Payments News

On The Web

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Providers

With Fast-Growing Fintechs Taking a Toll, Banks Will Soon Claim Less Than 50% of Payments Revenue

“In 2017, U.S. banks’ total payments revenue netted out to $163 billion, with nonbanks claiming revenue of $136 billion, according to the research released recently by Accenture Payments. That already meant nonbanks ranging from the likes of Apple Pay, PayPal, and Square to less well-known players claimed a 45% share of revenue last year.”
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Providers

With  blockchain, financial institutions hope to  avoid scams in a  digital world

“However, as data analytics becomes increasingly important for banks to extend their omnichannel reach, there is simultaneously the pressing need to protect consumer privacy, ensure transparency of transactions and prevent security breaches to avoid scams in a digital world. It is in this context that blockchain, the technology that powers cryptocurrencies such as the volatile bitcoin, […]
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Providers

Innovation in Retail Banking – A decade in review

“Over the years, there has been a growing realisation in banking towards innovation as the proven path to differentiation and competitiveness. While the transformation has been slow, over the last decade the industry witnessed an increasing willingness to discard the traditional short-term focus, functional siloes and risk-averse culture towards more meaningful advancements and open culture.”
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Providers

The Innovation Dilemma in Financial Services

“It will be increasingly challenging for banks to thrive just by optimizing the as-is when the entire industry is facing a growing level of uncertainty. Nonetheless, it is important for banks to manage innovation from a portfolio perspective, determine the potential impact of different types of innovation, and to balance risk among incremental, evolutionary and […]
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Global

OPEN BANKING AND THE POST-CARD WORLD

“Open Banking will be the biggest change to financial services since the introduction of electronic payments. However, to date Open Banking has fallen short of the expectations set throughout Europe. Why? Consumers aren’t aware of the initiative—92 percent of them are not, according to Which?—let alone educated on the opportunities that it presents. Without consumer demand, there […]

On The Wires

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Providers

Chase Introduces Sapphire Banking

“Chase today introduced Sapphire Banking, a new premium checking account designed to give customers more value on everyday banking. Chase is taking the same insights that drove tremendous brand loyalty to the Sapphire card products and is applying them to a banking relationship.”
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Domains

BofA Merrill Introduces Mobile Wallets for Business Cardholders

“Starting this month, mobile wallets will begin to make our commercial clients’ lives easier through faster, more secure and more efficient business purchases, while providing the same convenience they have in their personal transactions. The millions of Bank of America Merrill Lynch cardholders who use our corporate, commercial and purchasing cards in the United States […]