Barriers for success

In order to give a more accurate representation of the overall environment, we asked our backers to name the biggest challenges ORCA faces for successful platform delivery based on their perspective. Both dimensions, Open Banking and decentralized currencies/services are relatively new concepts globally. There are a lot of questions left unaddressed or unanswered. We believe in being prepared rather than being naive. Below we provide a couple of attention points deemed to be the most critical by our backers:

- Data Security. Client information is an important topic, especially after recent well-known controversies regarding data leaks. It is essential to guarantee that user data is transmitted in a way that prevents any breaches of protocol. Financial information is even more sensitive. Close cooperation with Rivetz, a cybersecurity firm, will be essential when building ORCA’s security infrastructure. What is more, the GDPR regulation is coming into enforcement in Europe and aims to give users more control of their shared information. Even though ORCA platform will only act an information gateway without storing client data, the responsibility of integrating trusted pathways from the platform’s side is a top priority.

- Effective partnerships. Creation of an Open Banking platform includes numerous working parts combined in unison along an instantiated timeline. The need for effective partnerships to lighten up the load of development is apparent. When the funding of the project is achieved, orientation will have to shift towards integrating services, securing API connections to existing banks and service providers, and expanding the base of early adopters. Securing a network of partners in the field is a clear strategy to implement aforementioned tasks while saving resources at the same time.

- Flexiblity and on-the-go evolution. Open banking is a novel idea. There is no manual on best practices and rules how the banking industry will transform itself. The same goes for decentralized digital currencies. Downward pressures may come from new regulation, competitors and rate of user adoption. The key to success in market conditions like this is agile management. When market standards begin to manifest, ORCA will have to be alert and quick to adopt them. The challenge lies in effective communication within the core team, advisors, partners and the community behind the project.

ORCA whitelist is open. To join, visit www.orcaalliance.eu

Follow us on social media to get all the latest news, updates and milestones!

Telegram | Facebook | LinkedIn | Twitter