September 7th, 2018
Edinburgh Open Banking Meetup Completes Four Months of Discussion
The Open Banking Excellence: Edinburgh, meetup group continues to attract new members
Edinburgh, Scotland – Stakeholders working within the Open Banking sphere have been meeting in a new group to collaborate and share ideas around best practice. The group, Open Banking Excellence: Edinburgh, is being held on the third Monday of every month, and is hosted by The ID Co., a FinTech company who are one of the forerunners in Open Banking. With a range of speakers, stakeholders and attendees, the group has become in a short space of time the premier business meetup for those with a vested interest in Open Banking.
The concept was borne from the need for a collaborative group to discuss emerging trends and innovative thinking in the FinTech and Open Banking space, and has been driven by James Varga, CEO of The ID Co., and Ross Laurie, an advisor to Castlight Financial and entrepreneur working with FinTech startups.
Last Monday (August 20th, 2018) the group held its fourth meeting, celebrating one third of a year together discussing new ventures, work and developing relationships between FinTech’s and banks. The group routinely manages over 50 attendees for each meetup and has over 250 registered.
Open Banking Excellence (OBE) has allowed for attendees from all walks of life, including FinTech companies, banks, industry professionals, journalists and technology enthusiasts to meet and discuss news related to the Open Banking sector. OBE has been keenly supported by industry bodies such as FinTech Scotland, allowing for a wealth of industry contacts to contribute their thoughts.
The objectives of the group are to:
– Grow awareness of Open Banking and consumer driven benefits
– Establish Edinburgh and Scotland as a place where Open Banking workers gravitate
– Increase expertise and develop real world use cases
– Educate, inform and entertain through engagement as a community, with the community
– Proactively contribute to adopting global standards for Payment Services Directive 2 (PSD2)
On Monday, August 20th, the group were delighted to hear from:-
- James Varga, CEO, The ID Co.
- Stephen Ingledew, CEO, FinTech Scotland
- Gavin Littlejohn, Chairman, FDATA Global
- Nigel Spencer, Head of Support Services, Open Banking Ltd
Following presentations and Q&A from the above, the group were invited to share their thoughts and discussion pieces with the group for a more general conversation.
On the success of the group, The ID Co. CEO, James Varga said:
“I’m delighted with the level of takeup for the group. To have such a volume of established individuals give up their Monday evening, I think, says volumes about the fast pace and importance to which everyone in the group has attached to Open Banking.”
“It’s excellent that we have succeeded in creating a space where individuals from different industries and companies can come together and collaborate, share stories, and voice concerns. We’re also very fortunate that we’ve managed to have some excellent personalities come and share their views on how Open Banking is developing in the UK.”
Ross Laurie added:
“We knew that there was space in the market for individuals and companies to come together to share best-practice and use-cases in the FinTech and Open Banking space. The take up from the group has been excellent, and for that reason we’re now pushing forward with plans to take the group to other parts of the UK and indeed globally, to areas where there is a similar need.
“FinTech is growing at a fast, yet sustainable rate across the UK, and financial institutions are increasingly looking at ways of collaborating with agile, and innovative startups. Open Banking is yet another market for FinTech companies to move into, and as we’ve seen from The ID Co. and their recent successes, make a real impact.”
OBE is planning to branch out to other parts of the UK, and there has already been significant interest in establishing a group in London.
About The ID Co.
The ID Co. (www.theidco.com) helps businesses like lenders to onboard their customers by removing friction caused during the application process by the current challenges of risk, compliance, fraud, and regulation.
A global Scotland-based FinTech, The ID Co. has been pioneering the use of bank data and Open Banking since 2011 and is an active participant in the UK Open Banking initiative and a founding member of FDATA, Innovate Finance, and Open Banking Excellence.
Our business service, DirectID, solves key business pains such as assessing customers’ affordability and verifying their account information, thereby offsetting credit risk. DirectID powers leading lenders such as Prosper, Marlette, Amigo, and more. Visit www.directid.co for more information.
Open Banking Excellence: Edinburgh
Those interested in attending can register at: https://www.meetup.com/Open-Banking-Excellence-Edinburgh/events/krjdspyxmbwb/
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