Global Payments: besting barriers to open banking adoption

In attendance at Money20/20, FinTech Magazine speaks to Nick Corrigan, Global Payments’ European President and EVP, about the challenges facing open banking and its proliferation across more markets, and how to overcome these challenges. 

As Corrigan puts it: “There are different regulatory approaches in every country. You’ll always get caught up in a debate on whether regulation is good, or does it stifle innovation.

“When you look at open banking across Europe, or internationally, there are different approaches at play and different jurisdictions are at different stages. 

“The consumer acceptance of open banking is where it gets interesting. In our UK business, we’ve seen around 13% of consumers have completed an open banking transaction. 

“What’s interesting is if you ask consumers if they’ve completed an open banking transaction, the majority wouldn’t know they have. 

“Would it have been a slick experience for the customer, and positive for the merchant provider too? Definitely yes.”

For more from Corrigan at Money20/20, you can see the video above, or you can watch it on the FinTech Magazine LinkedIn page.