Fintech: Deposit Solutions shows potential of open banking
Open banking might soon become the new standard for retail deposits in Europe as growth accelerates at the German platform service.
Caroline Plumb, founder and chief executive of Fluidly, a cash-flow modelling provider for small and medium-sized enterprises (SMEs), sounded a little disappointed at the Innovate Finance Global Summit in London.
“People were talking about this big-bang moment when the world was going to change and everything would be different, but at best it’s going to be a slow burn,” she says. “It may even be a damp squib. Let’s see. It could require years of progress.”
“The timelines are a nightmare,” he says. “Just to go through procurement is one thing. Then to do the actual implementation, you are looking at more than a year.”