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Open banking and financial literacy: Challenges and proposals for the future

On December 5th, Iris Solutions participated in a meeting with the European Commissioner for "Financial Stability, Financial Services, and Capital Markets Union", Mairead McGuinness, organized by the Bulgarian Fintech Association (BFA). The meeting aimed to discuss key topics such as financial literacy and open banking, playing a major role in the future of financial technology and services in the EU.



Within the framework of the meeting, Merdihan Ismailov, Chief Digital Officer of IRIS Solutions, presented the activities of the company IRIS Solutions and shared with the audience the challenges faced by companies involved in Open Banking. Merdihan made the Bulgarian appeal to the EC, which included:


1. Pan-European marketing campaign to promote open banking in the EU: The idea is to organize campaigns to develop and promote open finance and data sharing across Europe.


2. Instant payments for all EU members, incl. those outside the Eurozone: The EC's proposal to introduce a single period for instant payments in all EU member states, which would facilitate and speed up financial transactions, should be introduced simultaneously in the countries in and outside the Eurozone. So countries like Bulgaria, Poland, Romania, etc. would get an equal start in developing their Open Banking.


3. Empowering the public sector to accept A2A payments: The initiative is aimed at expanding the possibilities of accepting payments from the public sector through A2A (Account-to-Account) transactions.


4. Mandate for regulatory sandboxes and access to centralized registries: The proposal includes the creation of mandates for regulatory sandboxes, which would encourage innovation and access to centralized registries, supporting the development of financial technologies.


5. Close collaboration with academia and the public sector for innovation based on open banking/finance: The importance of collaboration between academic circles and the public sector for innovation in open banking and finance is emphasized.


These proposals represent key steps towards expanding fintech opportunities in Europe. IRIS and the rest of the fintech community strongly emphasized the need for active collaboration between regulators, industry, and academic circles to create a better financial future for all.


IRIS и Fintech Career Day 2023

IRIS Solutions participated in the second edition of the Fintech Career Day, organized by the Bulgarian Fintech Association and the Faculty of Economics and Business Administration at Sofia University 'St. Kliment Ohridski.' The event provided an excellent opportunity for students to get acquainted with us and the new business models around Open Banking, learn about our initiatives, and explore career opportunities in the fintech sector. During the Fintech Career Day, Georgi Penev, Head of Growth at IRIS Solutions, presented interesting perspectives and opportunities to the attending students.




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