22nd March 2022 | HYBRID EVENT

Business Design Centre London


Jim Wadsworth

Senior Vice President - Open Banking

With engineering degrees from Cambridge University and more than 20 years’ experience in the payments industry, Jim has run businesses for market leaders such as NatWest, Barclaycard, JP Morgan and Vodafone.  He has also led start-ups such as Simpay. He has a strong track record of successfully building, launching and managing innovative payments products and businesses. 

There is a common thread that has run through Jim’s career to date; one where strategy meets innovation. Jim has brought his strategic skillset to the table for businesses that are in search of the next game-changer in payments technology. His career has progressed in tandem with a payments landscape that has evolved rapidly over the past two decades.  

Jim thrives on bringing bold ideas to life, and on driving results.  In 2012, he joined Vocalink (which became part of Mastercard in 2016).  He led Vocalink’s core UK business; alongside which he developed strategic propositions for the business across areas such as alternative payments (mobile, digital), payments systems access (PayPort) and data insights (Vocalink Analytics).  He is now leading Mastercard’s work on Open Banking, as part of which he played a key role in the acquisition in 2020 of Finicity. 


Speaker Q&A

What can we look forward to from your session at PAY360?

I will be sharing insights into how Mastercard sees the worldwide open banking and open finance markets, and into what Mastercard is doing to make that real for its clients and their customers.  I will also touch on Mastercard’s recent acquisitions of Finicity and Aiia are helping to accelerate that activity in North America, Europe and beyond.


Why is the topic important to you and your company? And why is the topic so important now?

Open Banking, and soon open finance, are hugely important changes in the financial services sector of which Mastercard is part.  For us they represent substantial opportunities for our clients (be they banks, acquirers, fintechs) and thus for their customers (both consumer and businesses).  It offers opportunities for innovation (including but not restricted to payments), in improving how financial institutions and others interact with and serve their customers, and especially in key areas such as lending.  The last of those has an important role to play in increasing financial inclusion and access to capital – including for small businesses.


Where are the industry challenges & pain points in the Payments area? How can these be overcome?

For Open Banking payments to reach their potential, we should learn the lessons of where they are working well, especially in relation to customer UX – for example mobile app to mobile app journeys with minimal effort required by payees – and make those the norm in all markets and channels.  And adding functionality such as Variable Recurring Payments makes sense – but providing that the right customer protections are put in place from the outset – we cannot afford misuse or consumer harm as that risks damaging the credibility of these new capabilities.