US banks think that new regulations on cross-border transfers will hit the payments business hard without benefiting consumers, according to a poll from vendor Fundtech.
This is a classical case of getting the desired answer by asking the wrong audience. If Fundtech was really serious about finding out whether the new rules would benefit consumers, it should've surveyed consumers instead of banks. Interestingly, if "43%
say consumers never rescind orders", it means that 57% do! To me, that sounds like a large enough majority of consumers who should find the new rules beneficial.
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© Finextra Research 2014