The payments landscape is rapidly transforming, forcing long-established providers to take a hard look at how they can adapt their business model to meet new challenges, such as regulation and demand for speed, transparency and efficiency.
Collaboration in payments is a must for established players to secure transactions. The fact remains, however, that transactions are owned by the banks – a consequence of their long history, scale and degree of governmental protection that helps preserve their status as ‘keepers’ of transaction flows. Nevertheless, with cumbersome legacy systems and regulation curbing the pace of change and increasing cost pressures, there is an obvious role for fintech firms to take the lead in innovation and drive forward much needed progress.
Sourced through Scoop.it from: www.fx-mm.com