Open Banking’s success dependent on concerns over data security and privacy

FinTech Connect Europe brought together 1300 experts from across the fintech ecosystem for two days of networking, discussions, and learning. As silver sponsors at FinTech Connect Europe, we caught up with Rosie McConnell from IFX Payments to discuss and explore how they have adapted their business to keep up with the demands and new challenges from the payments industry, the top 3 payment trends they see for 2024 and the main challenges which have prevented the full success of Open Banking.

Please give us a little introduction on your current role and what you do.

I’m the Product Director at IFX Payments, which means I’m responsible for product development and ensuring my team have what they need to deliver great products to our clients. A little about our company and product: IFX is a B2B multi-currency wallet and cross-border payments partner., but we also do forex.

Our multi-currency wallet is called ibanq, which is a virtual IBAN solution that allows clients segregate their cashflow into virtual accounts. It works well for financial institutions that manage a lot of client money and need an overview from a single platform or for anyone who needs to segregate their cashflow for easier management and reconciliation. Our ibanq platform also houses mass payment capabilities allowing businesses to execute multi-currency payments in batch.

What do you consider your biggest professional achievement to date?

I’ve been with IFX for five years now, so I’ve witnessed the company pivot from a traditional FX brokerage business into the successful fintech partner it is today. My biggest professional achievement is the team I work with. We have a talented team of innovative product leaders that have established a roadmap that prioritises features and functionality. They deliver value to our broad customer base while also balancing the complex demands of a growing company in a complex regulatory environment.

What are your/your companies top 3 priorities for 2023/24?

• Offering our product in new jurisdictions.
  
• Rolling out new products features on ibanq.
  
• Making cross-border payments cost pennies not pounds.

What are the top 3 payments trends you are predicting for 2024? Where should FIs and merchants be focusing their efforts in the next few years?

• Real-time payments!
  
• Strong cyber-security and anti-fraud measures.
  
• Embedded payment solutions that consider the whole customer journey, not just the payment

What do you see as the main challenges which have prevented the full success of Open Banking? Are we moving towards a more open economy?

I think the main challenges that are hindering Open Banking’s success are concerns over data security and privacy. Striking a balance between providing open access to financial data and protecting customer information remains a challenge. This grey area muddies the vision. As well as that, achieving standardisation and interoperability among different financial institutions and their systems is essential for the success of Open Banking. This requires a lot of collaboration and puts dependencies on other technological investments like ISO20022, which are not simple pursuits either.

The payments industry has come a long way in the last 3 years – how have you adapted your business to keep up with the demands and new challenges of your clients?

We’re putting two things at the core of our business: the customer and resilience. Working in a highly regulated environment and volatile market, where macroeconomics, new technologies and adapting regulations constantly pull businesses in different directions, can create distraction and noise. We’re laser focused on our company mission and the value we can bring to our customers, as well as maintaining a strong and resilient business model that can weather challenging market conditions.

Want to be involved in FinTech Connect Europe 2024?

FinTech Connect Europe returns for the next edition on 4th – 5th December 2024. From sponsoring opportunities including brand exposure and content sharing to speaking opportunities, get in touch here (tracked link to the contact us page) today to speak with a member of the FinTech Connect Team and see how you can be involved at this year’s event.