Modulr CEO, Myles Stephenson, is interviewed by Fintech Finance on Open Banking and the future of payments at Money 20/20 Europe 2017. Here are some of the highlights:
PSD2 and Open Banking are on the way; how will this affect Modulr and is this a positive?
"We’re big proponents of all of the change that is happening and largely that’s why we exist – to seize that opportunity and leverage the change. Whether it’s the significant parts of it that are spoken about more frequently – like payment initiation services, account information services, or the less spoken about areas around payment scheme access to allow non-bank financial institutions such as ourselves to have equivalent access to payment schemes as banks and therefore compete on a level playing field."
Where do you see the industry heading in the near future?
“I think initially it’s going to enable people just to reduce friction - enabling, for example, lenders to access information more easily with deeper information so that they can make quicker, better lending decisions for account information. Or whether it’s in the corporate business world, being able to view all of your data, all of your balances, all of your transactions for multiple accounts across multiple institutions in one place. Or whether its from a cash treasury management point of view – being able to move money and consolidate money and sweep money between accounts more freely and more easily so you can manage your balances more proactively. I think beyond that there’s a whole world of possibilities in creating new payment schemes, systems, processes that will come, I think, as a second or third phase."
Watch the full video interview with Myles here: