Peter Tapling

speaker

497 appearances 2 recordings 1 series first heard Mar 2025 last heard Jul 2025

Peter Tapling’s voice in public audio — every appearance, attributed to the second.

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Off the Rails from the U.S. Faster Payments Council - FPC · 27 March 2025 Peter Tapling on Payments Headlines, Pay by Bank, and March Madness · 27 Mar 2025 podcast

And in six months, the largest of the large, the largest banks and largest payment service providers needed to be compliant with the rules of 1033.

They need to have open banking using approved standard setting bodies.

we're sitting here in March of 2025.

The rule was passed in October of 2024.

That's six months.

So the first time clock has hit.

But to your point, who's around at the CFPB to start walking around to these various entities and saying, hey, are you following the rules, right?

So I don't think there's going to be a lot of enforcement around 1033.

I think that

There are parts of 1033 that are good.

There are parts of 1033 that are bad.

Without unpacking it all, I think that in order for open banking to really thrive in the US, we need standardization.

And the one thing that it did, one of the things that it did is it really pushed on standardization.

That part, I think, is good.

I think I'm hopeful that they did name one standard setting body, FDX.

Kudos to them.

And so I am hopeful that we as an industry can kind of lean into those standards.

If we don't, we end up with...

JPM API, Bank of America API, you know, third street credit union API, which is not open banking because it's basically bilateral agreements between everybody.

And I have to write code 9,200 times for the 9,200 financial institutions in the US.

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