Connor Blake

The Personal Financial Data Rights Rule (PFDR) has been recently finalised in the USA. What does this regulation mean for banking organisations? The policy gives consumers more control over their financial data and makes it easier to switch service providers. This step towards open banking requires appropriate systems by April 2026 or by April 2030 for smaller financial entities. These systems have to support open banking solutions that securely share personal financial data at the consumer’s request while safeguarding privacy. I see this as a substantial market shift, boosting competition and empowering consumers to leave financial companies providing substandard service. It can also lead to true digital transformation. Institutions can embrace the transition to open banking with numerous benefits, including: 1. Using API-powered data sharing to deliver hyperpersonalization at scale  2. Leveraging new data streams to deploy innovative services and gain a competitive edge  3. Forming open banking partnerships with FinTechs to explore new business models and revenue sources A well-planned transition can ensure a smooth shift, maximising every advantage. Join the leaders in open banking to put your institution at the forefront of a new financial landscape.

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BNY just revealed the results of its 2024 Voice of Community Banks Survey, which explores community banks' top challenges, needs, and hopes for today and the future. 💡 One of the top future challenges identified in the survey was #data management and analytics. While nine in ten surveyed said they are prepared to initiate digital transformations, less than 20% see themselves as experts in data analytics. These findings highlight a gap between perceived readiness and the expertise required for a successful digital transformation. To continue playing their vital role in our financial system, community banks need proven technology and expertise to accelerate digital transformation and analyze data more effectively. Read more: https://lnkd.in/eQfRqgnu #CommunityBanking #LocalBanks #FinTech #DataAnalytics

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I like the highlighting here on the transition and savings of operations for anyone needing to evolve thier own data capabilities, beyond highlighting new features only.

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Insights on Payments Innovation from the Bank of England The Bank of England’s newly released discussion paper underscores a critical juncture in the evolution of payment systems, emphasizing the necessity of embracing #tokenisation and other digital technologies to maintain a robust, dynamic economy. Axiology is at the forefront of this transformation, aligning tightly with the Bank’s vision by integrating advanced tokenisation technologies to enhance capital markets efficiency. Our efforts are geared towards revolutionizing traditional securities transaction processes to support economic growth and stability. With an approach that spans both retail and wholesale systems, upgrades to the Real-Time Gross Settlement (RTGS) systems are underway, and explorations into wholesale central bank digital currencies (wCBDC) promise a sophisticated future for financial transactions. Our participation in #digital #euro testing provides valuable insights with regards to technological choices in wCBDC settlement. We look forward to the launch of digital securities #sandbox and more clarity on wCBDC in UK. 📘 Read the complete discussion paper here: https://lnkd.in/dajY4RQM #BankOfEngland #FinancialInnovation #Axiology #tokenization #DigitalCurrency

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Open banking: an existential crisis for banks, or the opportunity of a lifetime? In this 10-minute podcast, Hashim Toussaint, GM of Digital and Open Banking Solutions at FIS®, tackles how banks can participate in the open banking ecosystem, meet regulations and data security requirements and build the right use cases for their strategic goals. http://spr.ly/6047U3IIR

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🔗 Join the Conversation: BoE DP and call for input on innovation in money and payments 🔍🌐 The Bank of England has published a significant discussion paper on their approach to innovation in money and payments, covering both wholesale and retail payments (where the government has also confirmed its intention to advance a National Payments Vision). The Bank are inviting input until the end of October, and we plan to respond. If you are interested to engage on relevant topics reach out to Bazil Sansom. #Consultations #GillmoreCentre #Payments #PaymentsInnovation #FutureOfMoney #FutureOfPayments

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Today the Bank of England published a Discussion Paper on its approach to innovation in money and payments. The Discussion Paper asks for responses on the next step in a wide-ranging conversation on how to deliver an ambitious agenda for the UK payments landscape and sets out how rapid innovations in payments can impact on the Bank’s monetary and financial stability objectives.   Our Managing Director, Payments, Innovation & Resilience, Jana Mackintosh, comments:   “This is an important discussion paper from the Bank of England, and we strongly welcome the Bank’s leadership in delivering an ambitious agenda for UK payments. There is a huge amount of innovation taking place within money and payments. This paper highlights a number of key issues that need to be addressed to support further innovation and help bring new capabilities like tokenisation to life.    We look forward to working with the Bank, other regulators and the government to collectively enhance the UK payments landscape for the benefit of consumers and businesses.”   💻 To read the paper in full: https://lnkd.in/eGQ-Em9C    #UKFinance #Payments #Banking #BankofEngland #Innovation 

