Member since
Julian Wilson

Julian Wilson

Director Open Banking and Consumer Innovation at FreedomPay
Message Message me Posts: 0 Comments: 5
Bio Throughout my career I have had the privilege of working with many bright people at some lovely companies. Much of this focus has been as a 'product guy' turning ideas into products and services: describing the vision, raising the money and assembling the team. Then working with engineers on how to build and the commercial teams on how to sell them. Today I am building a zero knowledge proof based, self sovereign data assertion and verification service: enabling people to assert or prove anything which could be evidenced from a Bank statement without revealing their identity. This approach makes it much easier, technically and legally, for a business to access this information. Career History Apple. AT&T Unisource, Barclays and two Internet software start ups.

Julian is Commenting on

Barclays to shut down Pingit on 30 June

  I worked at Barclays during the time when Pingit was launched and up to and beyond the point when Open Banking was introduced.  These opinions are personal and are not necessarily representative of the Barclays position or motivations. Pingit effected bank to bank transfers using a mobile phone number as a proxy for a sort code and bank account number.  Underpinniing this 'feature' was a bank to bank transfer via Vocalink's Faster Payments network. This is the same process Open Banking payments follow today.  Like all payment services / instruments in order to work commercially they need critical mass of both buyers and sellers [points of acceptance].  My guess would be that Barclays could justify this decision for several reasons:  its mobile banking platform and Bpay provide similar functionality,  the proliferation of Open Banking services and the scope of companies driving adoption [distributes the cost of creating acceptance], or maybe the possible lack of differentiation. The future? Open Banking and Open Finance in combination with the capabilities of the crypto building blocks [in particular verifable credentials] will, in my opinion, introduce a new level of efficiencies for payment networks or Bank to Bank transfers. In fact I'd like to predict that one day people will say, of Open Banking, its key contribution was to 'simplify the payments value chain'.  Enabling banks to do what they did hundreds of years ago: put people in control of asserting something they own or have proven.  Issue  'transferable bearer instruments' enabling instant atomic transactions [all aspects of the ledger are updated instantly or nothing happens at all]  without the need for third party intervention/involvement. Yes, this is how crypto currencies work today:  and my suggestion describes a fiat pegged transfer,  using modifications to the protocols to manage permissions and ownership and the maintenance of systems of record [perhaps the biggest cost saving for Banks]. Ooops, I have broken my rule to not use the conditional subjuntive [could have, should have would have]...