Apple is in talks with at least one major UK bank to bring its mobile payments service to the UK in early 2015, according to reports. However, both sides appear to be far apart on terms of the agreement.
The bank is reportedly uncomfortable with how much information Apple would be collecting from its customers, though sources do not expect this to be a deal-breaker. Additionally, some UK banking executives fear that Apple Pay could be the beginning of Apple’s “invasion” of the banking industry.
Apple Pay, which launched in the US earlier this year, accounted for 1 percent of all digital payments in November. Its early success has prompted Apple to look into rolling out the service in other parts of the world.
On day one of SIBOS, panellists unanimously agreed that doing nothing to modernise payments was no longer safe bet for transaction banking.
On day one of Sibos 2017, Stefan Dab, The Boston Consulting Group led a conversation examining the future of correspondent banking, and specifically the pain points corporate treasurers face in their cross-border payments operations and where technology can be developed to alleviate these.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.