Boost Payment Solutions’ Post

For 🇪🇺 the year 2024 was year full of changes. We have the new Parliament and the Commission with a new program and ideas, how to increase growth and weakening competitiveness of the union. Financial market plays an important role in ability to make plans real. What is role of the fintech on the competitiveness and innovation? What is impact of the current regulatory framework and its pending changes like payment services and open banking regulation? What are burdens for the fintech? What will be new trends in digitalisation? I am looking forward to facilitate and co-host a policy roundtable "The Digital Finance Agenda: Challenges and Priorities of the EU Institutions for 2024-2029"

We need truly transparent digital finance where consumers get relevant information, at the time they need it, in a way they can understand. Let’s change digital finance for the better: https://lnkd.in/eMSZufv9 #FairDigitalFinance #TransparentDigitalFinanceForConsumers

We need truly transparent digital finance where consumers get relevant information, at the time they need it, in a way they can understand. Let’s change digital finance for the better: https://lnkd.in/eMSZufv9 #FairDigitalFinance #TransparentDigitalFinanceForConsumers

Our Innovate Finance #FinTech Plan for Government identified the £215 billion growth opportunity for the UK to build the world's first smart data economy (see: https://lnkd.in/ec-UU2_u). Today's Data Bill unveiled by the Government is the first, fundamental step towards this - providing the foundations for a transformation of the economy and creating new tools for business innovation and productivity and better societal and environmental outcomes. We look forward to supporting the passage of the Bill through Parliament and then working with industry, government and regulators to utilise it including: - providing a long term sustainable basis for Open Banking as a key enabler of innovation - developing and scaling account to account Open Banking payments as a resilient, competitive UK payments system - introducing open finance including in investments, savings and pensions and further innovation in credit decisioning giving people control of their full balance sheet and widening access to finance - building interoperable smart data in other sectors - and realising the use cases of combining with finance (eg to open up SME Net Zero transition finance) Huge thanks to to Department for Business and Trade, Department for Science, Innovation and Technology, and HM Treasury and their ministers for picking this up and running with it - and my fellow #SmartData Council members for their tireless advocacy and application. Earlier this year we published a roadmap for OpenFinance with KPMG which sets out how we can use a Smart Data Bill to build out open finance: https://lnkd.in/edV_699H You can see full details of the draft legislation published today here: https://lnkd.in/ecK9KF54

As the world’s leading financial innovation hub, the City of London Corporation recognises the transformative potential of smart data for the UK economy. Chaired by the Centre for Finance, Innovation and Technology (CFIT), the HM Government-commissioned taskforce on Open Finance continues the work of CFIT's coalition with a focus on SMEs. The taskforce today produces its final report. It has brought together a diverse group from across industry to solve a real problem – how to get credit to businesses that need it, that can repay their loans and who would generate more economic output with appropriate financing. We are committed to supporting smart data initiatives, such as CFIT's recent coalition, to promote innovation and build a resilient financial ecosystem. In its inaugural coalition, CFIT showcased the power of leveraging financial data to deliver better financial outcomes for both consumers and SMEs. Overcoming barriers requires collaboration between regulators, incumbent and challenger banks, and FinTechs. We are delighted that a Digital Information and Smart Data bill is included in the King's Speech. These provisions enable the creation of “smart data schemes” that make it possible to move data between organisations securely and easily, provided they have the consent of the data subject. For the full recommendations, please read the taskforce report: https://lnkd.in/eEfiaKMj

Throwback from our panel at Innovate Finance's IFGS with Myles Stephenson (Modulr) and Samina Hussain-Letch (Block) on the Future of payments in the UK. 𝐈𝐬 𝐚 𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐔𝐊 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐯𝐢𝐬𝐢𝐨𝐧 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐝? The consensus answer was yes, but with certain nuances — some of my takeaways from the discussion below. Payments are systemic infrastructure, like energy, railways, etc. To reap the benefits, investment needs to be long-term and consistent. All payments should eventually move to real-time, with marginal processing costs trending toward zero. A vision should allow for improved coordination between the different UK agencies regulating payments so that they all move in the same direction. Lastly, the UK has been a trailblazer in many areas, such as open banking, debit cards, and scheme access. However, those initiatives haven’t been fully realised yet. The vision must ensure that the UK keeps delivering on what it has started rather than going in a completely different direction. Full video: https://lnkd.in/eZCBDtVe

What technological developments are driving #innovation in the financial industry? What are the #regulatory requirements, and how are global political tensions shaping the use of these technologies? 📅 Date: Wednesday, 6th November 2024 ⏲ : Morning Insight Sessions: 9:30 am - 12:00 noon Afternoon Conference: 1:00 pm - 5:30 pm 📍: Google, Europaallee 36, 8004 Zurich 🎯 Target Group: The interdisciplinary event is aimed at representatives of banks and fintechs from various specialist areas (including Strategy & Innovation, IT, Legal & Compliance) who would like to deepen their knowledge of strategic, technological and regulatory aspects of digital finance.

Wrote this short piece below highlighting the key (very challenging) challenges policymakers face when developing the UK's roadmap to implementing open finance. In a nutshell, the government (led by HM Treasury) and regulators must decide the UK's broader 'macro' approach to building the right mix between regulatory and market 'push factors', whilst ensuring innovation leads to use cases which transform the way consumers and businesses manage their finances; subsequently leading to deep commercial interest from investors, incumbents, and (importantly) rising FinTechs.

FinTech’s – must read Great to see the initial outputs post Kalifa - the launch of CFIT inaugural #BlueprintReport, demonstrating the incredible potential of #OpenFinance to transform lives. The report marks a pivotal moment in the journey towards embracing innovative technology & revolutionising UK's financial sector. https://lnkd.in/ekAcEBED #AI #FinTechIntelligence #Fintech #financialtechnology #technology #payments #business#innovation #TechFin #RegTech #FinancialServicesAI #ML #Riskcontrols #RegulatorySupervision #RegulatoryHorizons#GreenFinTech #SuitabilityFintech #OpenInteroperableStandards #OpenFinance #OpenBanking #DigitallyEnabledRegulation #DigitalWealthManagement #OpenFinance #OpenBanking#Fintech #financialtechnology #technology#payments #business #innovation #AssetManagement #wealthmanagement #FinancialServices  #TechFin #RegTech #FinancialServicesAI #ML #Riskcontrols #RegulatoryHorizons #RegulatorySupervision #GreenFinTech #SuitabilityFintech #SupTech  #financial #supervision #DigitalEthics #ImpactTech #DigitalEconomyInstitute #DigitalEthics #TheEdinburghReforms

The UK FinTech Plan for Government isn't just about the introduction of Open Finance, but the creation of the world’s first Smart Data economy. This is potentially worth £215 billion over 5 years, as long as it is done swiftly, correctly and fully across all sectors... including Transport & Mobility #smartdata #opentransport