Central Banking

Payments evolution will result in bank business model changes

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The reshaping of the payments landscape will have a “profound” effect on the banking industry, says global payments messaging service provider Swift.

In conjunction with the Boston Consulting Group, Swift examines what the potential effect the emergence of financial technology competition, as well as the globalisation of trade, will have on international payments systems, in a paper.

The analysis concludes that banks will have to significantly change their business models, with mid-sized banks

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