Tracy Metzger: Whether it’s mobile carriers when they’re doing prepaid businesses where credit card acceptance immediately fulfills minutes to a phone, or digital goods companies like e-ticketing, or software downloads, all these things have an after-market value. Those companies spend anywhere from 14% to 20% of their total SGNA on managing fraud. It’s a huge
There is a lot of fraud in online payments. This discussion explores the field, and Tracy also provides a pointer to a great open problem that an entrepreneur can look into. Sramana Mitra: Let’s start by introducing you and Vesta to our audience. Tracy Metzger: I’m the COO of Vesta. I’m a 25-year veteran of
Sramana Mitra: There’s definitely the identity data that we have a big fiasco around at the moment. More broadly, Facebook is sitting on top of huge amounts of data. Google is sitting on top of huge amounts of data. They’re basically using that data without the consumers having any say in the matter on how
Hakan Nordfjell: For example, I know that I have identified himself and enrolled with that Third Party Provider (TPP). I can trust the service because when the TPP does the request on my behalf, I will be authenticated. Where we will have problems to solve for the open banking to flourish is when the banks ask
Sramana Mitra: Let me ask you a few questions to understand how you’re going to market with this kind of technology. Is this like a central hub where banks are all signing up for access or is it an enterprise software solution that each bank is buying? Hakan Nordfjell: The model is, you go bank
Sramana Mitra: Across your activities within Gemalto, where do you think you’re providing the maximum leadership as far as financial technology is concerned. Hakan Nordfjell: The thought leadership that we provide is within the online banking security and actually how you drive that into a new domain. Securing access from a person to a bank
In this wide-ranging discussion, perhaps the most thought-provoking question is the one about data and who owns it. Sramana Mitra: Let’s start by having you introduce yourself as well as Gemalto to our audience. Hakan Nordfjell: I’m responsible for the Digital Banking segment within Gemalto. Gemalto is a digital security company based in Amsterdam.
Mike Ward: The ability to land one client at a time is not necessarily as scalable. You have so many people trying to do it. It doesn’t create a unique acquisition channel out there. That one to many is a unique opportunity. There are people out there with API’s who are landing one to many and partnering with