FIS is the NAFCU Services Preferred Partner for ATM, Debit Card & Gateway Processing; Credit Card Processing & Servicing.
Listen On:
Key Takeaways:
- [00:54] The main thing that is happening in open banking is that data is being shared through APIs between two or more parties with one consumer's consent.
- [03:32] The average American has 5.3 accounts across all types of financial institutions. By participating in an open banking ecosystem, credit unions will be able to see every aspect and detail of their members' financial journey.
- [08:40] A combination of regulation, industry collaboration, and consumer empowerment, along with industry-leading security, fraud, and data protection technology, are needed to support the adoption of open banking.
- [12:23] Open ecosystems have the opportunity to democratize access to financial services by promoting competition, innovation, and inclusion in the financial industry, thereby empowering underserved populations to participate more fully in the economy and through their financial outcomes.
Presented By
Parijat Sinha
Head of Ecosystem Products | FIS
Parijat Sinha is responsible for Ecosystems Products at FIS including Open Banking, its developer marketplace-Code Connect and Banking Platform Services. Prior to joining FIS, Parijat worked at Meta, where he worked on Messaging Foundations. Parijat has also worked at PayPal and Uber in different senior product roles across Growth, Monetization, Money Movement and Risk/Fraud areas.