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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