When the central stage of Money20/20 Europe opens in the Netherlands in 19 days time, the headliner presentation will be about interoperability in the financial world.
Payments industry heavyweight Charlotte Hogg of Visa and Daniel Kjellen of Tink, will be leading the discussion, which will be viewed by thousands of in-person guests at the venue in Amsterdam, and also beamed globally to thousands of virtual attendees. But why have they chosen interoperability as their opening gambit?
The future of financial services and banking
Interoperability refers to the way the digital ecosystem is transforming the financial markets, and how innovation in the economic space is enabling increasing numbers of disruptors to share their inspiring solutions with industry stalwarts.
Digital transactions are one example. Just a decade ago, the credit and debit network was the single most powerful transactional tool globally. Today, many more market entrants dominate the space, from BNPL (buy now pay later) fintechs to contactless technology, ewallets, digital currencies and more.
At the centre of this transformation, sits the customer - the business owner, the employee, the investor, who is driving change through wanting and needing more flexible products and services. Streamlined, low cost, fast and secure are the buzzwords of the transactional space, and interoperability is the key to the kingdom.
What is Interoperability?
Interoperability in its simplest terms, means the ability of digital content to perform all its functionalities in interaction with a concrete digital environment. That encompasses the future of the financial industry, because just as incumbents have much to learn from fintech, these market newcomers can reap huge rewards by working with the establishment.
“Interoperability is the degree of cooperation and connectedness of systems. A system is highly interoperable when the individual components work in near perfect harmony. It’s a state of operation where information exchange is accurate, accessible and can be acted on reliably,” states a report on the topic, by The Sovereign, succinctly summing up the concept in relation to the financial space.
The opening speakers for Money 20/20
As the CEO of Europe for Visa, Charlotte Hogg has huge insights into the ways in which established companies that hold a monopoly, can expand their products and services by partnering with innovative market newcomers. A veteran of the financial payments space, she has more than 25 years of experience in financial services, bank operations and management consulting to Visa – the world’s leader in digital payments.
She is also currently a Non-Executive Director at RELX plc and a UK Finance Board Member. Previously a Delegate and member of the Finance Committee at Oxford University Press (2006-2017) and a Non-Executive Director at BBC Worldwide (2010-2013).
Meanwhile, her co-host Daniel Kjellén is equally impressive. The dynamic Silicon Valley Fintech Founder, CMO, Growth Advisor, Mentor & Investor behind Tink, he brings a wealth of experience to the discussions on fintech development, digital payments and the future of fintech and banking services.
FinTech Magazine at Money 20/20
We’ll be there at the event too. We have a stand (Hall 7, Stand E20) and we’re looking forward to having lots of interesting discussions with both new and established market players. As part of the event, we are also offering attendees the opportunity to join us at our own FinTech Live event in London in November, through using our special 50% off promocode, MONEY2020 when registering your attendance.
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