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Location
London
Member since
2017
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Payments Sibos

Carlos's blog archive

2020 (3) 2019 (4) 2017 (4)
Carlos Figueredo

Carlos Figueredo

CEO/Founder at Open Vector Limited
Message Message me Posts: 11 Comments: 9
Bio As the CEO/Founder of Open Vector Ltd we provide the industry with the only experienced team to deliver an Open API solution across a country banking sector. This experience was gained through the Open Banking UK initiative where Carlos was the Head of Data Standards. Career History Previous Head of Data Standards UK Open Banking Implementation Entity. Lead programs in integration and payments standardisation at HSBC, Barclays and Credit Suisse. Was global head of financial messaging for CITCO Group in Ireland. Worked for SWIFT US and head of SWIFT Banco Bisel in Argentina.

Blogs

Open Banking

Open Banking - Comments on CMA Year 2 Report

24 Jan 2020

Last week, the CMA released a report on the status of open banking after 2 years in place in the UK. This blog will reflect and challenge the comments from the blog “Open Banking year two: Insights from the CMA9” and what the various banks perceive as progress. To set the tone, none of us who were part of the original team under the first trustee a...

6

Open Banking

Open Banking - An opportunity for UK banks

14 Jan 2020

The appearance of open banking created an immediate concern within the banks as they would now have to share customer data, competition from challenger banks, etc. Even though it is a well-known statement these days that “innovation will come with or without the banks” most banks (if not all) are still thinking that innovation will not affect them...

Open Banking

Open Banking - Big Tech’s in Banking? Nothing New.

06 Jan 2020

Open Banking – Big Tech’s in Banking? Nothing new. There was a very strong article last week titled “Big Tech’s Invasion of Banking” which illustrates how Silicon Valley is waking up to the benefits of going after the financial sector. The one thing that creates risk is regulation and how to control their movements but the scariest thing by far is...

Open Banking

Open Banking - A Challenge for the U.S.

30 Dec 2019

In a December 20th article titled, “Without Open Banking regulation, banks and fintechs clash in the US” (*), we get a taste of the first issues that are arising in the U.S. of trying to work in a somewhat open banking space without regulation. One of the issues mentioned in the article relates to aggregators in the U.S. being blocked by banks tha...

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Carlos is Commenting on

Open Banking - Comments on CMA Year 2 Report

  Let’s come back to this exchange in a year or so and see where we are.

27 Jan 2020 Reply Read article

Open Banking - Comments on CMA Year 2 Report

  Mr. Swaminathan, then lets remove screenscraping, comparison websites, lets remove any aggregation website like Skyscanner, or Hotels.com because people simply dont need this. Products you (dont) mention, did not provide 10x benefits for quite a while. I have many examples where they were not instant successes. The evolved.  The fact that you think that open banking is a product tells me everything I need to know that you do not understand whot open banking (finance/data) is. Consumers should not care about or know or want open banking. Consumers want services and products right away in a safe manner. It is time to break the monopoly of data from banks.  It is also clear to me that you defend banks which I do too, but not as blindly as you do. With all respect, I have travelled heavily speaking and debating with banks, regulators and fintechs in the hottest markets and I know why banks are not moving to push open banking and why some regulators and mostly fintechs do understand its potential. Please feel free to contact me privately so I can share true facts, not supposives. 

27 Jan 2020 Reply Read article

Open Banking - Comments on CMA Year 2 Report

  Mr Swaminathan, I do not agree at all with your comment. This would be like you saying we never asked for cars. We were happy with horses. We didnt need credit cards, we were happy with carrying cash. We didnt need SWIFT, we were happy with sending cheques. We didnt need the internet, we were happy reading the papers, etc, on and on. Our role is to make consumers lives better, more efficient and safer. We see that in today's world, consumers want now and at their fingertips though they may not know exactly how that should occur. So open banking (into open data) will give consumers the options that they should be entitled to. Lets get this straight, banks have held consumer data for the history of banks and have done nothing with it but use it for their own financial benefit, not the consumers. That is your proof.

27 Jan 2020 Reply Read article

Canadian lenders issue open banking warning

  The full CBA report is more balanced in terms of outlining both the benefits and risks that open banking presents. Data, "the new oil", will continue to be mined for competitive advantage. How and when Canada's government, regulators and authorities choose to realign policy framework and strategy to (re)align and enable the benefits that open banking can yield is a choice. Canada has an opportunity to consider its position and leverage the opportunities that open banking can afford within this evolving global financial ecosystem.  Will Canada claim this opportunity in time or allow others to supersede?

06 Oct 2017 Reply Read article