TECHNOLOGY
“ It is important that the target investment team be open and willing to share the data reflecting their performance to date ”
MICHAEL CONN , CHAIRMAN , CEO AND CO-CHIEF I NVESTMENT OFFICER , ZILLIQA CAPITAL
These capabilities are utilised in one of Open Finance ’ s most widely discussed aspects : Open Banking . Defined by
McKinsey & Co as “ a collaborative model in which banking data is shared through APIs between two or more unaffiliated parties to deliver enhanced capabilities to the marketplace ,” Open Banking allows for a more direct consumer-bank relationship . The APIs themselves can be of three distinct models : public , partner and internal , each of which has specific functions and benefits . Regarding the latter , these include overall cost reductions , increased operational efficiency , enhanced innovation through collaboration with developer communities , and greater security .
“ Consumers are increasingly demanding financial data aggregation services through APIs because it makes personal financial management much easier ,” says Thomas J . Curry , Co-Chair of the Banking and Financial Services group at Nutter and former US Comptroller of the Currency . “ Banks and fintechs each want to be the primary portal for financial services and they are competing to keep or obtain the customer relationship .”
MEET OUR COMMENTATORS
HEAD OF POLICY AND REGULATORY AFFAIRS ,
TRUELAYER
Helping Truelayer to identify and create opportunities within payments regulation . Truelayer builds technology that allows third party applications to access user ' s financial data ( with their consent ) and initiate payments securely .
CO-CHAIR OF THE BANKING AND FINANCIAL SERVICES GROUP AT
NUTTER AND FORMER US COMPTROLLER OF THE CURRENCY
In 2012 , Tom was nominated by President Obama and confirmed by the U . S . Senate to serve as Comptroller of the Currency – the head of the Office of the Comptroller of the Currency , the federal agency that charters , regulates , and supervises national banks and federal savings banks .
Strategist , Blockchain and Investment Management Executive with expertise in traditional and alternative asset classes , fintech / blockchain , start-ups , STO ' s / IEO ' s / ICO ’ s , M & A , corporate developments .
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