Slowly but surely, the waits are disappearing in #banking. Mobile banking means you don’t have to wait on line at a branch (not that there would be a line these days if you went there). Accounts can be opened within minutes, and loans are approved more quickly. Perhaps most crucially, paymentsRead More
Bank Innovation
“The #Banker Men” #Lyrics
heavily borrowed and distorted from Sammy Davis Jr.’s &8220;Candy Man&8221; song
(chorus in parentheses)
(Banker men)
(Hey, Banker men)
Alright everybody, gather ‘round
The Banker men are here
What kind of banking do you want?
Sweet banking?
Sour banking?
Long or short banking?
Anything you want…
You’ve come to the right men
‘cuz we are the Banker men
Who can take the fed rate, push it oh-so-low
Then wonder why the rate of GDP growth is so slow?
The Central Bank can, any Central Bank can
Who makes monetary easing, oh-so-very pleasing
The Central Bank plan, the Central Bank plan
Who can take a yield curve, sprinkle it askew
Shower it with rate cuts and a miracle or two
Kuroda-san can, Kuroda-san can
‘cuz he floods us all in yen, then he floods us all again
The Kuroda-san con, the Kuroda-san con
(The Central Banker makes everything he monetizes satisfying and delicious
Now you talk about your retirement wishes, better hope for loaves and fishes…)
(Yeah, Yeah, Yeah)
Who takes the interbank rate, smashes it to rubble
To fertilize and monetize a bloated asset bubble?
The Bernanke man can, the Bernanke man can
He waves his magic wand and he floods the world with bonds
It’s the Bernanke man scam, the Bernanke man scam
Who can take the Euro, prop it up just so
Relax a bit, and then the bloody Brits decide to go
The Draghi man can, the Draghi man can
His yield curve is inverted, and policies perverted
It’s the Draghi man flam, the Draghi man flam
(The Central Banker makes everything he monetizes satisfying and delicious
Now you talk about your retirement wishes, better hope for loaves and fishes…)
(Yeah, Yeah, Yeah)
Who can take deposits, give interest close to naught
Keep the party going, and just hope that she’s not caught?
The Yellen-melon can, oh the Yellen-melon can
Doesn’t matter what we save, our pensions still get shaved
It’s the Yellen-melon slam, the Yellen-melon slam
If revenue’s a dollar, who can borrow three?
Then pass the bill to you, your kids and all your family.
Your Congressman can, your Congressman can
No point in getting angered, his district’s gerrymandered
It’s the Congressman sham, the Congressman sham
(The Central Banker makes everything he monetizes satisfying and delicious
Now you talk about your retirement wishes, better hope for loaves and fishes…)
(Yeah, Yeah, Yeah)
Give us a safe haven, please who can it be?
Forget our indiscretions and protect us while we flee
The Swiss Franc man can; the Swiss Franc man can
Zurich has its faults, but there’s gold in them thar’ vaults
It’s the Alpine-man band, the Alpine-man band
By punning on an old song, I‘ve bored you all to tears
But still, this took more effort than the Fed has made for years
‘cuz Alan Greenspan, Alan Greenspan
From boom to bust to boom, he’s the smartest man in the room?
It’s the Greenspan-man scam, the Greenspan-scam
(The Central Banker makes everything he monetizes satisfying and delicious
Now you talk about your retirement wishes, better hope for loaves and fishes…)
(Yeah, Yeah, Yeah)
(a-Central Banker can, a-Central Banker can, a-Central Banker can)
(a-Central Banker can, a-Central Banker can, a-Central Banker can)
Ripple joins with Bank of America, Santander, the Royal Bank of Canada and more to build a #global #blockchain steering group.
A major financial #infrastructure provider in Switzerland is developing a proof-of-concept focused on securities market infrastructure.
Recent regulatory changes in Europe, including the #Payment #Services #Directive (#PSD2), are set to accelerate payments innovation.
The Payment Services Directive (PSD) was initially adopted by the European Union (EU) in 2007 and aimed at providing a legal framework for all payments made in the region with the purpose of making these faster, more efficient and easier to use for European consumers and payments services providers.
In October 2015, the EU adopted a revised PSD – also referred to as PSD2 &8211; that sought to enhance consumer protection, promote innovation and improve the security of payments services.
PSD2 is a major policy development expected to impact the payments industry across Europe through: further standardization and interoperability of cards, Internet and mobile payments methods; the reduction of barriers to entry in particular for card and Internet payments providers, driving thus increased competition, innovation and transparency across the European payments market; as well as providing the necessary legal platform for the Single Euro Payments Area (SEPA).
The directive seeks to improve the existing EU rules for electronic payments, while taking into account emerging innovative payment services, such as Internet and mobile payments. It sets out rules concerning:
The regulation came into effect on January 12, 2016, and EU countries must incorporate it into national law by January 13, 2018.
The new directive brings key changes that include:
Third-party payment initiation: Payment Initiation Service Providers (PISP) will be able to initiate online payments from the payer&8217;s bank account. This will encourage competition in the European payments industry. Accenture estimates PISP services could account for up to 16% of online retail payments by 2020.
The definition of a “payment institution” is extended to new types and categories of players. While the original PSD applied only to transactions occurring within the EU, the PSD2 will extend this scope to &8220;one leg out&8221; transactions.
Third-party account access: The directive will regulate account information service providers (AISPs). These providers act as aggregators of customer payment account information.
Prohibition of card surcharges: The regulation seeks to standardize the different approaches to surcharges on card-based transactions across the EU.
Security of online payments and account access through the introduction of new security requirements for electronic payments and account access, along with new security challenges relating to AISPs and PISPs.
The directive will affect everyone in the shifting payment landscape. This includes #banks, fintechs, the PCI (Payment Card Industry) as well as merchants.
How PISPs and AISPs will change existing interaction models between customers and banks, Accenture report ‘Seizing the Opportunities Unlocked by the EU’s Revised Payment Services Directive&8217;
PSD2 will bring both challenges and opportunities for European banks. Banks will be required to open up their infrastructure to third parties by offering APIs under the XS2A (access to account) rule. They will be forced to grant them access to their customers&8217; online account/payment services in a regulated and secure way.
On the other hand, PSD2 presents significant opportunities to grow new revenue streams &8211; by facilitating and monetizing access to raw data and banking services, for instance &8211;, capture customer ownership and process toward an extended ecosystem centered on the &8220;Everyday Bank,&8221; a concept that takes banking to being trusted, indispensable and central to consumers&8217; everyday activities.
EU banks: challenges and opportunities of PSD2, Accenture report &8216;Seizing the Opportunities Unlocked by the EU’s Revised Payment Services Directive&8217;
Featured image: Mobile banking concept by Ditty_about_summer, via Shutterstock.com.
The post EU&8217;s Payment Services Directive (PSD2): What It Is And Why It Matters appeared first on Fintech Schweiz Digital Finance News – FintechNewsCH.
The world’s #largest #mining firm as ranked by PwC intends to begin using the ethereum #blockchain to improve its #supply #chain processes.
The world’s #largest #mining firm as ranked by PwC intends to begin using the ethereum #blockchain to improve its #supply #chain processes.
Often touted as a niche industry, this author is seeing early signs that mass-acceptance of #fintech providers by consumers and businesses is creeping closer to a tipping point, of sorts. The call may be slightly premature, however the following recent announcements by various industry players all point towards a growingRead More
Bank Innovation
International Business Machines is working with a Chinese credit card company to to create a #blockchain-based system for trading #loyalty #points.
#China’s major #financial institutions believe governance should not be replaced in any larger transitions to #blockchain.
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