Interview with Nikola Stamenkovic, marketing at Bridge: how open banking is changing our lives and payments

We’ve all heard about open banking and how it rises just in front of our eyes. But such an unprecedented success was not an accident. This payment method came up because the audience matured and needed something new and fast. Old-fashioned technologies are not keeping the desired pace, so transformation was inevitable. We’ve already talked about basics of open banking here, so feel free to refresh your knowledge and then come back to the interview here.

As a consulting agency, we always keep up with current trends and that’s why launched an interview section in Mono Talks, where we talk with industry professionals, representatives of main fintech companies, merchants and businesses about payments and share this with audience.

So, what’s next for open banking? Let’s find out in our exclusive interview with global open banking provider Bridge that has operating for more than 10 years and faced most of the ups and downs of the industry.

Q: Risking to be predictable but still. Let’s start with Bridge and your role in the company. What do you do and how is Bridge different from others?

A: It's been just under 2 years since I joined Bridge and started out as Lead Generation Manager. I recently took up the post of Marketing Manager. My main objective is to scale our various marketing actions and seek out new acquisition channels best suited to our market.

Bridge is different from the others in a number of ways. We put the customer at the heart of our business; we sell a loaf of pains, not a solution. We advocate the personalization of our offers.

Q: We noted that you rebranded in 2024. What is behind your new brand identity?

A: Like all companies that decide to redesign their brand image. Among other things, rebranding helps to refresh a company's image and improve brand awareness. Rebranding can take place on several levels, and calls into question the brand's vision, values and visual identity. The new identity reflects Bridge's image as it has been for as long as we've existed. This new

brand identity is aimed directly at our current and future customers and partners. It embodies the benefits of expertise and support, deployed every day by our teams.

Q: We know that Bridge is concentrating on account-to-account (A2A) payments for businesses and identity verification solutions. How do these two services combine in one business direction?

A: Bridge API combines account-to-account payment (A2A) and identity verification, with the same aim in mind: to streamline and secure corporate financial transactions.

A2A payment enables companies to make instant, secure transactions without intermediaries. Identity verification ensures that payments are made to the right beneficiary, reducing the risk of fraud and transfer fraud. The integration of identity verification with A2A payment enhances the user experience: 

• When making an initial payment, the company can verify the identity of the beneficiary in real time before validating the transaction.
• This reduces the risk of error or fraud, reinforcing confidence in A2A payments.
• In short, these two services align to offer an integrated and secure solution, essential in a context where payment optimization and the fight against fraud are priorities for companies.

Q: Which industry merchants are your main focus and why?

A: Obviously depends on the use case. Depending on the company's sector of activity and the issues it faces, we'll propose the most appropriate solution. Today, we have more than 500 customers in a wide range of sectors: e-commerce, ERP, accounting-tech, payroll & HR software, fintechs, real estate, etc. This is Bridge's strength, our diversification of services to meet a wide range of needs.

Q: Being on the market from 2011, what do you think is next for the open banking fintech providers? What is market potential and is there any for newbies?

A: Active in the market since 2011, we have observed the rapid evolution of open banking, from PSD2 to the emergence of new corporate use cases. The future of fintech providers in this field rests on three major dynamics in my view:

• Market consolidation and increasing maturity => After an explosion phase for open banking players, we are witnessing a consolidation where only providers offering real added value and financial solidity will remain competitive. Companies are looking for reliable, scalable solutions that comply with regulatory requirements.
• The extension of open banking to open finance and open data => Open banking is gradually evolving towards open finance and open data. Open banking is gradually evolving towards open finance, integrating services beyond payment (financial data aggregation, credit, insurance, etc.). Ultimately, we are moving towards an open data model, where companies can interact with various data sources (tax, accounting, HR, etc.) to automate and optimize their financial processes.
• The rise of A2A payments and alternative models to bank cards => With the rise of account-to-account (A2A) payments, notably through Request-to-Pay and instant transfers, open banking is becoming a real alternative to traditional card networks. Businesses are looking for faster, cheaper and more secure payment solutions, opening up major opportunities for fintechs capable of innovating in this field.

Clearly, open banking will continue to develop beyond payments, and only those players capable of offering high value-added services integrated into seamless customer journeys will come out on top.

Q: You’ve started far before open banking became a game-changer in user experience, what we know today. What made you choose this direction of payments, why not card processing?

