With a distinguished career spanning market analysis, portfolio management, and international business, Priya Jaiswal has become a recognized authority in the fintech landscape. Her recent tenure at Ecospend saw her play a pivotal role in its most significant achievements, including a landmark contract with the UK government and its eventual acquisition by Trustly. Now, as she steps into a leadership role at Currensea, she brings that wealth of experience to a company poised to redefine the intersection of payments and loyalty through Open Banking. In this conversation, we explore the lessons learned from scaling a true Open Banking pioneer, the unique power of Currensea’s multi-bank debit card model, and the future of a more integrated and rewarding financial ecosystem for consumers across Europe.
You played a key role in Ecospend’s landmark contract with HMRC. Could you walk us through the process of securing that deal and describe the primary challenges in enabling direct account-to-account bank transfers for UK taxpayers?
Securing the HMRC contract was a monumental undertaking, both a career highlight and an immense challenge. The primary hurdle was demonstrating that Open Banking technology was not just innovative, but robust, secure, and scalable enough to handle the sensitive financial data of millions of UK taxpayers. We had to build immense trust with a major public sector body, proving that direct account-to-account transfers were a superior alternative to traditional payment methods. The real work was in the details—designing a user journey that was simple and intuitive for everyone, from a tech-savvy individual to someone making their first digital tax payment. It was about translating a complex technological capability into a frictionless, real-world experience that made a civic duty feel less like a chore.
Having been involved in Ecospend’s acquisition and integration into Trustly, what were the most critical lessons you learned from that process? How will you apply that experience to help scale Currensea’s global brand partnerships?
The acquisition by Trustly was an incredible learning curve. The most critical lesson was understanding that a successful integration is about much more than just merging technologies; it’s about aligning cultures, commercial strategies, and long-term visions. You learn to appreciate the delicate balance between preserving the agility that made you an attractive acquisition target and embracing the structure needed to operate at a global scale. That experience is directly applicable here at Currensea. As we pursue global brand partnerships, I’ll be focused on ensuring our integrations are not just technically sound, but strategically aligned. We need to speak the language of our partners, understand their brand ethos, and build a collaborative framework that allows us to grow together, which is a lesson I carry directly from the Trustly process.
You called Currensea the “most commercially viable application of Open Banking.” Could you elaborate on what specifically makes its multi-bank debit card model, like the one with Marriott Bonvoy, an exemplary use of the technology?
I stand by that statement because Currensea solves a fundamental consumer problem with elegant simplicity. For years, the only way to earn significant loyalty points on daily spending was through a co-branded credit card, which comes with credit checks and often high interest rates. Open Banking’s magic is that it uncouples the reward from the credit product. The partnership with Marriott Bonvoy is a perfect example: you can now link a card that earns you loyalty points directly to your existing bank account—the one your salary goes into. This puts a blue-chip hotel brand’s card at the top of your wallet for everyday purchases, without requiring you to switch banks or apply for new credit. It’s brilliant because it removes friction for the consumer while delivering immense value to the co-brand partner.
James Lynn highlighted how Open Banking helps customers avoid the “arduous process of switching bank accounts.” Based on wins like Hargreaves Lansdown, what steps are involved in creating this seamless user experience, and what metrics demonstrate its success?
That seamlessness is the holy grail of Open Banking. The process involves leveraging secure APIs to create a simple, one-time connection between a user’s bank account and the new service. For the customer, it feels as easy as logging into their mobile banking app; they give consent, and that’s it. There’s no paperwork, no waiting period, and no need to reroute direct debits. Success is measured first and foremost by adoption rates—how many people start and complete the sign-up process. We also look closely at engagement, tracking how often they use the card for their day-to-day spending. Ultimately, the greatest metric is when the technology becomes invisible; the user simply enjoys the rewards without ever thinking about the complex Open Banking infrastructure making it all possible.
What is your forecast for the intersection of Open Banking and loyalty programs? Based on your experience, what major innovations should we expect in the European payments and loyalty landscape over the next few years?
My forecast is that we are on the cusp of a major disruption where Open Banking will completely reshape the loyalty landscape. The innovation won’t just be about attaching points to a debit card; it will be about hyper-personalization and frictionless experiences. Imagine loyalty programs that are so deeply integrated into your financial life that rewards are earned and redeemed automatically based on your spending habits, without ever having to present a separate loyalty card or even think about it. We will see a move away from the siloed, one-size-fits-all model toward a dynamic ecosystem where brands can offer tailored rewards through a consumer’s primary bank account. The future is one where loyalty is seamlessly woven into the fabric of every payment, making the consumer experience richer and more rewarding than ever before.
