Fintech banks and a rise in consumer authentication: Wepay's Week in Payments
Two developments, one in the US and one in the UK, signaled a potential shift in the banking world and Fintech. The two developments each heralded the possible rise of a brand new kind of bank founded on a completely different model than the traditional bank.
Chris Skinner wrote about a new national bank charter in the US issued by the Office of the Comptroller of the Currency which opens the way for all kinds of organizations to try to set up banks, including big consumer brands like Walmart and Apple. Essentially they have just shown the way for these kinds of organizations (as well as payments companies like Square, WePay or Stripe) to apply for a banking license. There is no guarantee that a license would be granted but the point of the move is clear. It would open up a new breed of consumer bank as well as banks that are driven by fintech.
Meanwhile in the UK, Forbes writes about the launch of ClearBank, the first new clearing bank in the UK in over 250 years. This is significant because ClearBank is intending to apply new technology to the whole clearing process, disrupting older models as it does so. ClearBank is not a consumer play, but instead is going to enable other fintech companies and solutions in their transaction efforts by providing services.
Closer to home, PYMNTS.com writes about Eventbrite and how it is integrating payments into a platform solution to better drive success.
PYMNTS.com also has a research report out about how mobile technology may be able to help financial institutions with their AML (anti-money laundering) solutions.
More than half of all payment organizations globally are now using consumer authentication for e-commerce, according to the fourth annual CardinalCommerce survey on consumer authentication.
Finally, to toot our own horn, we launched support for Apple Pay and Android Pay, two new payment methods designed to improve checkout conversion on the mobile web. PYMNTS.com had the details.