Category: EU

EU, Payments

Payments 2016

Colin Henderson

Good perspectives from Mark Garvin chief administrative officer JPMorgan Chase AG, talking about the European space post SEPA. Finextra: comment – Payments 2016 Speaking at the first annual EBAday payments conference in Frankfurt in June, Mark Garvin chief administrative officer JPMorgan Chase AG, outlined a vision of the payments industry in 2016, a time when paper cheques are non-existent, payment by mobile phone is commonplace and biometrics have wiped out fraud. Faster cheaper, simpler.  He talks about realtime information, and movement of money. Float is eliminated.  Also greater standardisation. Finance directors and treasurers care about managing their working capital, so … Continue reading Payments 2016

EU, Ranking, US

Wachovia Ranked No. 1 in interbank Satisfaction Score amongst global banks

Colin Henderson

Wachovia continues to achieve success, in this case a survey amongst Bank executives.

Wachovia Ranked No. 1 in Overall Satisfaction Score | Nachrichten |

CHARLOTTE, N.C., May 15 /PRNewswire-FirstCall/ — Wachovia Corp., the fourth largest banking institution in the U.S. based on assets, received the “highest institutional satisfaction score” among banks that offer correspondent banking services. Wachovia’s first place ranking is based on a survey of 500 banking executives in 78 countries by the market research firm FImetrix for its annual “FImetrix Global Report on Bank-to-Bank Services” report.

Wachovia placed second in the 2004 report.

“Being named the bank that provides the best overall satisfaction to clients is a significant achievement and we’re proud. We work hard to support our customers with both innovative product solutions and attentive client care,” said Michael Heavener, the head of Wachovia’s Global Financial Institutions and Trade (GFIT) business.

Wachovia’s Number One ranking is a consolidated score based on the answers to a series of survey questions that looked at product quality, customer service, pricing, commitment to a long-term relationship, extension of credit, the ability to customize products, internet capability, continuity of operations, in-market customer service and risk management assistance.

Continue reading “Wachovia Ranked No. 1 in interbank Satisfaction Score amongst global banks”

Business Models, EU

Google says European businesses don’t get net

Colin Henderson

Interesting observation on European business, from Google. Google says European businesses don’t get net >> .:thebusinessonline.com:. Speaking at the first of a series of “The Business Talks” lectures, organised by The Business, Nikesh Arora, Google’s vice-president of European operations, said corporations in Europe risked losing revenues through failing to understand how the internet is changing the way goods and services are sold. “Many businesses make the mistake of thinking their website should be a corporate brochure rather than a place to sell their products,” said Arora. Followed up by some useful statistics. According to Arora, 10 years ago there were … Continue reading Google says European businesses don’t get net

EU

EU: Credit, Debit Cards Charging Too Much

Colin Henderson

The European Commission said customers are paying too much because the industry was still split along national lines and new card providers find it hard to set up shop.

EU: Credit, Debit Cards Charging Too Much

BRUSSELS, Belgium – Credit and debit cards such as Visa and MasterCard are racking up “abnormal” and “excessive” profits for banks, European Union antitrust chief Neelie Kroes said Wednesday.

The report makes the connection between the high merchant fees, and consumer prices.

She said the industry should also rethink the way it sets prices. “Banks collectively set fees that tax businesses and ultimately all consumers for every card payment,” she said. “As a consequence there is not enough market pressure on fees and retail prices are inflated due to card payments.”

Continue reading “EU: Credit, Debit Cards Charging Too Much”

EU

Bulbank chip card Bulgaria

Colin Henderson

European banks continue to lead the way on chip. Banking Briefs – Business news Bulbank said on April 6 it successfully ended the needed certification and can now process chip cards in the country’s network of ATMs. As of now, more than half of the total ATM network has been upgraded, mainly in the bigger cities and seaside resorts. Daily, more than 100 chip card transactions are processed, and the number is expected to increase with the summer season, the bank said in a statement. Bulbank is one of the first European banks migrating successfully to the new messaging standard … Continue reading Bulbank chip card Bulgaria

EU, Payments

As the deadline looms, all SEPA stakeholders need better collaboration and coordination

Colin Henderson

Good background making the point that SEPA will result in reduced Bank revenue, and Banks’ should become a lot more pro-active in determining how to view this as a cost reduction opportunity, to mitigate that loss. One way suggested, is to work closely with large corporations, in development of standards, and there are clues that exist, such as XML based communication. SEPA: Time to Light the Fire At the end of the day, SEPA will come down to standards: Standardized payment processing is the name of the game, and it takes cohesiveness and collaboration to light the fire. Leading torchbearers … Continue reading As the deadline looms, all SEPA stakeholders need better collaboration and coordination

EU, US2 Comments

ING Direct – some facts and stats

Colin Henderson

ING continue to revolutionise world banking.

Verkoren said that, in the U.S., the online bank is considering offering a new product, which is being tested under the name "e-orange." …… With the online checking account, customers would be able to do everyday banking transactions, without using paper checks, but "it remains to be seen if customers will give up using those checks,"

In Spain, ING Direct set up a pilot project in September in which it offered customers current accounts for free. The offering, which allows customers to do everyday banking transactions through their ING Direct accounts, and has been successful so far ….prompted large traditional banks to react. Santander Central Hispano SA (STD) was first in dropping service fees

ING Direct is also active in Australia, France, Italy and Austria. Austria is still unprofitable, but its figures are consolidated in the German business, Verkoren said.

Verkoren said entry into Sweden, Portugal and Switzerland was being studied. "And in the long term, we will certainly consider emerging markets in Eastern Europe, Asia and South America," Verkoren said.

About 7,000 full-time employees work for ING Direct, with 114,000 employed worldwide by ING.

Relevance to Bankwatch:

Information only, and a Bank to keep an eye on

FULL ARTICLE:

Continue reading “ING Direct – some facts and stats”

EU, Ranking

Ranking of Spanish banks

Colin Henderson

This from Euroresidentes.com If you spend long or frequent periods away from your property in Spain, you should make sure that the bank you choose has a good online banking service. Bankinter is Spain's most successful online bank.Some Spanish banks have special offices in tourist areas (especially the Costa del Sol, Costa Cálida and Costa Blanca). They are called Oficinas Internacionales and have staff who can speak several European languages. Example of theses are Caja Murcia and the CAM (Caja de Ahorro del Mediterráneo). Below you can find a description of the services offered by Spain's biggest savings banks. Click … Continue reading Ranking of Spanish banks

EU, Payments1 Comment

Paypal join Giropay in Germany

Colin Henderson

Significant event, with Paypal now integrating with “traditional”  payment carriers, in this case Giropay, which is supported by German Banks.  At first its only for ebay payments, but indications are for more merchants, and FI’s to join.

They are using the PIN/ TAN (personal identification number / valid transaction number) method which is not common in North America.  It allows the customer to access their bank and pay separately from the merchant site, but is also fraught with phishing issues too.
Continue reading “Paypal join Giropay in Germany”