Tech Titans Assemble to Influence Policymakers (Oct. 3, 2015)
A group of technology titans are setting aside competitive differences to form a consortium promoting financial services innovation to policymakers. Amazon, Apple, Google, Intuit and PayPal today announced the formation of Financial Innovation Now, which is calling for better payments authentication, open standards and transparency around fraud costs and risks.
“Innovation is coming to financial services, and now is the time for Washington to help enable a modern financial system that is more accessible, affordable and secure,” said Brian Peters, executive director of Financial Innovation Now. “The regulatory environment must allow these new innovations to enter and compete in the marketplace.”
The organization and its member companies believe financial innovation will empower consumers by improving access to financial tools and services, and increasing convenience and ease of use, among other benefits, according to the group. Innovation also will enable small businesses to succeed with greater access to capital and analytical tools to make strategic, data-driven decisions and strengthen authentication and security solutions, the group believes.
“These companies have long played an important role in the financial services ecosystem, whether or not they identified themselves outwardly as financial services providers,” Jennifer Tescher, president and CEO at the Center for Financial Services Innovation (CFSI), tells Paybefore. “Their taking a more public stance on a set of important issues is a good first step. The financial challenges facing consumers in this country are complex and require a shared effort on the part of leaders from across the financial services industry. We welcome this group to the dialogue.”