Robert Kramer’s Post

The Jack Henry™ 2024 Strategy Benchmark dives into three hot topics surrounding open banking and real-time payments over the next two years.

The Jack Henry™ 2024 Strategy Benchmark dives into three hot topics surrounding open banking and real-time payments over the next two years.

Can open banking provide the right incentives to consumers to overcome data privacy concerns and switch payment behavior? Sharing this insightful article on five key use cases and challenges for open banking in 2024. https://lnkd.in/ezzdPM2H

Open Banking is a key topic today - do you know when and how it will affect you? Did you know FIS has a solution to help? #FISEmerald2024 #FISOpenAccess

Trust is twice as important as functionality (such as speed) for consumer adoption of new payment technologies such as Open Banking. I’m paraphrasing (hopefully with reasonable accuracy), an important message from Aidene Walsh in her End of Year Reflections. #OpenBanking #PaymentsInnovation #IFGS24 Payment Systems Regulator

Banking or shopping online? Stick to encrypted sites. You can tell a site is encrypted if the web address starts with "https" (the "s" stands for secure). #firstutahbank #redefiningpossible #bankingrelationship

Insights from Today's Open Banking Summit: Key Takeaways and Highlights #FDX #openbanking 1. Open Banking Rule in the US: Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB), discussed the forthcoming rule for Open Banking in the US at the FDX Global Summit. The rule is expected to be finalized by summer/fall, emphasizing the need for balance to avoid stifling innovation while ensuring consumer protection. 2. Standards and Governance: Chopra highlighted the importance of setting standards that prioritize consumer interests over the agenda of specific industry participants. The CFPB plans to guide and certify industry-based standard setters, focusing on governance mechanisms to ensure credibility and impartiality. 3. Potential Challenges: Concerns were raised about the possibility of multiple standard setters and standards, potentially hindering interoperability. This scenario could resemble the current fragmentation seen in instant payments, where different systems based on the same standard do not communicate effectively. 4. Future Considerations: The CFPB is already considering potential issues that may arise after regulation, such as the impact of open banking on liquidity requirements and the role of "open payments" in driving adoption. Core providers are identified as crucial change agents, particularly for smaller financial institutions. 5. Implementation and Adoption: Once the rule is established, banks and financial institutions will face pressure to implement the new API standards promptly. Those who have delayed their preparations will need to accelerate their efforts to comply with the regulatory requirements.

Are you across Open Banking and how it might impact you or your business in the future? Are you sharing your data? If not, why not? What can the ABA learn in heading back the drawing board? https://lnkd.in/gs9rvb6v

🎃 Only treats, no tricks—or threats—with #OpenBanking! This insightful video from Open Banking shows just how simple it is to pay bills on the go. With secure, direct payments, both providers and customers can effortlessly simplify their financial management—anywhere, anytime. Watch here: https://lnkd.in/edzAfmYD

Our account security is now more important than ever. Here's a quick checklist to always keep in mind when transacting using UPI, cards or even net banking! #digitalscams #digitalfrauds #scamprevention #financefraud #scamawareness #cardfrauds #accountfrauds #bankfraud #moneywise #financialliteracyawareness #financialliteracyforkids #moneymanagementforkids #financialhabits #financialsecurity #passwordsharing #accounthacking