invasion-of-the-payments-snatchers

Invasion of the payments snatchers

Banks will need to share intelligence and technology if they are to compete with a new breed of non-bank payments processors.
The biggest threat to the payments operations of traditional banks is from firms like CheckFree, PayPal, GE and Tesco. ThatÆs the message coming from executives at some of the worldÆs biggest banks.

ôEvery time PayPal takes a credit card payment across the internet, we lose out,ö says Francesco Vanni dÆArchirafi, CEO of global transaction services at Citigroup for Europe, Middle East and Africa. ôThese non-bank intermediaries and technology vendors are able to innovate without the risk management and capital adequacy constraints that banks face.ö

Speaking at a well-attended industry group session at Sibos, Vanni and his payments counterparts from JPMorgan, Deutsche Bank and Westpac, agreed that the threat posed by new...
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