Shefali Roy — I’m joining TrueLayer to build Bank APIs
Let me tell you why.
It’s 2017. One would think that a story like this would be history. But unfortunately, banking systems today remain clunky, inefficient and highly archaic. So thank goodness, someone’s decided to do something about it!
The next evolution of banking is here…In January 2018, the revised Payment Services Directive (‘PSD2’) will be operational. Believe it or not, for consumers, this is an exciting time for financial services and banking — in no small part because the regulation provides for legally mandated data transparency across financial institutions.Under PSD2, European banks will need to provide access to customer information (e.g. account balances and details) to regulated Account Information Service Providers (‘AISPs’), and banks will need to provide customer information and payments services to regulated Payment Service Providers (‘PISPs’). These elements will drive the banking world towards ‘open banking’ — a concept championed by the Competition and Markets Authority (‘CMA’) in the UK. As the CMA says:
Open Banking will enable personal customers and small businesses to share their data securely with other banks, and with third parties, allowing them to compare products on the basis of their own requirements, and to manage their accounts, without having to use their bank’.
It’s all about friction and barriersNow, traditionally compliance and back-office infrastructure haven’t always been the type of job most people run to. I’ve spent nearly fifteen years in compliance — in banking at Goldman Sachs, in the art world, at Christies, and later on in technology, at Apple and Stripe, building compliance tools. Compliance is fundamental to any organisation, and the fact that we can now build APIs and other engineering tools to ensure efficiency, simplicity and painless compliance is remarkable. I wish we had these sorts of systems when I first started my career.Banks and financial companies have the option to resist change, and obfuscate Open Banking initiatives for as long as they can, or to adjust to regulatory changes, embrace a modern era of collaboration and adjust rapidly as current FinTechs can.
We believe building technology layers across platforms, geographies and boundaries will provide consumers with opportunity, competition, frictionless and convenient banking, without the hassle of dealing with banks.
I’m extremely excited to get started and expect the next few months to be a rollercoaster!