- From: Anders Rundgren <anders.rundgren.net@gmail.com>
- Date: Wed, 8 Jun 2016 06:37:38 +0200
- To: Frédéric Meignien <frederic.meignien@cantonconsulting.fr>, David Ezell <David_E3@VERIFONE.com>, "public-webpayments-ig@w3.org" <public-webpayments-ig@w3.org>
- Cc: Gray Taylor <gtaylor@conexxus.org>
On 2016-06-07 19:11, Frédéric Meignien wrote: > Hi David, > > Those questions are absolutely fundamental. > > I tend to agree with the pessimistic view expressed by Anders. > > However, the market seems to be now at the eve of a change, and you never can tell : will it be heaven for new players, or shall we just get the same old story. > > The important thing is that PSD2 does actually open up the pandora box, by creating the legal basis for the newcomers. As an example of the impact, the concept of "acquirer" is going to be redefined. > > Indirectly, this make it possible to promote new products : look for instance at the ELV (“Elektronisches Lastschrift Verfahren”) system developped in Germany : they managed to mix the card (for authentication) and the Direct debit (for messaging) : it was pretty unlikely. > > Authentication methods are, as well, a lever to propose new services (for instance, if I have less security, can I propose insurance in exchange ?) > > It means that the landscape is going to get blurred, and a lot of hybrid combinations will necessarily appear ! > > But this would require a thorough discussion. Hi Frederic, What's missing in most (if not all) plans is a client security solution which means that most new Web payment systems end-up like local versions of PayPal. Physical payments: Let's say every bank build a wallet application. If then a typical customer have three banks, how are they going to select app in shops etc? Although not a global project, the Swedish government recently shelved a new eID scheme after six years and 50 MEUR without being able to provide a security client. They did (in similarity to banks) NOT talk to mobile device vendors (or other entities with similar needs) about requirements which now (after six years...) maybe could have been realized. The https://openbankproject.com/ looks pretty impressing. However, if applied to payments this concept (relying on existing bank security solutions) will create a huge mess for customers and cost much more than it tastes for banks. Conclusion: A gazillion of pretty divided banks, a tight-mouthed EMVCo, and bunch of hopeful suppliers of security technology simply put can't compete against Apple and Google since only the latter can: - Tell banks what to do. They mostly happily follow :-) - Provide a unified client solution - Integrate security building on the platform they control EU efforts like the eIDAS have similar issues: no support whatsoever from the device vendors. After Nokia's departure, we (Europeans) are in a pitiful position. Well, we are (still) experts in providing new legal frameworks like PSD2 and eIDAS but regulations alone won't make things fly :-( On the more positive side: Since banks will have to do something there are plenty of opportunities building local systems! "La France" needs to kill the check... "La France" also needs creating a working citizen registry... Anders "French tech" individual > > Fred > > > Le 06/06/2016 à 20:51, Anders Rundgren a écrit : >> On 2016-06-06 17:56, David Ezell wrote: >>> >>> Hello All: >>> >>> (Note cross posting to Gray Taylor.) >>> >>> >>> >>> Gray Taylor (Director of Conexxus, whom many of you know) sent me a query about OPE (Open Payments Echosystem). The project is funded as part of the Horizon 2020 programme of the European Union. >>> >> >> There's actually a bunch of such initiatives in the workings. >> >> The fundamental problem that _all_ these efforts suffer from is the lack of vision and cooperation among banks which unfortunately makes things like PSD2 an empty promise. IMO it is highly unlikely that even "read access" to account information will be generally available for external providers 2017 except on a national / local basis since there is no given "authority" for APIs of this kind. >> >> Unfortunately this situation leaves payment innovation on a global level to centralized services like VISA, Google, Apple, etc. which probably is about the opposite to what PSD2 wanted to achieve. >> >> OTOH, the wast majority of all payments are national / local so maybe we should continue happily building "provincial" payment standards? >> >> The (IMO) only thing that could radically change the landscape is if people begin sending their salaries to non-bank providers. >> >> Anders Rundgren >> >> >> >>> >>> >>> The article title is “Why the Payments Ecosystem is Due for a Shake-Up.” [1] According to the article, the actual work is sponsored by Ixaris with key contributions from Visa Europe, IDT Finance, Startupbootcamp, Locke Lord, and the University of Malta. >>> >>> >>> >>> Quoting from the article: >>> >>> “The marketplace enables developers to create and publish payments applications using pre-existing financial components, and allows service providers to plug in a range of financial services, such as car authorization, Swift and Automated Clearing House or ACH transfer, to support them.” >>> >>> >>> >>> The article further links this work to PSD2. >>> >>> >>> >>> Do any of you have additional information on why we should pay closer attention to these developments, or any rationale to the contrary? >>> >>> >>> >>> Best regards, >>> >>> David >>> >>> >>> >>> [1] Apologies, but all I have are snippets, and I have not been able to find a link to this specific article. >>> >> >
Received on Wednesday, 8 June 2016 04:38:14 UTC