Jack Wilson, head of public policy at TrueLayer, reveals what is going to “push forward” the next phase of Open Banking in the UK and Europe, and which organisations are “the ones to watch”.
1. What development in the Open Banking space, in your opinion, should people be paying attention to?
A combination of new powers in the Digital Innovation Bill, and the output of the Joint Regulatory Oversight Committee will really push forward the next phase of Open Banking in 2024 – unlocking recurring payments and new types of account data.
TrueLayer’s Jack Wilson
2. Do you have a key achievement in the Open Banking space from the past year you are able to share?
TrueLayer has been at the forefront of enabling variable recurring payments for sweeping. This has been a real success with our customers.
3. Are there any areas where pace has been slower than expected?
The UK lost some momentum on developing an Open Finance framework, partly due to competing priorities during Brexit and Covid – but with the Digital Innovation Bill, things look to be picking up pace again.
4. Any organisations or players you feel are the ones to watch, trailblazing in this space?
There’s an interesting dynamic playing out in the EU – with the European Payment Initiative’s Wero potentially competing in the same space as Open Banking. We’re backing Open Banking as the EU payments champion.
Jack Wilson is taking part in a Powerhouse Panel on ‘Tackling APP fraud’ at Open Banking Expo UK & Europe on 18-19 October – find out more and get your pass here.
