Paul Rodgers, chair of Vendorcom, explains why he believes Open Banking developments have not proceeded with any “scale or pace”, ahead of speaking at Open Banking Expo UK and Europe this October.
1. What development in the Open Banking space, in your opinion, should people be paying attention to?
We really need to look beyond sweeping and non-sweeping VRP to release genuine benefits from Open Banking, particularly in the merchant payments space.
2. Do you have a key achievement in the Open Banking space from the past year you are able to share?
The most significant development is the fact that the UK regulator has got serious about how to take Open Banking forward in the wider market from a practical perspective.
3. Are there any areas where pace has been slower than expected?
I don’t recognise any significant developments at scale or pace in Open Banking and this is largely due to the fact that Open Banking has been driven from a bank-centric view, thereby almost completely failing to deliver benefits in the payments ecosystem. Unfortunately, this continues to be the case, with a few notable exceptions.
4. Any there any organisations or players you feel are the ones to watch, trailblazing in this space?
Some big names are emerging amongst the neo-fintech players in this space, but it would be folly to ignore how tried and tested payments organisations can meet the needs of their well-established merchant customers.
Paul Rodgers will be taking part in a Powerhouse Debate on the Payments Stage at Open Banking Expo UK & Europe, which takes place across 18-19 October in London – get your pass here.