Open Banking and payments competition
bitsaboutmoney.com · 4,887 words · saved by 3 readers
Why the banks really hate fintechs that allow businesses to learn your account number easily.
Much of the operation of the financial industry is legible to people outside of it. Your credit card works basically like you understand it to (excepting the occasional mythmaking about second order consequences). Debates about what terms banks are allowed to offer on credit cards are fairly straightforward and can be easily followed by non-specialists. But some issues are under the hood, and a societal debate about them doesn’t exactly wear its consequences on its sleeves. Consider the controversy over Section 1033 of the Dodd-Frank Act (and even that framing is an effective medication for…
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