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Open Banking 2: U.S. with Frederik Mennes, John Pitts, & Yoseph West | E160

Ep. 160

In this 160th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host interviews Frederik Mennes (OneSpan), John Pitts (Plaid), & Yoseph West (Relay) to discuss the state of Open Banking in the United States! 


Episode Highlights: 

● 0:50 – John Pitts introduces himself and Plaid. 

● 1:32 – Yoseph West introduces himself and Relay. 

● 2:08 – Frederik Mennes introduces himself and OneSpan. 

● 3:22 – What is the state of affairs in the US for Open Banking right now? 

● 5:52 – Frederik addresses the fundamental differences between the US and Europe in their approaches to Open Banking. 

● 7:00 – How has the state of regulations in the US impacted Relay’s growth? 

● 8:30 – What are the incentives and motivations for Plaid’s clients on the bank side? 

● 11:34 – Frederick shares about OneSpan’s client education around security in Open Banking. 

● 13:30 – John explains why he thinks that regulations are not as vital as some might think. 

● 16:47 – What is going right and what needs to be fixed in the US situation? 

● 24:49 – How do US companies regulate the risk of moving to APIs? 

● 27:46 – Is it reasonable to draw a compliance line for customers with a certain value of assets? 

● 29:48 – Jason and Frederick weigh the risk vs. reward of Open Banking for smaller banks. 

● 31:39 – How much pushback does John see from Plaid’s screen scraping guidelines? 

● 36:08 – Where does Yoseph feel constrained in the current system? 

● 41:00 – Everyone shares the one key thing that they believe the US Open Banking system should focus on moving forward. 


3 Key Points 

1. While the US finds itself years ahead of Europe on the practice of Open Banking, it finds itself an equal amount behind Europe on regulations. 

2. Open Banking companies in the US face the challenge of switching over to Application Programming Interfaces (APIs) without risking data and client rights. 

3. Screen scraping, or consumer data extraction for automation of previously-manual actions, is still allowed under PSD2. It has actually been updated in its security measures. 


Tweetable Quotes: 

● “It’s no secret that Europe has been pretty much at the forefront of the Open Banking initiatives around the world through initiatives such as PSD1 and PSD2.” – Jason Pereira 

● “To actually deliver true open banking, the dream that we all think of...I think that’s a dream that will only exist as a result of Challenger or Neobanks.” – Yoseph West

● “At this point, regulation is actually very helpful to create a level playing field for security. Regulation can help to make sure that all the players in the ecosystem...implement the right security technology.” – Frederik Mennes 

● “The key thing that makes the US market special is that it is being driven by consumer demand.” – John Pitts 


Resources Mentioned: 

Facebook – Jason Pereira’s Facebook 

LinkedIn – Jason Pereira’s LinkedIn 

JasonPereira.ca – Sign up for Jason Pereira’s newsletter 

Woodgate.com – Website for Woodgate Financial 

Plaid – Website for Plaid 

OneSpan – Website for OneSpan 

Relay – Website for Relay

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4/13/2021

Metaco with Adrien Treccani | E169

Ep. 169
In this 169th episode of Fintech Impact, Jason Pereira, award–winning financial planner, university lecturer, writer, and host interviews Adrien Treccani, Founder and CEO of Metaco, a company that enables traditional financial institutions to offer their clients blockchain solutions!Episode Highlights:0:29 – Adrien Treccani introduces Metaco.1:06 – What brought about the genesis of Metaco?3:24 – How did Metaco solve the frictions of cryptocurrency mass adoption?6:15 – What does the client process look like with Metaco?9:16 – Is Adrien seeing a willingness to adopt blockchain solutions out of fear of future regulation?12:14 – How does Metaco’s system of hierarchies and permissions work?14:10 – Adrien breaks down the book on cryptocurrency and blockchain technology that he is currently writing.15:57 – Where does Adrien see Metaco going in the future?17:32 – What is Adrien seeing as the primary reason for purchasing crypto?20:03 – If Adrien could change one thing in his industry, what would it be?21:50 – What has been the biggest challenge in getting Metaco to where it is today?25:43 – Adrien shares what excites him the most about what he is working on.3 Key PointsRegulations, infrastructure, and a lack of market demand were the main frictions preventing institutional adoption of cryptocurrencies.Metaco has taken the best and largest traditional bank models and adjusted them for the age of digital assets.At this stage, Adrien is not seeing massive adoption of cryptocurrencies as payment options, rather as an investment.Tweetable Quotes:“Governance we think is really where we find is in pretty much everything on the market today.” – Adrien Treccani“The fact of the matter is having some degree of optional socialization is a comfort that most investors will ask for.” – Adrien Treccani“Having one person with control over the keys is not a smart thing because what happens if that one person goes?” – Jason Pereira“Anyone who laughed at the concept of tokenizing asset classes just didn’t understand.” – Jason PereiraResources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInFintechImpact.co – Website for Fintech ImpactJasonPereira.ca – Sign up for Jason Pereira’s newsletterWoodgate.com – Website for Woodgate FinancialMetaco.com – Website for Metaco
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Cinchy with Dan DeMers | E168

Ep. 168
In this 168th episode of Fintech Impact, Jason Pereira, award–winning financial planner, university lecturer, writer, and host interviews Dan DeMers, CEO and Cofounder of Cinchy, a next–generation data–management platform that utilizes data fabric with the end goal of data autonomy!Episode Highlights:0:43 – Dan DeMers introduces himself and Cinchy.2:27 – What was the problem that Dan was trying to solve when he started Cinchy?5:05 – Dan and Jason discuss the nature of code and the realization of data as a core asset.6:56 – Jason and Dan explain why the silo system is not scalable.10:09 – What are the hurdles and limitations of data lakes?11:48 – Dan explains “data fabric” and what problems it solves.15:21 – Jason and Dan discuss the relation of Metcalfe's Law to data fabric.17:33 – Dan and Jason explain the value of data and what it means to every individual.22:14 – What kind of reception has Cinchy gotten from the major institutions that it works with?26:52 – Jason and Dan explain why we are on the cusp of a generation of people who all do some form of coding.29:31 – If Dan could change one thing in his industry, what would it be?31:29 – What has been the biggest challenge of getting Cinchy to where it is today?32:29 – Dan explains what excites him the most about his work.3 Key PointsRoughly 50% of all IT budgets go to integration and data management, including APIs and all the byproducts of data being fragmented.Data lakes are filled with fragmented and unorganized data with quality issues that allow you to do analytics at best because it is all just a copy.Acceleration of low–code and no–code has put the world on the cusp of a generation of which everyone knows how to code to some degree.Tweetable Quotes:“We’re so used to a world where data is siloed and it’s subservient to an application.” – Dan DeMers“If you ever have to rekey something into two different systems, it’s a failure.” – Jason Pereira“If I have to pay my vendor to access my data, is it really my data?” – Jason Pereira“You have to take the action. It’s not going to fix itself. The data is not going to self–repair, sadly.” – Den DeMersResources Mentioned:Facebook – Jason Pereira’s FacebookLinkedIn – Jason Pereira’s LinkedInFintechImpact.co – Website for Fintech ImpactJasonPereira.ca – Sign up for Jason Pereira’s newsletterWoodgate.com – Website for Woodgate FinancialCinchy.com – Website for Cinchy
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Epilogue Wills with Arin Klug | E167

Ep. 167
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