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💼💡 BNP Paribas has entered a #strategic #paneuropean collaboration with Billie to support the latter's expansion. 📣 Read The Paypers: https://buff.ly/4anOtSp #thepaypers #paymentsnews #financialnews #BNPL #paymentmethods #payments #partnership #Europe

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A #sandbox for financial market infrastructures that is on track to launch in the UK this year has the potential to become a ‘catalyst of change’ towards the adoption of innovative technologies, an executive director of the Bank of England (BoE) said in a speech this week. The Digital Securities Sandbox (DSS), which will be overseen by the BoE alongside the Financial Conduct Authority, is being created to enable regulators to curate the take-up of #digitalasset #technology in #financialmarkets – a field seeing surging levels of private-sector investment. In a speech titled ‘The UK’s Digital Securities Sandbox: supporting the next frontier of #innovation’, the central bank’s executive director of financial market infrastructure, Sasha Mills, spoke about how regulators can try to match the private-sector’s pace of innovation and support its beneficial application without compromising financial stability. https://lnkd.in/ezGZJMCw City & Financial Global Global Government Forum HM Treasury Ian Hall #financialservices #DLT #programmability #fintech #CityWeek2024

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The UK’s Financial Conduct Authority (FCA) has unveiled a long-awaited consultation on safeguarding requirements for UK payments firms, setting the stage for substantial regulatory shifts in the industry https://lnkd.in/diKFngqH

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At Fidelity Ireland, we believe that #innovation thrives at the intersection of industry and academia. Collaborating with universities and research centres has become a strategic objective of #FidelityIreland and allows us to accelerate our path towards a better digital user experience next generation digital customer experiences. Currently, we have a number of engagements with academic institutes and #research centres focused on various aspects of #technology in Ireland – Adapt, Connect, Insight and LERO, supported by SFI. These collaborations allow us to have access to the latest research insights and apply sound #academic advancements in areas such as natural language processing, machine learning and quantum technologies to enhance our existing applications and services and develop new products. Through these collaborations, the academic institutes also have the opportunity to road test their theories against real world data and use cases, and to better align with industry needs for applied research. We're very excited about the upcoming projects with these leading research institutes and we can’t wait to see what possibilities these collaborations will bring. Together, we are shaping a better, more inclusive digital experience for all. #FidelityAssociate #adapt centre #connect centre #insight sfi research centre for data analytics #lero

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🚀 New on the FINOS Community Blog - Banks Harness Open Source Innovation to Transform Regulatory Reporting 🚀 The financial sector is facing increasing regulatory demands, and firms need new approaches to maintain compliance while driving operational efficiency. In our latest blog, JWG Group CEO PJ Di Giammarino shares insights from October’s FINOS OSSF 2024 event in NYC, where industry leaders like BNP Paribas, J.P. Morgan, and RBC explored how open-source solutions like the Common Domain Model (CDM) and Digital Regulatory Reporting (DRR) are reshaping compliance. With growing regulatory demands, CDM and DRR provide financial institutions a path to more efficient, cost-effective, and transparent reporting, aligning global standards and reducing complexity. This collaborative approach, powered by partnerships with ISDA and FINOS, is set to drive transformative change across the industry. 👉 Read more here: https://hubs.ly/Q02WB2280 #FINOS #CDM #DRR #OpenSource #RegTech #Compliance #Innovation #OSSF2024 #FinancialServices #ISDA #OSinFinance #CommonDomainModel #RegulatoryReporting

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Read my latest blog on 'How Level of Certainty in Estimates Impacts Risk Prioritization in Banks' https://lnkd.in/eMZmC7ud

