ObjectTech at FinExtra NextGen Banking Conference
Paul Ferris offers alternative vision for post-PSD2 banking
Finextra's annual Next Gen Banking confernece in London on 9th May
ObjectTech CEO Paul Ferris spoke on the PSD2 Panel at Finextra's annual Next Gen Banking confernece in London on 9th May.
Representing the RegTech/FinTech industry, Paul discussed the readiness of incumbent banks especially for both PSD2 and GDPR systems and liability issues.
He advocated the priority to put the customer in charge of their data and identity. He challenged the conference to think beyond banking and challenger banks, and consider PSD2 may see current incumbents replaced by global GAFA companies with millions of loyal customers.
Speaking at the event, Paul said:
"The opportunity for PSD2 is a game change for customers, and managing their own identity will be key to becoming empowered and having real control and choice’’
"There's an assumption by many banks that TPPs (third party providers) will be small players, when they should look globally, to the GAFA companies. Lloyds has 15m customers, Barclays has 16m customers but Apple sold 50m iPhones in Q1 this year. The challenge is how Banks aim to retain customer share and manage UK payments with global new business models from Amazon, Facebook and AliPay etc"
ObjectTech's self-sovereign identity system puts individuals in legal ownership and technical control of their own data, and offers a PSD2 solution which is better for individuals, banks and for the regulator.
The panel included: Paul Anning of Osborne Clarke LLP; Ian Clark of CA Technologies; Alexander Kuznetsov ofVASCO Data Security; and Natalie Willems-Rosman, Head of Payables and Receivables, Global Transaction Services EMEA, Bank of America Merrill Lynch
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