Time to trust the cloud

  • Why banks can trust the cloud and how fintechs can be trusted by deploying bank grade security

Although the cloud has certainly been around longer than any of us – and I enjoy a glimpse into infinity every time I fly - when we use the word these days in a business setting, we do refer to a real – yet intangible – environment where we host and share technology and data. As early as 1989 Apple set up a project to look into the next generation of computing whereby consumer electronics companies, computer and telecommunications companies had to collaborate. This resulted in a spin-off in which Andy Hertzfeld played a huge part and a few years later he wrote the now famous words on his invention Telescript:  “The beauty is that now instead of just having a device to program, we now have the entire Cloud out there, where a single program can go and travel to many different sources of information and create sort of a virtual service.”

Fast forward to the early years of 2000 when large enterprises started to explore cloud benefits. Needless to say, banks were not amongst the first movers. Risk averse and tightly regulated by parties, who for many good reasons are not normally known for breaking frontiers either, we cannot blame them. Yet, soon we saw banks starting to move non-customer centric or lower risk functions to various forms of private, hybrid and later public cloud.

BankiFi features in the Paypers Open Banking Report

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BankiFi features in the Paypers Open Banking Report

BankiFi features in the Paypers Open Banking Report on Tangible Value in Open Business Banking for Banks and Entrepreneurs

The Open Banking Report 2018 focuses on topics such as building trust, gaining consent and improving customer experience in Open Banking.

Read the fine points of how open business banking is good business for banks and entrepreneurs in our contribution to the Open Banking Report : "Tangible Value in Open Business Banking for Banks and Entrepreneurs".

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More on The Open Banking Report 2018

Structured in four comprehensive chapters, the present edition of Open Banking Report 2018 puts particular emphasis on the idea that, by working with fintechs, banks can upgrade their offerings and create new opportunities to generate revenue and improve their business proposition in Open Banking. The report also provides an analysis of the present state of play of Open Banking and the most notable initiatives in the European Union (driven by PSD2), the UK (driven by the Competition and Markets Authority), and even beyond Europe (into Australia and Asia Pacific).

Thus, several key aspects are tackled. To name a few:
  • the work put into implementing PSD2 towards Open Banking (INNOPAY and Deutsche Bank), and shaping of a competitive and innovative API technology (Consult Hyperion; 11:FS, PelicanPay);
  • the roadmap to how Open Banking created a two-sided ecosystem between banks and TPPs and all the new use-cases that emerged (Token);
  • the revolution of Open Banking and digital banking platforms for banks (Worldline);
  • the fine points of how open business banking is good business for banks and entrepreneurs (Bankifi).

The report contains some very useful educational insights and great contributions from INNOPAY, Mobey Forum, and Aite Group, on creating value through Open Banking, how sharing transaction risk data leads to success in this niche, corporate onboarding processes, or strategic options for banks in the PSD2 age.

The new edition of The Paypers’ Open Banking Report is endorsed by Holland FinTech, an organisation fostering innovation within the financial services industry.

Conny Dorrestijn | Founding Partner BankiFi

ABOUT THE AUTHOR
Conny Dorrestijn | Founding Partner BankiFi

BankiFi’s Founding partner Conny Dorrestijn has worked in the international financial technology industry in a wide range of marketing and business development roles, most recently at Clear2Pay / FIS. She is an Advisory Board Member to Holland FinTech and AdviceRobo, Non-Executive Board Member at Arches Capital and Blanco Services and an Associate of the Digital Insurance Agenda (DIA) and the Blockchain Innovation Conference (BIC2019) and a Global Innovation Awards Judge at BAI (US) and Jury Chair of the Dutch NRC FinTech Live Awards. She is a co-host of the regular Fintech Cappuccino podcast. With inclusion across gender, age and culture high on her agenda, she is a Global Ambassador of the EWPN – European Women in Payments Network. She is an Advisory Board Member and mentor for the Money2020 Europe Rise Up programme. Her passion for generation Y and Z is translated in active student mentoring and her voluntary work for the Global Give Back Circle: www.globalgivebackcircle.org, where she is also active as a mentor for Kenyan students.

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