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As long as the UK finance regulators insist in forming a multitude of committees populated by people there to protect their vested and contradictory interests nothing will ever be acheived.

The only way new systems will be developed and adopted is for Fintech to co-operate with open minded and forward thinking banks (there's the real challenge) to trial and implement new ideas.

Well Done!!

In all the information I have read over the past year you are the first to raise the issue of customer consent which seems to be being taken for granted.

This is another advantage the Banks will have initially over Fintech's in that I am sure the majority of customers will give permissions more freely to their existing bank than a new Fintech.

Only a short window of opportunity though?

Can the regulators ever credibly state they are operating in the interests of customers as oppposed to global corporate entities when they stand aside while banks refuse to support small Money Transfer Operators who operate within best AML practices and do nothing more than fine the equivalent of a drop in the ocean a company who was knowingly complicit in money laundering over an eight year period.

Staggering!!!

Providing a layer between the banks and third party service providers can help with the management of API's meaning only one set of API's required to one connection platform for the bank. Multiple service providers can then connect into this platform minimising the workload for the bank.

Great to see a proactive approach & banks looking to maximise what is an opportunity. Looking to partners to assist will speed up the implementation of their new strategy.

Clearly this is becoming a very fluid sector with the boundaries between challengers, incumbents and service providers merging.

Who will emerge as the winners in this game?

Those that recognise they cannot do everything themselves but need to collaborate across the board to stay ahead of the competition and remain relevant?

This agreement is all about MasterCard securing its position in the face of threats from the banks and PayPal no longer having to pay card fees.

There is no benefit to the customer.

At least MasterCard are being pro-active in addressing upcoming threats to their business.

What are the banks doing?

The banks have a fantastic window of opportunity to position themselves as the "got to" resource for their customers for financial advice and services before they release their API's.

Question is, will they get their act together in time?

Graham, fully agree. Not only will a fully thought through strategy result in a better IT infrastructure for future growth and maintenance but a quicker ROI.

Great article. If the Fintech companies can collaborate with the banks when setting out the banks innovation strategy then developmant plans, with costs and timescales, will be more efficiently managed and more likely deliver the desored outcomes.