Jim Wadsworth, executive vice president, strategic market development at Konsentus, on the jurisdictions that risk being “left behind” in the move to Open Finance, as he prepares to speak at Open Banking Expo UK and Europe.
1. What development in the Open Banking space, in your opinion, should people be paying attention to?
The sheer pace of developments, worldwide. Multiple countries are now seeking to learn from the UK and Europe (and elsewhere) to make their own Open Banking/Open Finance programmes a success, and to execute at a high pace.
2. Do you have a key achievement in the Open Banking space from the past year you are able to share?
We are very proud of our contributions to Open Banking progress being made in multiple countries around the world. But, in particular, the initiative in the Philippines, where we have been instrumental in developments there over the last couple of years.
3. Are there any areas where pace has been slower than expected?
Great to see the recent publication in mainland Europe of regulatory proposals on topics like PSD3, and the progress being made in the UK via the JROC progress.
But, both the UK and mainland Europe run the risk of being left behind by other countries – in terms of who/where is best-in-class – in relation to the move from Open Banking to full Open Finance. There’s a need for acceleration, therefore.
Jim Wadsworth is speaking on a panel about PSD3 and Open Finance at Open Banking Expo UK and Europe, which takes place on 18-19 October in London. Get your ticket for the must-attend event in Open Banking, Open Finance and Open Payments here.