Open Banking and Pay-by-Bank, Anubhav Prathan, ShiftMate

Today we talked to Anubhav Pradhan, co-founder of ShiftMate. We discussed the future of open banking and Pay-by-Bank.

Discover how these technologies empower consumers with data control and offer new growth opportunities for financial institutions.

Listen on all platforms:

• Apple Podcasts

• Spotify

• Youtube

Key Topics:

• Differences between open banking and Pay-by-Bank

• Regulatory impacts on data ownership and consent

• Leveraging data for customer relationship management

• Real-time payments and their industry impact

Timestamps

• 01:10 - Pay-by-Bank explained

• 02:17 - Consumer data aggregation

• 03:11 - Payment methods and trends

• 05:10 - Building trust through open banking

• 06:08 - Adoption statistics

• 07:02 - Role of platforms like Plaid

• 08:10 - Institutional challenges

• 10:23 - Infrastructure and compliance

• 11:16 - US adoption nuances

• 12:30 - Strategic advantages

• 14:48 - Data ownership debates

• 15:21 - Marketplace fees

• 16:41 - Consumer rights and regulations

• 18:03 - Infrastructure costs

• 19:02 - Open banking as a growth driver

• 20:01 - Merchant data access risks

• 21:22 - Regulatory safeguards

• 22:48 - Preventing data misuse

• 23:33 - Potential for data abuse

• 26:08 - Successful strategies

• 30:48 - Motivations for small banks

• 33:36 - Practical advice

• 35:00 - Foundational data work

• 37:48 - Payment challenges

⠀Connect with Anubhav:

• LinkedIn

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Payments Education

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• Creating payments strategy

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