How FinTech Has Transformed the Payments Industry
13th June 2017
Fintech has significantly altered the landscape in the payments industry. It has changed how, where and when payments are made. Current players include startups as well as well-established tech firms like Apple and Facebook. As innovation continues in different payments sectors and markets, there is much more transformation in retail payments where several financial services have been unbundled.
For instance, non-bank players are exploring the foreign exchange sector and taking advantage of available cost-saving opportunities. Similarly, in the corporate and wholesale payments sector, industry-wide initiatives such as TARGET2 and SEPA have encouraged innovation and new solutions by increasing payments harmonization and establishing market standards.
In response to the increasing roles of fintech in the payments sector, financial institutions are collaborating with fintech startups or investing in their own technology capabilities to provide fintech payment services to their clients. Below are some of the salient features of fintech payments industry.
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