At Money 20/20 the number 1 subject was PSD2 and open Banking. The Netherlands is not ready, the law has nog been passed and the banks don’t have to open up their bank accounts for Fintech innovation. But in the UK, who’s leaving us in Europe, it’s a whole different story. PSD2 has been implemented and Yolt is the first app that implemented it. It lets you access your bank account by face recognition, it shows what your bills are and what you spend on most. I interviewed Chris Michael, Head of Technology at the Open Banking Association in the UK. How do they make standards?
Peaks is another Fintech app with already 140.000 users who’s ready to implement PSD2. It let’s you collect your and invest your change directly communicating with your bank account. You can choose different risks levels, from MILD to HOT. Peaks has Rabobank as a main investor. How did this company get started and what is their vision for the future?
Not everyone is as excited about PSD2. Frank Muller and Suzanne Grohé are Fintech lawyers. Susanne worked for Paypal and Frank is a Fintech blogger and they think it’s boring (as lawyers)! They think there are too many legacy systems in the banks that won’t be able to open up. They think they’ll never let you directly communicate to the banks. What are the hot trends according to these lawyers?
Other Money 20/20 interviews:
— Vincent Everts (@vincente) June 4, 2018