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🚨 New Article Alert! 🚨 The Financial Reporter has highlighted a significant issue in its latest piece: Financial Services Firms Still Struggling to Bridge the Digital Skills Gap. New research from Davies reveals that financial services firms are increasingly prioritising the training and upskilling of their existing workforce, with nearly two-thirds (62%) of firms opting for this approach over recruitment. Despite the focus on developing in-house talent, the challenge of bridging the digital skills gap remains pronounced. Over a third (38%) of financial services businesses admit to a lack of digital skills, while more than two-fifths (41%) acknowledge that they are not fully harnessing the potential of their current staff. This ongoing struggle raises an important question: should financial professionals themselves be expected to acquire these digital skills, or is it more efficient to integrate dedicated digital experts into the workforce? With almost half (47%) of firms also grappling with rising salary expectations, this becomes a crucial consideration. At 1stCall4Advisers, we tackle this challenge by providing comprehensive support to our advisers. Our Induction Training covers essential areas to ensure that advisers are confident and well-prepared for their roles. In addition, we offer continuous support from in-house marketing professionals and have implemented a robust case management and CRM system, supported by IT specialists. This approach allows advisers to focus on their core expertise while benefiting from a seamless integration of digital tools and support. Furthermore, our professional lead-generation campaigns ensure a steady stream of incoming business, allowing advisers to concentrate on delivering the best service without the added pressure of generating new leads. While upskilling is undeniably a part of the solution, it's worth considering whether the financial services sector should look to bring in more digital specialists to fill this gap. As the industry evolves, collaboration across the sector and a rethinking of talent acquisition strategies may be essential to effectively addressing the digital skills gap. #DigitalSkills #FinancialServices #MortgageAdvisers #ProtectionAdvisers #ProfessionalDevelopment original article: https://lnkd.in/eAFtCgcn

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Thanks to Chloe Jenkins and the UK PMPG for inviting me to talk about Barclays’ migration to #ISO20022, some of the challenges we face with interoperability across schemes and how collectively we move the industry towards harmonization. Some of the key points made: -When we all started on this journey we spoke of common standards, harmonization and interoperability but we are already seeing incompatibility between scheme format requirements in addition to lack of clarity on enforcement of the formatting standards. -The majority of banks are not on ISO native infrastructures and translation and transformation is often required, these incompatibilities result in friction and manual handling. -Management of these issues will continue to be challenging. Initiatives such as the ‘Interoperability Charter’ advocated by the Bank of England will certainly help and there should be an aim by the industry to iron out the kinks between scheme formats over the coming years to reach the level of harmonization we all seek. From a client perspective 1. There will always be a role for the bank to play in terms of supporting the data required to be sent by the client even if this sometimes required some creative mapping. For example supporting an LEI on a pain001.v3. 2. Banks need to keep pushing the benefits of ISO20022 to drive up adoption of enhanced data across the industry. 3. The end of co-existence maybe a little further off than planned but there is a long tail of banks who remain on MT and will need to migrate to MX. This could represent a concentration risk as we near the end, and hence lower STP and a high, albeit short term impact on operations and servicing teams. In summary it was a good session and thanks to Howard Middleton who was covering off topics from a wholesale perspective. Also, always nice to bump into some old colleagues too, it’s a small world in payments 😄 #iso20022 #payments #pmpg Andrew Peck , Julie Timpson , Jemma Parker , Paul Strachan , Barry Trowbridge , Sanjeev Bhatti , Adam Smart , Adam Bealey

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Our Chair, Charlotte Crosswell OBE, recently featured in PaymentsJournal, sharing valuable insights on the government’s newly announced National Payments Vision (NPV) which highlighted the key role open banking initiatives will play in shaping the future of the UK payments landscape. It was encouraging to see the work we do at CFIT, alongside our coalition partners, recognised at this level – a testament to the importance of our ongoing work. 🔗Read the full article here: https://lnkd.in/e8djs4dc #FinTech #Innovation #FinancialServices #Payments

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Davies’ Evaluation Endorses DataVisor’s Enhanced AML/BSA Solutions, Affirming Operational Integrity and Seamless Investigation Processes for FIs “At DataVisor, we hold a steadfast commitment to continuously advancing and ensuring the quality of our product,” said Fang Yu, DataVisor co-founder and chief product officer. “By leveraging Davies’s specialized expertise and rigorous validation processes, we are able to meticulously assess and validate the effectiveness and integrity of our products. Together with Davies, we are proud to demonstrate a sound and robust AML/BSA solution with modern technology to combat financial crimes within the global financial ecosystem.” Kurt Drozd https://lnkd.in/eT6A6f86 #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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