Speaking with PYMNTS’ Karen Webster, the COO of Trulioo, Zac Cohen, talks about the need for both innovation and security at a time when open banking is gaining a foothold in the US due in part to the pandemic; Cohen said, “In recent years, we’ve seen the heavily regulated version of open banking in the E.U. It’s been a coordinated effort — regulatory-driven, highly standardized and thrust upon the banking community. In the U.S., it’s been an organic-but-inevitable exercise, driven primarily by innovation and consumer demand.”; while there are no global standards yet for KYC and AML procedures Cohen pointed out that it is important for all financial services players to have high standards here; there is a trend in the market now where customers are seeking more security over just speed; when trust is in place the consumer is ready to share information and get onboard faster. PYMNTS.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.