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Payment Issuers need technology innovation to stay relevant
Over the last decade, payment acquirers have made leaps and bounds in FinTech innovation — for instance, major players like PayPal, Intuit, Stripe, and Square have completely reinvented the acceptance process. Meanwhile, payment issuers and retailers are mired in legacy systems that are preventing many transactions from becoming the seamless experience they should be in [...]
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EU launches Bank industry anti-trust probe into bank data sharing
As the European Union prepares to usher in new data-sharing rules for banks and financial institutions, antitrust authorities are probing whether the banking industry is preventing rival FinTech services from accessing customers’ accounts. EU officials carried out unannounced inspections on Oct. 3 in “a few” countries amid suspicions that “companies involved and/or banking associations representing [...]
The post EU launches Bank industry anti-trust probe into bank data sharing appeared first on Payments Cards & Mobile.
Canadian banks wary of Opening Banking access to financial data
As Open Banking in Europe continues to gather momentum, Canada’s banking industry has issued a warning to government about giving Canadians more control of their own banking data: proceed with caution. The federal finance department is weighing the merits of making it easier for consumers to share their banking data, as part of a regular review [...]
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Why it’s so important to deliver on financial inclusion
Financial inclusion, particularly in the developing world, has emerged as a significant policy objective over the last decade. There is considerable will among policymakers, the development community and private sector to bring the world’s two billion unbanked people into the formal financial system. So much so, seven out of the 17 UN sustainable development goals [...]
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Lack of trust in Third-Party Providers as Open Banking rolls out across Europe
Less than six months before the Revised Payments Service Directive (PSD2) makes Open Banking a reality across Europe, research from Accenture has found that two-thirds of consumers in the UK said they won’t share their personal financial data with third-party providers, giving banks the opportunity to benefit from the trust they have built with their [...]
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