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Monday April 11, 01:18
Banks to fight for their place in the sun
(by Helen Snow)
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FashionGates.com
Banks must preserve their payments business, while opening old silos and integrating their payments strategies.
In the circumstances when different kinds of payment cards provide non-banks an equal position in the US payments industry, traditional banks have chance to win their air by focusing on retail and POS payments as “the new payments battleground”, a new report from DiamondCluster informed.
Promoting their services, banks in one way or another are to deal with retailers. On the one hand, they have effective way of collaboration involving bank payment data and joint marketing programs. On the other hand, the fact that retailers are in habit to use ACH and EFT networks to overrun banks’ payment networks urges banks to re-consider their pricing strategy, report said.
At all accounts, banks are now passing the stage of data re-engineering and payment reforming.
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