Kirsch predicts US open banking adoption will snowball from European demand
Steve Kirsch · 763: He's Raised $18.5m To Help Banks Use Open API's, Makes Money From # of API Calls · Aug 26, 2017 · at 10:47
Steve Kirsch, founder of open banking API platform Token, predicts how US banks will adopt open banking standards without federal regulatory mandates.
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“I think the same thing will happen here is that there's a big stick that causes the European banks to get on board the system. Once that happens, the apps get written and then the apps only work with European banks. Ooh. So if I want to move money instantly from bank to bank, I have to do European banks. Well, first American bank gets on and says, Hey, if you bank with me, you can move money instantly between Europe and the United States between all these European banks, the United States. Ah, then the next us bank says, Hey, I'm not going to let him have all the fun. And the whole thing that just snowballs.”
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