The Payments Power 50 Podcast - The Future of Open Banking: Trends and Challenges

Title: The Future of Open Banking: Trends and Challenges

Host: David Parker, CEO at Polymath Consulting. 

Guest: Timo Seifert, Director Product Management at Unzer. Miroslav Pekárek, CPO at Aevi. George Parks Davie, VP of product at Brite Payments.

Takeaways

• Open banking has reached a tipping point with increased user adoption.
• Consumer trust in merchants is essential for the success of open banking payments.
• Instant payments are revolutionizing the payment landscape.
• The enrolment process for open banking payments remains a significant challenge.
• Chargebacks and consumer protection are critical gaps in open banking.
• Biometric authentication could enhance security and user experience.
• Variable recurring payments present new opportunities for merchants and consumers.
• Standardization and consistency in payment practices are needed for growth.
• The future of payments is leaning towards account-to-account transactions.
• Operational challenges, such as API stability, hinder the growth of open banking.

Time Stamps

00:00 Introduction to Open Banking and Its Evolution

03:56 Current Trends and Changes in Open Banking Payments

10:54 Challenges and Opportunities in Open Banking Payments

15:49 Use Cases and Merchant Perspectives on Open Banking

20:48 Consumer Experience and Drop-off Rates in Open Banking

25:23 The Evolution of Payment Methods

27:29 Challenges in Open Banking Payments

30:59 Consumer Trust and Payment Security

34:00 The Future of Payment Technologies

36:56 Operational Challenges in Open Banking

40:21 Looking Ahead: The Next 12-18 Months in Open Banking