Not all bankers are so sanguine about defending their relationships with corporate clients, however. [ As opposed to retail payment services]
Indeed, in other conversations during the BAFT event, senior bankers in Asia acknowledged pressure on their wholesale payments businesses too.
Shirish Wadivkar, managing director and global head of correspondent banking products at Standard Chartered in Singapore, describes fintech and techfin platforms as closed loops with such a high degree of control that they can determine not only pricing but all other aspects of a payment.
While banks can offer services to fintechs as they would to other banks, they are not dealing with just another counterparty.
It is not a payments service vs investment service.
Both use stable network protocols, both are being incorporated into the sandbox as an integration. Banks need to market the Swift system as a full integration in the sandbox. They need to define how patty cash works. They need to work on secure personal identity/
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