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Payment methods: Are FinTechs a real threat to banks?

18 Nov, 2016 12:53 pm

FinTechs such as Bankin and Linxo create relations with their clients that enable customers to bypass banks, by proposing account aggregation and budget management services. With a new European directive on payment services in the pipeline, such companies will be able to go even further.

Faced with account aggregators, major banks have decided to retaliate. According to the French financial newspaper Les Echos, BCPE is set to launch its own initiative in November 2016. Indeed, this was already being hinted at a year ago by Patrick Bianchetti, Assistant Director for Development at Banque Populaire, in an interview with the same newspaper.

- Sociéte Générale is also getting ready to introduce a similar service, using technology developed by Fiduceo, a start-up that it acquired in 2015 via its Boursorama subsidiary.

- Crédit Agricole bank has opted for a different approach, buying into Linxo at the start of the year. Finally, at the end of October, HSBC France officially rolled out its Personal Financial Management and Account Aggregation mobile application, also in partnership with Linxo. Meanwhile, Linxo has also created partnerships with Maif, Fortuneo and BforBank. In the UK, Barclays, Lloyds, RBS and Santander have all followed suit with similar activities.
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