The rising importance of Open Banking, digital identity, consent management and data sharing has created a ‘Blue Ocean’ market for banks. We believe that they now have a unique opportunity to strengthen and truly safeguard their relevance in the data economy. But they need to start taking decisive action right now in order to demonstrate that they can provide the necessary trust to underpin new business models.

In this short video we explain our vision on digital transactions in the data economy and the implications for market actors. Get in touch if you want to know more about our vision and how you can prepare for it.

It is time for banks to reconsider their perspective on Open Banking. In this new transaction- and data-driven world, data sharing — just like money and payments — needs to be decentralised. However, it must also be interoperable and trustable. Proper governance and oversight safeguard public functions for society as a whole, and data sharing should be no exception.

INNOPAY believes that banks are currently in a unique position to outperform Big Tech challengers by leveraging their core capabilities, infrastructures, operating models and experience in payments and transactions, with a special focus on digital identity. But that requires investment in Open Banking now — before it’s too late.

In spite of regulations like PSD2 and GDPR, the volume, value and complexity of data is still growing much faster than we can cope with as a society. This poses particular challenges when it comes to data sharing and related issues regarding privacy, data sovereignty and the data benefit balance…

INNOPAY

Everything Transaction: At INNOPAY we believe that everything in our world boils down to a transaction and that is what we are passionate about!

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