FISERV
“ We ’ ve been building and nurturing our data aggregation platform , called AllData , for about 15 years now ,” Wilcox continues . “ The original use case was PFM ; now , we ’ re seeing the use cases of that data aggregation platform explode , especially with open finance . A couple of things have happened . First , we ’ ve moved away from the old model of screen scraping to direct access agreements , and we can now pull data in real time , which means real-time data can be used in open finance ecosystems .
“ Data aggregation has moved beyond a PFM use case where we ’ re now using it for fraud and risk management . We ’ re using it for verification that a user is who they say they are . That a given user owns the account they say they own . If they then want to connect another bank account at a different bank , we can verify their ownership in real time .”
This has taken on renewed significance in the past year . Multiple disparate sanctions lists mean that companies need to know who their customers are more than ever ; coupled with a crackdown in the US on money laundering , compliance is a key consideration for fintechs and banks alike .
Putting consumer power back in consumer hands Despite the optimism around open finance , it ’ s clear there still need to be checks and balances on what can be done with consumer data . It is their data after all , so informed consent is important .
“ WE ’ VE BEEN BUILDING AND NURTURING OUR DATA AGGREGATION PLATFORM , CALLED ALLDATA , FOR ABOUT 15 YEARS ”
MATT WILCOX PRESIDENT OF DIGITAL PAYMENTS , FISERV
MATT WILCOX
TITLE : PRESIDENT OF DIGITAL PAYMENTS INDUSTRY : IT CONSULTING LOCATION : UNITED STATES
As President of Digital Payments at Fiserv ,
Matt Wilcox is responsible for turnkey services for a multitude of Fiserv product lines while also focusing on creating high-growth digital experiences in the real-time payment solutions marketplace . Wilcox oversees collaboration opportunities within the financial services industry , helping to build digital and payment strategies and product innovations that drive revenue , client retention and new client acquisition . During his career , Matt has directed work in emerging technologies , mobile and online banking , payments , social media and marketing strategies .
@ matthewwilcox 38 fintechmagazine . com | June 2023