Ralph Rogge

FinTech, History, Theatre, Payments

[Ralph Rogge @RalphRogge]

Sounds great @garyseconomics, but is anything stopping you from paying more today.

Why wait? Lead by example.

Account name: HMRC Cumbernauld
Sort code: 08 32 10
Account number: 12001039

https://t.co/42WRV5vVDN

[Ralph Rogge @RalphRogge]

@patrickc @tempo What are the most common use cases?

[Sebastian Siemiatkowski @klarnaseb]

NOTE: Using OpenAi Operator at your bank in EU is illegal by law! Web access for assistants was banned years ago as part of “Open banking”

Here is the story of why:

15 years ago I stumbled into Sofort in Germany. A company with the idea to build a digital assistant that would interact with your banks poor UI, so you as a user could avoid it. Just like operator. Back then it was script based, not AI but it worked.

I was so impressed Klarna bought the company. It has since then processed billions of dollars.

But of course banks got scared! What happens if people use the digital assistant only, instead of their bank. And what if the assistant says, stop paying those fees to your bank and let me help you switch?

So German banks sued. They claimed privacy concerns. It went to Brussels and a long lobbying and legal fight pursued. This was the beginning of what we today call open banking!

I and others spent years fighting over consumers right to use digital assistants, when accessing their banks. We knew this was critical to create real competition, in an industry that has been plagued by excess profits for years.

At first Jonathan Hill from UK was responsible and very supportive. But then he left and a German guy came onboard. He was 100% aligned with incumbent banks and we thought the case was lost. However he did a mistake and let some Russian oligarchs take him for a ride on their private jet. And so he was out.

Finally @VDombrovskis stepped in. He was smart and supportive but pressure from banks was intense. There was rumors that they were funding privacy groups in Germany, to have them use privacy concerns to kill Open Banking. What if the digital assistant accessed some of your private data?

We were about to loose the vote, when the competitive authorities of EU started getting interested. They suspected the banks were lobbying and pursuing this matter for profit reasons to reduce competition(really…). A few weeks before the vote in parliament they raided the offices of some Dutch and Polish banks. Everyone got super nervous and the Open Banking regulation was passed!

Almost…

A small technical detail was left to EBA (European banking authorities). Should your digital assistant use an API for access to your bank account or the standard web UI you use yourself for accessing your bank?

We pushed as hard as we could. We highlighted and said, if your assistant is mandated to use the API that your bank supplies. What if the API don’t support all the same features. Or the API is broken?

Don’t worry said regulators. You can complain with authorities 😂

We said at least let the digital assistant, as fall back, use the web UI. Then banks cant cheat, as they will know we can always use the same UI as their human customers. It’s called self regulation. But EBA ignored us.

Today web UI access for digital assistants as ChatGPT Operator is illegal by law.

And surprise, surprise the open banking API of European banks, continue to be broken, lack functionality and banks add as much friction as they can. We report and see thousands of issues with these APIs every year.

And people ask me why open banking has not become a larger success…

What do you say @donaldtusk time for a change? Jest potrzebne!

[Jason Fried @jasonfried]

What do they got?

A big team, lots of money, a strong brand, seemingly unlimited resources, panache, reputation, all that. They’re established.

They’re your competitors.

You want to look away, but you see them everywhere. Their ads on your social, their name in the media, your dream clients on their website.

But you know what else they got?

Bigger company bloat. Overflowing obligations. Narratives to uphold. Appearances to maintain. Entitlement. Too much overhead.

They’re slow. They’re conservative. They talk too much. They’ve stopped taking risks. They’re resting on their laurels, gliding on their reputation. They’re on defense.

What they’ve really got is a lot to lose.

What do you got?

Hunger. Drive. Grit. Scrappiness. Independence. You’re on offense.

You don’t have enough, which is why you’re dangerous. You have no choice but to be clever and creative. To make up for what you don’t have with something they can’t have: The underdog spirit.

You can move. You can adjust. You can adapt. You can get it done while they’re still stuck deciding what to do.

Small is not a stepping stone. Small is not less than. It’s greater than. It’s faster than. It’s better than.

Savor your position. You don’t get to be the underdog forever. The baton will be passed. But for now, it’s your magic wand. Use it.

We stand with the underdogs.

[Ralph Rogge @RalphRogge]

@Itsjoeco @jeff_weinstein @stripe Can you confirm 'Pay by Bank' is just ACH direct debit in the US? This is not Open Banking in Europe/UK, PIX Brazil, UPI India, etc.?

[Ralph Rogge @RalphRogge]

The ashtrays in the armrests have gone, do we still have to be told this a no smoking flight?

[Ralph Rogge @RalphRogge]

@volodarik @christobarley @christobarley is bang on! We (Crezco) built a payments company that handles domestic payments for free (no tricks) using open banking. Can also send USDs from the EU / UK to the US for a marginal slither.

[TrueLayer @TrueLayer]

A quick interview with our friend @RalphRogge of Crezco, a member of the Open Finance Association, talking about the future of #openbanking👇

#OBExpo #fintech

[Ralph Rogge @RalphRogge]

@SecretCFO @CliffordSosin What’s the answer?

[OpenView @OpenViewVenture]

👀 It's time to stop judging PLG companies by the same old SaaS metrics. @poyark put together a PLG Series A fundraising checklist with help from the who’s who of PLG VCs: https://t.co/OlLYugCZQ7

[Open Future World @OpenFutureWorld]

Interesting us today are: @YapilyLtd @wizzair @Trustly @OpenBankProject @tesobe @simsysims @RalphRogge @EYCanada @avarshovi @davidpolymath in today's #OpenFutureWorld #DailyEdit

[Ralph Rogge @RalphRogge]

Hold on to your deposits https://t.co/qrHw1re7pC via @AltFiNews

[Ralph Rogge @RalphRogge]

Conversation with Ralph Rogge, CEO and Co-Founder of Crezco https://t.co/YTM9RMFYVZ

[Open Banking Expo @OpenBankingExpo]

👏Still buzzing after the #OBExpoAwards22 in association with @PayWithComma! 15🏆were awarded to the very best in #OpenBanking & #OpenFinance. #Crezco was one of them, recognised in the Best Anti-Fraud Solution category!🎉 Hear more from @RalphRogge 👉 https://t.co/9ouayWeFUe.🙌

[Ralph Rogge @RalphRogge]

Aviation is historically notoriously non-profitable, so I can’t be too angry, but can we not pay a little more for a better quality of service? There must be a middle ground between NetJets and delayed EasyJet flights to Luton on a Friday night 🤦‍♂️

[Ralph Rogge @RalphRogge]

NatWest to offer VRP as a payment option via TrueLayer, GoCardless and Crezco https://t.co/RnH5EaBhog via @AltFiNews

[Ralph Rogge @RalphRogge]

https://t.co/ZJnjweQGG6

[Ralph Rogge @RalphRogge]

Govt urged to swap steering committees for "action" to deliver national fintech strategy https://t.co/rQXzapRkbl via @AltFiNews