Moving money about is the lifeblood of banking but it is also the boring bit of the business. There is no competitive advantage, for example, in fund transfers that involve an account at a rival bank beyond the counterparty’s control. Most bankers, therefore, are happy in principle to delegate this dull utility operation to a common payments platform. But there is much less agreement on what the platform should look like and how to get there because, although payments is a utility, it is a big utility.
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This article first appeared in Financial World
, the journal for The London Institute of Banking & Finance.