While nothing is certain in today’s ever-changing tech-centric business climate, industry leaders and the data say the same thing: Fintech innovation and growth will continue trending upward for the foreseeable future. 

According to the European Payment Service Directive (PSD2), all banks operating in member states need to have an API that allows fintechs immediate access to data. But this initiative is often criticized for the limited approach toward the amount of data made available by the banks, which includes only the most basic transaction information. 

As a part of the acquisition, Walter Kortschak, founder of Kortschak Investments and an investor in Wishlife, will join the Torpago board of directors. 

In response to recent high-profile FSI outages and increasingly complex hybrid IT architectures, over 30 financial supervisory authorities in Europe, in conjunction with the European Banking Authority, have implemented regulatory requirements designed to encourage more effective risk management practices. 

According to a 2021 IBM and Ponemon Institute study, a breach can cost a company $4.24 million, which is 10% more than what it cost in 2019.