PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Getting Closer to The Bank of Amazon

Sarah Grotta by Sarah Grotta
November 9, 2017
in Analysts Coverage
0

Banker Worker Welcome Gesture Modern Bank Office Workplace Flat Design Vector Illustration

2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

BloombergTechnology took on the topic that many have been asking:  When does Amazon do to the banking sector what it has done to retail?  This question has been brought up even more frequently of late in light of the comments made by the acting Comptroller of the Currency, Keith A. Noreika, suggesting that the rules that keep retailers like Amazon from providing full banking services need to be reviewed for potential revision:

Tech juggernauts including Amazon, Alphabet Inc.’s Google and Facebook Inc. already are encroaching into turf long dominated by banks, such as facilitating payments or offering loans to small businesses. And they could expand in areas such as consumer credit, trying their hand at the types of personal loans provided by fintech ventures like SoFi and LendingClub.

Although non-chartered, non-financial institutions are getting in deep with payments and lending and financial advice, it is unlikely that full banking capabilities will be allowed without regulatory oversite by the OCC and without some changes made by Congress, something which is far from the current focus for lawmakers:

Still, erasing the divide between deposit-taking banks and commerce would probably require consensus among several U.S. regulators, as well as congressional action, which isn’t likely anytime soon. Even then, tech firms and online retailers might not want to go through the trouble to become full-fledged banks.

 The article also puts some thought around what are the most likely areas Amazon and other non-banks would consider jumping into with or without a formal banking charter including more on the payments front, deposit gathering, small business lending, and corporate loans, all which support their core businesses.

Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group

Read the full story here

 

Tags: AmazonBank
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    eCommerce On Social Media, social commerce

    The Rise of Social Commerce and Social Payments

    February 3, 2023
    Electroneum AnyTask; ETN Crypto, sales enablement

    Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement

    February 2, 2023
    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023
    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Equinix report - Dojo Delivers Fast, Reliable and Secure Card Payments to Businesses on Platform Equinix