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IBS Journal March 2016


BBVA makes Open APIs play with new hire


BBVA has hired Simple co-founder Shamir Karkal in the newly created role of Head of Open APIs. In a blog post on the bank’s website, he writes: “When talking about the move, I often get quizzical looks asking “Why?” Why would I leave a young, fast-growing financial business that I founded, and go and work for a bank? Many people assume that this is related to BBVA’s acqusition of Simple in 2014 . Of course the acquisition made me familiar with the parent company, but the real reason I joined BBVA was the opportunity to build an Open API platform.” As banks and FinTech ventures increas-


ingly look at ways to partner, Open APIs are gaining traction as they facilitate the pro- cess by giving outside software develop- ers controlled but ultimately easier access to a bank’s data. Karkal writes: “It’s hard to believe now, but when Amazon Web Ser- vices (AWS) launched in 2006, people won- dered why an online retailer was launching a new business offering companies server


capacity from its own technology platform. I think that question has been answered fairly robustly: In the quarter ending in December 2015, AWS had revenues of $2.4 billion and operating income of $687 mil- lion. Year-on-year, it grew 69%. This from a business that isn’t even 10 years old. Essen- tially, Amazon has built the world’s fast- est-growing technology business (yes, fast- er than Google and Apple) by letting third parties build businesses using its technol- ogy platform. Twitter and Facebook have done similar things – we all know the ‘Log in with Facebook’ button, which is essen- tially third parties using Facebook’s plat- form to authenticate and access custom- er data.”


He adds that BBVA has a huge oppor-


tunity to open up its core platform and services, in turn enabling others to build companies on top of these and thereby help the bank put together a new business. “There is huge demand for these core ser- vices in areas such as customer authentica-


Payments revolution on hold


The Federal Reserve Bank of Atlanta has played down the chances of new payment methods going mainstream this year. In a blog post, the Atlanta Fed’s Retail Payments Risk Forum staff make a number of gloomy US-focused predictions. While the adoption pace of mobile payments is growing due to the increasing influence of millennials, it is noted the issues of limited merchant acceptance points, fragmentation, and con- sumer concerns over security and privacy will remain as substantial hurdles. 2015 saw the launch or announce-


ment of more mobile wallets by the likes of Samsung, Google, Chase, Capital One, Walmart and Target. Add to this the retailer and credit union consortiums (MCX Cur- rentC and CU Wallet) that are struggling to emerge from uncertainty, and you’ve got a chaotic market. The blog post asks: ‘How many wallets will the consumer be willing to load on a phone and which providers do they trust to keep their payments and banking credentials safe? We believe we’ll see continued turbulence in this space dur- ing 2016, with some settling of the dust by


Need help on your IT strategy? IBS launches IBS Chat


next year.’ Cryptocurrencies, meanwhile, will con-


tinue to exist in the “novelty” space, but large payments players will direct efforts to leveraging the distributed ledger technol- ogy for various uses and will proceed at an accelerated pace. Finally, the user ID and password will remain the primary authen- tication method that consumers use to access their various applications. Biomet- rics technology for payment and customer authentication applications will continue to improve while decreasing in price. Fin- gerprint, facial recognition, and eye/iris rec- ognition will dominate as the most-used biometrics although voice recognition will serve as a key method in certain environ- ments such as call centres. The technolo- gy will continue to face critical adoption challenges due to concerns about privacy, security, and safety, but educational pro- grammes will lower this resistance. For more payments news, updated on


a daily basis, visit: https://ibsintelligence. com/ibs-journal/


Scott Thompson


IBS Intelligence has launched its IBS Chat Forum, a global platform to bring industry participants together on everything related to banking and financial services technology. Log on to www.ibsintelligence.com/ibschat and connect with peers across the globe now!


In brief


tion, money transfer, accounts, cards, and transaction data. $12 billion was invested in financial technology startups in 2014 (according to Forbes) alone – a vibrant financial technology ecosystem that needs access to products such as ours,” he says. Scott Thompson


Westpac has become the first bank in New Zealand to have a presence across the Chinese social media plat- forms, Weibo, WeChat and Youku, as it looks to step up its communica- tion with the country’s Asian growing population. Articles published on its REDnews website are also now being translated into Mandarin with a new section specifically dedicated to the wider Asian community. Scott Thompson


news


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