“While innovation is important, implementation is key”. So said Wolfgang Ehrmann, EBA Chairman, as he kicked off this year’s conference, setting the tone for the days to come.
Much of the discussion between the 1,000+ strong crowd of banking professions was centred on how we can move past the theoretical to the practical. Questions posed included ‘will we still have physical cash cards in 2025?’, and whether or not Europe would ever go cashless.
Nowhere could this shift in focus be seen more clearly than in talks about Open Banking. It’s well versed that Open Banking has been slow to take off in the UK. However, the impact of the CMA and Open Banking Implementation Entity (OBIE) proactively demanding regulations and standards are met has been that we are now seeing signs of impressive technologies being rolled out.
With Europe’s major banks readying themselves for the 14th September 2019 go-live date, time will tell whether Europe will be able to follow in the UK’s implementation footsteps.
If you’d like to read more about Open Banking and how it will affect businesses and industries, you can download our ‘Open Banking World Series – Edition 1’ report.
Read our blog: Overcoming Open Banking Challenges for PSPs
Nuapay is a pioneer of Open Banking and is the industry’s leading provider of Account-2-Account payment solutions environment. Building upon the trust, scale, and experience of our parent company Sentenial we– who securely process over €42bn every year as an outsourcing provider to many of the world’s leading Banks – and continually we have worked tirelessly to reinvent what’s possible from a modern banking and payment solution.
Today, we offer partners all around Europe the world a fully comprehensive, integrated payment solution that removes all traditional banking inefficiencies and unnecessary costs, saving you time, money and resources at every turn. This is banking as it should be.