Quantfolio is a key contributor at EU Parliament conference on Open Finance
by Jan Aage Skaathun, on 21 June 2022 16:16
Quantfolio and Finance Innovation were invited to European Parliament in Brussels to show what opportunities and limitations the PSD2 payment directive provides for the development of new services. The goal was to influence a revised version of PSD2 that provides better access to data for third parties and new opportunities to create innovation. And even though a strike in Brussels airlines hindered us from attending in person, we still made it!
Quantfolio was one of eight selected European companies that were invited to speak in the EU Parliament to demonstrate use cases and highlight the importance of an Open Finance regulation. Both the EU Commission and the EU Parliament, which are reviewing the PSD2 directive, were present to get acquainted with Europe's leading use cases.
As a provider of digital advice through leading banks in the Nordic region / Europe, Quantfolio is well positioned to take a proactive role in the design of Open Finance as a concept. Here is the message we want to get across:
Today, premium financial advisory is reserved for the privileged and affluent. In order to achieve financial inclusion and democratization in value creation, we must even out the playing field in terms of data regarding clients pension accounts, investments, debt & credit. Open Finance will also create greater transparency within wealth and asset management. In short, we need a clear Open finance policy to even out financial inequality, create transparency and insight as well as support the growing demand for sustainability data.
- Current experiences and challenges with PSD2
- The need for more than 90 days approval for recurring payments (a quick fix to increase this to 180 days is being released, but it is realized that for PSD2 as a recurring alternative, more is needed.
- Quantfolio demonstrated how a wider development of PSD2/open banking into Open Finance will help even out the playing field in finance.
- And we specifically demonstrated how the inclusion of data from pension accounts, debt, depots/custodians, credit, insurance and other stakeholders is required to provide consumers with a transparent overview of their finances and make better and more informed decisions.
This is part of Quantfolio´s mission to be an active influencer in regulatory changes nationally and internationally and we are thankful for the opportunity to be heard on a highest level.