Name: Ecommpay at Open Banking Expo 2023 - The unstoppable rise of open banking
Uploaded: 2023-11-03T13:54:46.576Z
Duration: 1534.84

Open Banking Expo - Interviews_1.mp4

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ENGLISH

Hello everybody and
welcome to FinTech Futures.

We are here today at the Open Banking
Expo in London and I'm very happy to be

joined now by Olga Karablina of Ecommpay.

here and talking with you
today at the Open Banking Expo.

Before we go any further, we must give our
viewers a little snapshot of who you are.

So if you could just give us a
description of your job title and the

I've been with the company
for over seven years.

This sounds like a payment
product development and a

Basically, my job is to make sure
that we have payment methods which

help clients, online merchants, to
accept payments all over the world.

It's very good that you're
here at the Open Banking Expo.

And we have a very interesting
conversation ahead of us.

What I'd really like to ask you
is about the current trends and

What are the most prevalent
trends that you're seeing?

And what are the core elements that
businesses should be seeking to implement?

forward because trends
is changing and changing.

So today with open banking, I
think we are at the stage of

We started to develop our
product about four years ago

Today, when we talk to people
around, we talk to our clients, open

So I think today we're in a stage
of acceptance of open banking.

The good example would be
Apple Pay, adding open banking

So it's instant access to the account
balance of users of our Apple app.

So it's a very good example that
today open banking is not just

a hype anymore, it's something
that people are using today.

So yeah, the trends obviously next big
thing and the big talk is recurring

So I think it's something that people
need to think, need to consider,

Recurring payments is a
big thing in e-commerce.

For us as a cardiac wire for
10 years already, we see a

So as soon as VRP are, they and
commercial user are, VP is ready.

I think it's a big next step in
the industry of open banking.

In terms of the v ps, we are seeing
a lot of that in the, conversations

And I think just the energy that's
here is a real testament to those

As with anything in financial services,
it's success sort of hinges on a

How do you see the regulatory environment?

And, more specifically, which
region do you think is leading

It's a nice combination of words,
regulations to support the business.

And shouldn't be an obstacle of moving
forward or developing new products.

Obviously regulation is there, we
know PSD2, PSD3 is coming out soon.

Is it I think we're in a stage today
where the regulation doesn't have as

much impact already now, it's more
to still developing the product.

Educating the merchants, educating
the user to know about open banking,

So it's much more than just the
regulation behind it, but obviously

UK is the leader in if you speak
about the Europe and UK regions.

I'm not talking about other countries like
Canada, Australia, they're all behind.

They're also getting the, in open
banking space, not even getting there.

Go there already, so they're
progressing quite well.

I'm really looking for, I really want
that open banking providers do follow

We've been on the market for a while,
so we take it really on a level of

let's say card acquiring level with
working with Visa and MasterCard.

For us compliance regulations is
a it's fundamental part of open

No that's exactly hitting the nail on
the head the level of compliance in open

It's data sharing, essentially, and
it's sensitive data, so you really

And in terms of just reflecting on
what you said with the UK, I think

we've done so well to cultivate an
environment companies like Ecompay

have been major players in the success
of open banking in this country.

I believe on a whole in July we hit that
11, we surpassed the 11 million payments

FinTech Futures

Expert Insight

Among the hustle and bustle of this year's Open Banking Expo in London, UK, FinTech Futures sat down for a conversation with Olga Karablina, head of payment product development at global payment service provider Ecommpay, to find out more about the current state of open banking adoption around the world, including implementation strategies, hurdles and challenges, and the scope of regulations that are supporting its unstoppable rise.

This fascinating interview explores:

Regional leaders of current open banking trends and highlights from an industry in transition.
The path to overcoming the litany of implementation challenges and product hurdles.
How sensitive consumer data at the heart of open banking can be protected from the clutches of fraud.
Why Ecommpay centred itself within one of the world's most prominent open banking forums this year.