Alastair Johnson, founder and CEO of Nuggets

It is already clear that the Open Banking initiative is levelling the retail banking playing field in favour of consumers, a leading e-commerce expert has declared.
Alastair Johnson, founder and CEO of the Nuggets e-commerce platform, said he is particularly encouraged by financial institutions that are opening up the initiation of payments and information services to start-ups and software developers: “They can leverage their agile technological prowess to build on top of the APIs provided by banks, as is required under the EU’s PSD2 directive,” he said. “The PSD2 directive offers true scalability and will really shake up the industry moving forward. With the ability to innovate atop the existing banking infrastructure, a myriad of applications can be designed – from sophisticated spending analytics platforms to convenient payment apps.”
The impact of new regulation is significant, observed Johnson: “As current legislation evolves, it’s clear that we’re hurtling towards a future characterised by data sovereignty,” he said. “GDPR has already dramatically changed the dynamics surrounding data collection, storage and use by businesses, threatening heavy penalties for companies that fail to comply with rigorous regulations. What’s more, the soon-to-be enforced Secure Customer Authentication will necessitate that individuals provide two out of three of the following before being able to spend above a certain amount digitally – something they know, like a password, something they own, like a hardware token or phone, and something they are, meaning biometric authentication. These catalysts are pointing us in one direction – towards robust platforms that put individuals firmly at the wheel where their data is concerned. With technologies like blockchain, biometrics and zero-knowledge cryptography overlaid with banking services, we can ensure that owners of data remain in control in an increasingly adversarial digital age.”
Nuggets is an e-commerce payments and ID platform. It stores personal and payment data securely in the blockchain.

by Guy Matthews