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Link: Acquired.com
In a recent podcast discussion, Simon Lyons, Chief Strategy Officer at OB Connect, explored the world of open banking, shedding light on the challenges and opportunities it presents. He emphasized the importance of performance and confirmation of payment in the open banking ecosystem. Lyons argued that open banking has the potential to revolutionize lending, reduce fraud through tools like Confirmation of Payee, and change the way we choose payment methods. He also predicted that merchant pricing might become fixed for certain transactions. Ultimately, he acknowledged that while open banking won't replace cards entirely, it will continue to reshape the payments landscape.
Key Points and Ideas:
Open banking's growth is driven by the shift in liability.
Open banking is effective when there's a gap between goods fulfillment and purchase.
Contactless payments have surged due to the liability shift.
Merchant acquiring is...
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