More than a dozen large European banks plan to launch a payment system that would rival U.S. payment companies and technology firms, an idea that hasn’t worked in the past but may have a better chance given the current global health, economic and political crises.
VCs and lenders rely on business data such as transaction records to inform funding decisions for fintechs or small businesses, but bias and uneven representation in management still result in gender and racial disparity.
Brick-and-mortar merchants that have shifted to online have changed their risk profile, causing conflicts with the fintechs like Square that handle their payments. And that could be an opportunity for banks.
For a major bank, is it possible to be just as innovative — or even more so — when going fully remote? PaymentsSource executive editor John Adams talks to JPMorgan Chase's Tammy Petro about the unique challenges faced by the bank's wholesale payments business.