Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .




A new type of payment offers alternatives to traditional banking

Global management consultancy Oliver Wyman says today’s latest Open Banking Standard recommendations from the Competition and Markets Authority should be seen as part of a broader pan-European move to open up banking, called the Payments Service Directive 2 (PSD2).

In their report launched earlier this year ‘Wake up to bank-to-bank payments’ Oliver Wyman highlighted:

  • The work underway from the Open Banking Standard and EU regulation PSD2 will enable simplified account-to-account payments and allow information from multiple accounts to be aggregated in one place.
  • Any technology-enabled consumer business, including retailers and FinTechs, will soon be able act as this new portal to bank accounts and customer information, potentially bypassing card schemes.
  • Account-to-account payments linked to loyalty cards could potentially take 20% of spend away could be shifted to account-to-account channels.
  • The hold of banks over consumer relationships will weaken, and further fuel the trend towards modular financial services.
  • It is a huge opportunity for FinTechs, challenger banks, and consumer companies with a technology or financial angle to their business.

Looking at the impact on consumers, Oliver Wyman Partner Chris McMillan said:

“Soon, consumers will no longer have to log on to lots of different sites and apps to view their financial information or carry out transactions. If they have their savings in one bank, their current account with another, and a loan elsewhere, they will be able to view everything in one place for the first time and move money around quickly and easily.

“Companies that can offer this aggregation service will effectively own the customer wallet, will gain significant customer insights, and become an essential part of their daily lives.”

“This trend is already significantly advanced in other countries. For example, Chinese technology companies like AliPay and TenCent already have a single app that allows you to see all the information you need about your finances and the services – such as mortgage rates or insurance products – available to you.”

Global Banking & Finance Review


Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!

By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post