Banks and Fintechs Argue Over Payments Systems

Banks and fintech firms are in competition over payments systems and each thinks real-time payments should be run differently; Bank of America, Citigroup, JPMorgan Chase and Wells Fargo saw revenues grow an average of 2.75 percent in 2018, with JPMorgan Chase leading the way at 8 percent; Visa, Mastercard, American Express and PayPal saw revenues grow an average of 14.5 percent in 2018, with Mastercard leading the way at 19 percent; the difference in revenues points to the success of payments and the growing nature of the market; the battle over if the Fed should run real-time payments or if The Clearing House, which is owned by 26 banks, should run it has just started; banks still hold significant sway but fintech firms are beginning to close that gap. Source.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!