all electronic media on advances in finance.

About Paul Brisk

Paul Brisk has over twenty-eight years’ experience working in consumer and retail payments. During this time, he has developed expertise on almost every aspect and component, both business and technical, of the end-to-end payment eco-system, from point of acceptance and the retailer, to the acquirer, through to the issuer and consumer, and the role of the payment scheme. Paul’s focus has always been the impact and implementation of emerging technologies to the commerce ecosystem to create stakeholder benefit. Paul is currently Managing Director of the Jakarta based SmartData Indonesia. The company offers services and products to enable organisations to undergo digital transformation through the application of Open API technology.

About Harry Smorenberg

Harry Smorenberg is a FSI strategist. He previously worked at Banque Paribas and ABN AMRO and was a director at two leading international strategic consultants. He has been a leading contributor to innovation in both the retail and corporate payments and transaction space. Harry has been involved with the innovations agenda at the board level. He has also been actively involved in developing, amongst others, financial planning, international pension schemes and new steps towards 'social innovation' and ‘ageing-finance’. His strength is in catalysing institutions into developing vision and strategies and in identifying and implementing client-centric solutions and fintech innovations.

About Asia Payments Connect

Asia Payments Connect (APC) is a knowledge and learning platform connecting professionals in the payments and transaction space. We enable the sharing of global expertise and best practices in our space and foster ideas and inspiration. Our platform will offer debates, in-depth briefings, training, fact-finding and networking amongst seasoned professionals and subject experts, exchanging expertise. Our focus is to amplify your skills and expertise in a fast-changing environment. New technologies, new business and market developments and regulatory guidelines vastly impact national, regional and global businesses and we all need to understand their implications. As professionals ourselves, we monitor key changes in our industry and signal and share essential developments creating a mind-shift in our profession. We are your partner in the future of work in Payments.

 


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Keywords: Open Banking, Open Finance, fintech, banks
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech