Open Banking & FinTech Services Overview

January 2018 saw the introduction of Payment Services Directive 2 (PSD2) in the UK, which is often also referred to as “Open Banking”.  This allows consumers to choose to share bank information with third parties including ‘merchants’ (like Amazon for instance). This would avoid the need to use a credit/debit card or PayPal.

Having been involved in a number of FinTechs and start-ups B2E Consulting is well placed to advise clients on how to identify, explore and exploit the potential business opportunities. Indeed we even have our own inhouse FinTech in the Benefits Administration space – our sister company B2E Technologies

Open Banking & FinTech Services Overview

January 2018 saw the introduction of Payment Services Directive 2 (PSD2) in the UK, which is often also referred to as “Open Banking”.  This allows consumers to choose to share bank information with third parties including ‘merchants’ (like Amazon for instance). This would avoid the need to use a credit/debit card or PayPal.

Having been involved in a number of FinTechs and start-ups B2E Consulting is well placed to advise clients on how to identify, explore and exploit the potential business opportunities. Indeed we even have our own inhouse FinTech in the Benefits Administration space – our sister company B2E Technologies

How will Open Banking & FinTech Services help you?

‘The implementation of PSD2 directive (aka “Open Banking”) from 13 January 2018 will be seen as a watershed, the impact of which was underestimated by many.’

Typical Business Challenge

According to the UK Payments Council, half of the 10 oldest continuously operating banks in the world were founded in the UK starting in the late 1600s. In many ways the service offered by banks has been “the same” ever since: a safe home for deposits, access to loans for those who qualify, payment facilities and reports on one’s account(s). That all changed on 13 January 2018!

The implementation of PSD2 directive (aka “Open Banking”) from 13 January 2018 will be seen as a watershed, the impact of which was underestimated by many. In meetings with senior people responsible for innovation at two of the UK’s top 10 retail banks, both mentioned near identical innovations – a mobile phone application developed by Bank A which would allow consumers to seamlessly transfer funds to and from accounts held at other banks. Whilst this is a moderate improvement for those consumers with multiple current accounts, it is trivial convenience compared to the changes which will be seen.

Contact us today about your requirements

‘The implementation of PSD2 directive (aka “Open Banking”) from 13 January 2018 will be seen as a watershed, the impact of which was underestimated by many.’

How will Open Banking & FinTech Services help you?

Typical Business Challenge

According to the UK Payments Council, half of the 10 oldest continuously operating banks in the world were founded in the UK starting in the late 1600s. In many ways the service offered by banks has been “the same” ever since: a safe home for deposits, access to loans for those who qualify, payment facilities and reports on one’s account(s). That all changed on 13 January 2018!

The implementation of PSD2 directive (aka “Open Banking”) from 13 January 2018 will be seen as a watershed, the impact of which was underestimated by many. In meetings with senior people responsible for innovation at two of the UK’s top 10 retail banks, both mentioned near identical innovations – a mobile phone application developed by Bank A which would allow consumers to seamlessly transfer funds to and from accounts held at other banks. Whilst this is a moderate improvement for those consumers with multiple current accounts, it is trivial convenience compared to the changes which will be seen.

Contact us today about your requirements

Why B2E?

B2E Consulting and our community offer to help existing financial institutions and start-ups identify and explore more ambitious business opportunities e.g. using bank data and open APIs to: validate the identity of individuals online, verify Consumer’s income levels instantly, exploit Machine Learning, enhance traditional methods of assessing credit worthiness, use Big Data Analytics, deploy predictive analytics, become compliance and licensed by the FCA.

Service Offerings at B2E Consulting are supported by our community of over 20,000 high calibre, expert consultants, many with FinTech experience.

Our scale means that we are able to build teams of genuine experts, usually with more than 10 years relevant experience, to help support client initiatives and ensure we fully understand the client’s goals, content and context. We partner closely with the client to ensure we deliver quality solutions and value for money.

Working with B2E’s Open Banking & FinTech Services Principal

George Elkington is B2E’s Principal focused on Open Banking and FinTechs. He enjoyed a Corporate Consulting career with Accenture (11 years) before joining Deloitte as a partner, leading one of the UK Industry teams and running two Global accounts. Since then George has been involved in a number of small businesses and start-up in the software-as-service and FinTech space, selling one business to a KKR portfolio company and gaining funding from a Carlyle Group investment for another.

George prides himself one being pragmatic and creative and aims to find cost effective solutions for his clients. George holds a BA and MA from the Judge Business School, at Cambridge University.

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Open Banking and Fintech Services
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