Mastercard wants to build confidence in open banking by addressing regulatory compliance, liability, and technology integration issues on behalf of its issuers and fintechs.
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Some key catalysts for the next evolution of financial services are already obvious to the industry. But there are exogenous forces, both demographic and economic, that could pose existential threats to aspects of the business as conducted today. Inside, an examination of those potential sources of upheaval and ideas on how the industry might adapt.
Ally Financial's recently announced $2.65 billion cash-and-stock deal for CardWorks, which offers unsecured credit cards among other products, places a high price tag on a traditionally risky product.
When established card networks such as Visa, American Express and Mastercard start investing in fintech lending platforms such as Divido and ChargeAfter — as well as in the fintech lenders themselves such as Klarna and Vyze — it’s a clear signal that the future of unsecured personal loans may not be delivered by banks.
The U.S. telco sector has worked hard to control the mobile wallets developed on its phones. While its earliest efforts didn't last long, companies like T-Mobile and Sprint took decidedly different paths to reach where they are now.
The companies on Arizent’s third annual list of Best Fintechs to Work For share an ability to create personal connections with employees, and offer top-tier benefits like generous sabbaticals, fully paid insurance, and parental leave on day one.
While not as large as the U.S. both in number of people and number of credit card owners, the U.K. remains a very lucrative market for issuing banks and card networks, as well as a host of alternative financial service providers catering to younger, underserved consumers.
Small World Financial Services is addressing a gap in its cross-border network by making a deal to buy French money transfer agent MoneyGlobe.February 25
Because of its large U.S. network of about 14,000 fuel stations in the U.S., Royal Dutch Shell often sets the tone for industry movements in technology, including the EMV conversion, which faces an Oct. 1 liability shift.February 25
Michael Miebach was already a major cog in Mastercard’s digital transformation and dealmaking, a path that will take him to the company’s top job when current president and CEO Ajay Banga transitions to executive chairman at the end of the year.February 25
The U.K.’s Co-operative Group is creating a new model for online grocery shopping by using its network of convenience stores as local distribution centers.February 25
There's been a lot of interest in using blockchain, the distributed ledger technology developed for bitcoin, to modernize payments and banking systems. But as with any technology, blockchain is only secure if its users can be trusted.February 24
BBVA and venture capitalist Anthemis Group are providing seed funds to U.K. fintech Wollit that will offer a subscription-based cash flow product for gig economy workers.February 21
It’s an odd, and unwelcome, test of new retail technology that allows consumers to shop with minimal interaction with others.February 21