Fintech growth multiplies integrations and partners - but shared data standards are what keep transactions consistent when platforms and regulations keep shifting.
Billy Burnside is Managing Director at Criterion Tec, where he has led work on industry standards governance since 2019.
On Sense of Identity, he discusses how standardisation, APIs, and data continuity shape financial services technology as the sector evolves.
With over 30 years of experience in financial services, Billy has held marketing, eCommerce, and digital transformation roles at firms including Friends Provident, National Mutual, Standard Life, and Aviva UK.
His career has consistently emphasised standards in the financial sector and their benefits for industry participants, from early adviser systems work through to governance roles at Criterion Tec.
Why Data Standards Hold Fintech Ecosystems Together
As platforms and integrations multiply, firms need a common language for data so transactions and interactions stay consistent and secure across institutions.
Standards underpin effective e-commerce in financial services: even when underlying technology changes, systems still need shared definitions for what data means and how it is exchanged.
"Data standards are crucial because they allow for consistency and security in transactions and interactions across different platforms and institutions. They are the backbone of effective e-commerce in our sector, ensuring that even as technologies evolve, there is a common language that all systems can understand."
That consistency is what lets firms add new tools or partners without every integration becoming a one-off translation exercise.
APIs, Regulation, and Integration Pressure
Connecting systems through APIs is now central to financial services technology, but it demands coordination and agreed standards across vendors and internal teams.
Firms also face rapidly changing regulations and consumer expectations, which require both agility in delivery and foresight in how data is governed and shared.
"One major challenge is the integration of various technologies through APIs, which requires substantial coordination and standardisation."
Teams that treat API rollout and data governance as separate workstreams often discover alignment problems only after systems are already in production.
"When firms connect systems through APIs without shared data standards, integration work multiplies and security gaps become harder to spot across the estate."
Paul Holland, Founder and CEO, Beyond Encryption (Mailock)
Shared standards reduce that risk by giving integration teams a fixed reference point before new connections go live.
From Adviser Systems to Standards Governance
Billy's path into technology started in financial advising and adviser-systems work, then moved into e-commerce and digital transformation at major institutions.
Early projects ranged from early data standards to large-scale digital change programmes, before his focus shifted increasingly toward shaping and governing industry standards at Criterion Tec.
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That background shapes how he talks about standards today - as practical infrastructure that keeps sector-wide collaboration workable.
Lessons for Teams Navigating Technological Change
Billy's advice to his younger self is direct: take every opportunity to learn from each role and challenge, because those experiences compound into better judgement later.
For firms building or refreshing digital programmes, the same principle applies at organisational level - standards and integration choices made early affect cost, security, and agility for years.
FAQs
Why Do Data Standards Matter in Fintech?
They give firms a shared way to describe and exchange data so transactions stay consistent and secure across platforms, even as technology changes.
What Role Do Apis Play in Financial Services Technology?
APIs connect systems and services, but successful integration still depends on coordination, agreed standards, and clear governance across teams and vendors.
What Background Does Billy Burnside Bring to Standards Work?
He has spent more than 30 years in financial services across advising, eCommerce, digital transformation, and standards governance, including as Managing Director at Criterion Tec since 2019.
Paul, CEO and Founder of Beyond Encryption, is an expert in digital identity, fintech, cybersecurity, and business. He developed Webline, a leading UK comparison engine, and now drives Mailock, Nigel, and AssureScore to help regulated businesses secure customer data.
Paul Holland
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