Row 1 - Latest/Ad/Opinon/Ad
Row 1 - Latest/Ad/Opinon/Ad
Fintech: Latest
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Like it or not, electronic currencies are here to stay, challenging traditional payment channels. Euromoney surveys the contenders for digital dominion as security and regulatory challenges bite.
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The pace of adoption of mobile payments in the UK has been hindered by a lack of innovation and a payment culture that still sees traditional banking facilities as offering convenience and security. However, in a bid to break the impasse, VocaLink, an international payments network, has launched a new ‘game-changing’ initiative.
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The success of electronic currencies such as Bitcoin has turned the worlds of currencies and payments systems upside down. The latest player to join this game is OpenCoin, which in April received seed capital from a consortium of venture capitalists, including Google Ventures. Rather than becoming merely another payments system, OpenCoin is looking to be a paradigm-changing payments system that disintermediates traditional bank platforms.
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The growth of e-auctions, consultants and Sepa, as well as rising corporate demand for innovative services, means the request for proposal (RFP) – the bidding process for corporates when tapping a bank for cash-management services – is evolving to meet new demands.
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Countries such as Australia are enviously eyeing the UK’s Faster Payments system, with close-to-real-time payments revealing the traditional three-day infrastructure to be old-fashioned and slow.
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What comes first for transaction banks? Their financial institutions clients want them to help meet new challenges – especially around regulation and depressed earnings – through innovating new products. But the big cash managers find most of their technology budgets focused on dealing with regulatory burdens.
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Transaction bankers should wake up to the competitive threat that is Bitcoin, which, in theory, offers a multitude of benefits for multinational companies. Nevertheless, an information deficit and regulatory concerns will continue to temper corporate adoption of the digital currency, analysts say.
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The use of social media by financial institutions has grown – from a non-existent base – during the past two years, but security fears have tempered the pace of adoption, a risk the recent media hacking by the Syrian Electronic Army lays bare.
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Could transaction banks soon compete on the basis of their mobile platform alone, as is often the case in emerging markets?
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Three years on from the infamous flash crash of 2010, there is relief for some that speed limits do not feature in new European rules on high-frequency trading, but others now see a gap in the market for a slow lane.
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Fragmentation and phantom liquidity bedevil the foreign exchange market with its proliferation of trading venues. Investors and corporates want to see the true depth of the market and what amounts they can really trade at the enticing prices being flashed at them. In a low-return world, these end-users are getting rigorous on trading cost analysis. Banks are developing new technology to respond.
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Knowing what finance terms people are Googling can give you an investment edge. That’s according to three academics who analyzed changes in the frequency of 98 terms – such as revenue, credit and Nasdaq – in Google searches from 2004 to 2011.
