Speaking with PYMNTS’ Karen Webster, the COO of Trulioo, Zac Cohen, talks about the need for both innovation and security at a time when open banking is gaining a foothold in the US due in part to the pandemic; Cohen said, “In recent years, we’ve seen the heavily regulated version of open banking in the E.U. It’s been a coordinated effort — regulatory-driven, highly standardized and thrust upon the banking community. In the U.S., it’s been an organic-but-inevitable exercise, driven primarily by innovation and consumer demand.”; while there are no global standards yet for KYC and AML procedures Cohen pointed out that it is important for all financial services players to have high standards here; there is a trend in the market now where customers are seeking more security over just speed; when trust is in place the consumer is ready to share information and get onboard faster. PYMNTS.
