New Payments Tech is oiling the Wheels of Change

Tony Craddock, director general of the Emerging Payments Association, says both businesses and consumers that want to make international payments are being starved of alternatives.

He says: “New entrants, often with more flexible services, better technology and competitive pricing, are struggling to compete because they cannot use a simple trading bank account.

“Citing ‘high risks’, banks are effectively hiding behind global anti-money laundering  requirements to protect a high-margin business, which is being insulated from competition by the lack of a regulatory playing field.

“Ironically, these new entrants are better equipped to tackle financial crime because their technology and organisational structure can quickly combat new threats.”

 

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