In the Media
Open Banking to Survive Trump, Fintechs Say
Read Time: 1 minMember Adam Maarec (Washington, DC) was quoted in an article in Payments Dive, “Open Banking to Survive Trump, Fintechs Say.” In the article, Adam discusses open banking, 1033, and APIs.
Despite the legal and regulatory battles, open banking and “customer-authorized data sharing” has been growing steadily for the past decade, said Adam Maarec, an attorney with McGlinchey Stafford LLP, who advises banks and fintechs, and was a legal executive at several large banks.
“With open banking reaching critical mass, banks and fintechs need to figure out their business and risk management strategies now, no matter what happens with the final rules as they exist today,” Maarec said in an April interview.
Despite an interest in open banking, “the status quo is favorable to banks in a lot of ways,” Maarec said.
“Different banks view this in different ways, depending on their position in the market across various products,” he said. “Some banks have a lot to lose and some have a lot to gain. It depends on their product mix and tech strategy.”
Many banks have created APIs “that share data within their own comfort levels,” Maarec said. “I think the banking industry would prefer the status quo where they can still sort of exercise their own large degree of control.”