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Open Banking and Payments Competition
Why the banks really hate fintechs that allow businesses to learn your account number easily.
It’s difficult for me to read tea leaves from Washington in the best of times, and in the interests of avoiding partisan commentary, I’ll refrain from confidently guessing whether statements of the administration predict its future actions over multi-week timescales. Chase is the largest bank in the U.S., maintaining checking accounts for approximately 44 million Americans, and therefore makes up a hefty chunk of total transaction volume within the financial system. I have a nuanced point of view on it, but if I can offer a comment: when you let banks look into the economic logic of their customers’ lives to determine their pricing structure, you’re giving them the capability to pick winners and losers.
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