by PaymentsJournal 0

Latest News

Global financial industryassociation puts open banking, virtual currencies and m-commerce authenticationunder the microscope

6thJune, 2017Mobey Forum, the global industryassociation empowering banks and other financial institutions to lead in thefuture of digital financial services, today unveils three new workgroups, eachfocused on a critical aspect of the global digital financial services market.

OpenBanking Workgroup

The firstobjective of the Open Banking workgroup is to help banks explore opportunitiespresented by the new Payment Services Directive, PSD2, together with openbanking standards like the Open Financial Exchange (OFX). The group will focuson how banks can capitalise on these regulations to establish a newrelationship model with their customers based on the open banking environment.The group aims to establish best practice in defining an open banking strategyby exploring value-added services and their contribution to banks revenues.

The groupis co-chaired by Oscar Sala, VP Product Strategy, Strands, and Jordi Guaus,Head of Digital Marketing, CaixaBank.

VirtualCurrencies Workgroup

The VirtualCurrencies workgroup will scrutinise the 5th Anti Money Laundering(AML) Directive which will include clear explanations of how virtual currenciesare defined together with how blockchain based payment companies will become‘obligated entities’ under the terms of the directive. The workgroup willanalyse questions such as: What are the strengths, weaknesses opportunities andthreats that virtual currencies present? How should the new AML regulation bemanifested in action? How is the risk picture changing for banks?

The groupis co-chaired by Hans Henrik Hoffmeyer, Senior Vice President, Nets Group andPeter Stephens, Head of Blockchain, UBS.

StrongAuthentication in M-Commerce Workgroup

Addressingissues and authentication solutions in m-commerce will be the principal focusof this workgroup, which will pay particular attention to remoteconsumer-to-business payment transactions initiated via the mobile device. Bothapp and browser based authentication solutions will be explored, with a view tocreating a joint Mobey Forum and Aite Group research report.

The groupis co-chaired by Ron Van Wezel, Senior Analyst, Aite Group, Roney Castro,Principal Advisor, UL and Jacob Ost Hansen, Nordea.

“MobeyForum’s central objective has always been to enable banks and financialinstitutions to leverage new technologies and business models to reinforcetheir leadership in financial services,” comments Maikki Frisk, ExecutiveDirector, Mobey Forum. “Digitalisation is changing the world at anunprecedented rate; there is barely an area of our lives that is unaffected.Similarly, a huge proportion of our day to day activities have theirfoundations in commerce. This means two things: Firstly, that banks andfinancial institutions have a vital role to play in helping everyone thatinhabits the digital world to harness its power to enrich their lives.Secondly, as banks respond to digitalisation, they have a tremendousopportunity to establish new, deeper relationships with customers, generatinginnovative new services and capitalising on the revenues these will generate.For this to happen, however, they must be ahead of the curve. Our three newworkgroups zero in on some of the most influential developments in banking andfintech today. I can’t wait to be part of the discussions.”

Mobey Forum’s workgroups provide a platform for strategicdiscussion and collaboration on a particular area of interestfor members. The groups aim to prevent stakeholders from developing ‘tunnelvision’ by bringing together vendors, banks, financial institutions and otherservice providers to network, share experiences and exchange views in acommercially neutral environment.

The three new workgroups will join Mobey Forum’s popular Bank Disruptionworkgroup which will continue its wide-ranging work into the second half of2017 and beyond. All groups will meet this week at Mobey Forum’s secondquarterly member meeting of the year, kindly hosted by Inside Secure inEdinburgh, Scotland.

Featured Content