A: As I said above, businesses are looking for new payment methods that are more secure, faster, more reliable and also less costly. In fact, bank transfers without IBAN or CB entry could be 2x cheaper than traditional payment methods.

Today, we're talking about added value and a new user experience for B2B merchants and companies. In the form of a link, a CTA or a QR code, payment by intelligent bank transfer without CB or IBAN entry offers numerous advantages:

• faster payment, unlimited payments with payment limits up to 30 times higher than CB cards,
• better conversion rates (for e-commerce sites with high shopping carts, for example),
• payment acceptance rates in excess of 60% vs. other payment methods.

And the best part? everything can be automated and easily integrated into your CMS or software, with real-time tracking of transactions.

Q: Can open banking recurring payments replace the usual card subscription model?

A: Open banking recurring payments have great potential to compete with the traditional card- based subscription model, but several challenges remain. Those are:

• Lack of a native recurring mandate mechanism: Unlike SEPA direct debits or card payments, which enable automatic debiting without customer action, open banking still often requires periodic re-authentication by the consumer.
• Consumer and merchant adoption: The card-based model is well established, and users appreciate the simplicity of automatic payment without validation.
• Interoperability and banking coverage: Not all banking institutions yet offer smooth recurring payment solutions via open banking. Open banking is a credible, innovative and efficient alternative to card-based subscriptions, especially in a B2B context. However, for a full replacement, the user experience still needs to be simplified and the automation of recurring payments improved.

Q: What are the most promising new markets for open banking, to your mind? We all heard that the UK beats all records, but what comes next? USA is now making sort of real steps towards this, any other notable players?

A: The UK was indeed a pioneer and continues to be a benchmark for open banking. However, there are several other markets with strong growth and adoption potential. With the revision of PSD2 to PSD3, Europe is strengthening its regulatory framework to go beyond open banking and include open finance (insurance, savings, credit, etc.). 

Countries such as Germany, France and the Netherlands are accelerating adoption, thanks in particular to instant payments and initiatives such as SEPA Request-to-Pay. Europe also benefits from a mature banking infrastructure, facilitating the integration of open banking services. Today, Europe and the United Kingdom are structuring leaders. As for the United States, America and Asia, I'm convinced that they will gradually adopt Open Banking with their own regulations, offerings and local specificities.

Q: Which major trends do you see in open banking this year and how does Bridge plan to keep up?

A: Open banking is evolving rapidly, driven by regulatory changes, technological advancements, and shifting market demands. This year, we see several key trends shaping the industry:

• The rise of Open Finance & beyond;
• A2A payments gaining traction;
• Growth of embedded finance & B2B adoption;
• Improved security & fraud prevention;
• Real-time payments becoming the new norm.

How Bridge plans to keep up?

We plan to strive to continuous innovation by expanding A2A payment capabilities and fraud prevention mechanisms. Also, regulatory alignment is in our focus, thus adapting to PSD3 and open finance frameworks to stay ahead of compliance will be on the roadmap. Enhanced API ecosystem that will provide seamless integration for businesses looking to embed financial services is already in progress. And we will focus on user experience to ensure a frictionless journey for both businesses and consumers using open banking.

Q: Should Visa and Mastercard be afraid of an open banking rise?

A: Open banking represents a credible alternative to card payments, particularly with the rise of account-to-account payments (A2A). However, rather than directly threatening Visa and Mastercard, it is pushing these giants to adapt and evolve. Faced with the rise of open banking, Visa and Mastercard are not ignoring the threat and are investing heavily to stay in the race: for example, Visa has acquired Tink, a European open banking platform and Mastercard has acquired Finicity, a financial data aggregator.

Visa and Mastercard are testing transfer payment solutions, seeking to integrate open banking into their offerings. Mastercard launched its open banking transfer service in the United States, enabling instant payments without going through the card network. But cards will retain an advantage in certain segments, notably deferred payments, credit and international payments. In short, Visa and Mastercard are not going to disappear, but they do need to evolve. Open banking represents a real alternative for certain use cases, but the card giants are adapting by integrating these new technologies themselves. The future will not be one of head-on opposition, but rather of intelligent cohabitation between these two models.

Taking this all into account, we can confidently say, this is a new era of our finance. We would like to thank our guest for this great opportunity to talk and to share this conversation with you, our readers. Monoup editorial hopes this was valuable reading and your found out something new today.