Q&A: Mistho’s Max Czymoch on why smart data is key to the move to Open Finance

Ellie Duncan,
13 Oct 2022

Max Czymoch, CEO and co-founder of Mistho, reveals his predictions for Open Banking in the UK in the coming 12 months, and what the audience can expect to hear from the panel debate he is taking part in at Open Banking Expo UK on 20 October.

1. Explain what you do in less than 50 words

At Mistho.io we are building open payroll for Europe, enabling individuals to share their data stored in HR/payroll systems, such as their payslips and employment status with third parties. Similar to Open Banking, we are opening up a completely new vertical of consumer data to enable financial transactions.

2. Describe where the UK is on its Open Banking journey.

Well advanced with firm fundamentals in place, but a lot of work to come to expand to more use case and additional data verticals.

3. What can the audience expect to learn and hear about during your session?

How open data across verticals – in our case payroll and HR – not only purely data held by banks, can enable significantly better financial services and inclusivity for all consumer groups.

Maximilian Czymoch

Max Czymoch, CEO of Mistho

4. What is the biggest challenge in pushing Open Banking to the next step in the UK?

From a regulatory perspective it will be to push beyond just data mandated to be shared by PSD2, but also that which can enable additional use cases – e.g., savings, pensions, investments.

5. What do you predict for Open Banking in the next 12 months?

We will see higher levels of adoption across consumers and more use-cases being developed. In particular, variable recurring payments will be an exciting new opportunity.

6. What is next for the move towards Open Finance in the UK?

The implementation of smart data and a general paradigm that obliges data holders to enable data subjects to share their data as easily as possible, will be key for the move towards Open Finance.

Mistho’s Max Czymoch is taking part in a panel debate on the Open Data Stage at Open Banking Expo UK in London on 20 October, titled ‘Beyond Banking: The future is smart data’, alongside Charlotte Crosswell, trustee of the Open Banking Implementation Entity, and Yapily’s director of public policy. To view the full agenda and get your tickets, click here.

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