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Open Banking: Opportunities and Challenges for Fintech and Bank Adoption
Open Banking: Opportunities and Challenges for Fintech and Bank Adoption
After a four-year hiatus, NYPAY is back with an in-person event featuring light hors d’oeuvres, beverages, and, most importantly, face-to-face networking, signaling a return to our traditional format.What does Open Banking mean, and what are the opportunities and challenges for broader adoption by Fintechs and banks? Open Banking is more than just data sharing. It’s about empowering consumers with control over their data. Consumer advocates and some fintech providers have embraced the term and its various interpretations to represent the path to financial inclusion, financial health, and, most importantly, consumer control over their data. Moreover, the discussion around Open Banking often does not address how data are shared and for what purposes.
On a more technical level, interpretive differences between Open Banking and Banking as a Service (BaaS) APIs are based on how deeply the respective type of API can be embedded, how much of the lifecycle of the exposed banking product is captured by the API, and which lifecycle activities of the banking product happen within the embedded context versus outside of it. Isn’t open banking the same as ‘open bank data’? The trouble with open banking is that it has a great name. After all, who doesn’t want banking to be more open? Banking shouldn’t be closed! It should be easy to navigate. Customers should own their data and be able to take it with them wherever they want!
With all of this potential confusion and opportunity in the marketplace, how are Fintechs, legacy and startup banks, consumers, and businesses, as well as government regulators including the CFPB, navigating and taking advantage of technological advances to embrace and implement the benefits and potential revenue streams from Open Banking.
This panel, carefully curated by NYPAY, comprises experts in the field. Their wealth of knowledge and experience will be instrumental in delving into these complex issues, offering their unique perspectives and underscoring the challenges and rewards of expanding Open Banking to a wider audience. You can be confident that this event will provide valuable insights and discussions, thanks to the expertise of our panelists.
Speakers
Meet Our Speakers
Gary Stein
99FinTech
Gary brings 30+ years’ experience in financial services as a fintech practitioner, regulator, banker and consultant towards the development of safe and sustainable payment, deposit, and lending solutions. Gary leads the Risk and Compliance practice areas for 99FinTech.
Prior to launching 99FinTech, Gary served as the US Chief Product and Compliance Officer for an international point of sale lending company where he developed the product strategy, Americanized the firm’s platform and market approach, built a comprehensive compliance management system, and helped to stand up a working enterprise in only 10 months.
Gary previously led policymaking efforts related to consumer payments, deposits, unsecured credit, and data aggregation at the Consumer Financial Protection Bureau, where he served for 9 years. Among his accomplishments at the Bureau were creating the CFPB’s Consumer Protection Principles for both Faster Payment Systems and Consumer-Authorized Data Access; bringing substantial transparency to checking account overdraft by authoring groundbreaking publications and amending bank call reports; and publishing the Bureau’s Advanced Notice of Proposed Rulemaking on Section 1033.
Gary was also a leading proponent and designer of U.S. real-time payments, serving on the Steering Committee of the Federal Reserve’s Faster Payments Task Force as well as the Fed’s Governance Framework Formation Team.
Before joining the CFPB, Gary was co-founder and Partner at Capital Performance Group, a financial services strategy consultancy with a focus on launching new businesses and products, distribution planning, and performance improvement. Earlier in his career, Gary held roles at Furash & Company, Signet Bank, Coopers & Lybrand, and Andersen Consulting.
Gary is a regular industry speaker and presenter and has been quoted frequently.
Gary has an MBA from the University of Pennsylvania’s Wharton School and BS in Industrial Engineering and Operations Research from Virginia Tech, where he graduated cum laude.
Judith Rinearson
K&L Gates
Judie Rinearson is a partner in the firm’s New York and London offices. Judie concentrates her practice in emerging payments, including: prepaid, mobile, P2P, and electronic payments; crypto/virtual currencies and blockchain; reward and loyalty programs; cannabis-related payments; and payment basics such as ACH, credit, and debit card compliance. She has more than 25 years of experience in the financial services industry, including 18 years at American Express’s General Counsel’s Office. Her deep experience focuses particularly in the areas of emerging payments and compliance with state and federal consumer protection laws, anti-money laundering laws, state money transmitter licensing laws, and abandoned property laws. She also spent nearly two years in her firms’ London offices, working with authorized e-money institutions and payment institutions, as well as various EU/UK payments laws including PSD2, GDPR, and MLD4/5. Judie currently co-chairs the firm’s global Fintech group, and has spearheaded the firm’s blockchain initiative.
Jane Barratt
MX
Jane Barratt, Chief Advocacy Officer and Head of Global Public Policy at MX, is a personal finance expert and champion of financial strength. In her role at MX, Jane works with financial institutions, industry groups, government & regulatory bodies to ensure people have the tools and data they need to improve their financial outcomes. Through her position on the board of the Financial Data Exchange, Jane brings together the complex financial ecosystem to solve the core problem of how to promote competition and innovation while protecting the privacy and security of people and their financial data.
Through her financial education courses on LinkedIn Learning she is helping hundreds of thousands of people all over the world improve their financial skills through online video courses. Previous to MX Jane was Founder & CEO of GoldBean, an education-first financial advisory platform; and spent two decades driving growth for Fortune 500 companies.
Cihat Fitzgerald
Batavion Advisory Group
Cihat Fitzgerald is a recognized payments industry expert with 26+ years of experience in acquiring operations, compliance, risk management, fraud control, and marketing. Cihat most recently was Vice President and Head of Visa’s Global Ecosystem Security & Integrity group, working for over 10 years on collaborating with and being a trusted advisor to various fintech partners, top-tier banks, multinational merchants, processors, and other payment network stakeholders. Cihat had ownership and managed the implementation and evolution of a suite of risk monitoring and compliance programs centered on dispute reduction, fraud mitigation, PCI security, and third-party agent management. When at Visa, Cihat was closely involved in the risk integration of Visa’s open banking capabilities, which included development of an effective control environment to deter fraud and other illicit activities. Prior to Visa, Cihat managed the acquiring program at Westamerica Bank and managed risk and operations at two fintechs. He currently is the President of Batavion Advisory Group where he advises payment participants on risk management, fraud control, trust & safety, and compliance.
$35
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