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Not entirely bank agnostic as it is only available for the banks listed on kaypays site. Will be interesting to see its adoption as there are  many constraints.

Read on a forum that Fidor will be using Ripple for payments to its subsidiaries .

http://bitcoin.stackexchange.com/questions/25193/fidor-to-integrate-ripple-protocol-what-does-that-mean 

My mistake it is not branches but subsidiary banks.

To do a cross border payment  these banks need a counter party on the other end who is also on Ripple. I am wondering how many banks in Europe are accepting Ripple payments. Fidor bank  in Germany, I understand,  is using Ripple to make payments to its own branches . They are using Ripple as a closed loop system.

Your QR code thoery is interesting . I am wondering why Apple themselves would not provide such an option to users  and merchants. May be they will do it in future unless there is a techinical issue for accessing secured element through OS

Apple pay transactions will be  treated as "Card Present " transactions as negotiated by Apple with schemes and banks . This definitely help merchants in store as well as online  as apple pay transaction  wouldn't be incurring any additional  cost .   Not sure whether apple would  get anything from the acquirer side as much it would get from the issuer side .

I think is trying to intimidate banks by the sheer size of its iTunes customer base. It telling banks (issuers ) that if you don't join us and support apple pay u might loose your customers because your customers would choose apple over you. It's probably working because as I understand banks would have to pay a small part of their interchange to Apple.  No bank would agree unless they feel threatened. 

I think the card number stays with issuers. What passes through the ecosystem ie mobile devices, nfc terminals , processors , acquirers and finally the issuers is just the token. The onus is on issuers to match tokens to card numbers.

Apple pay, I believe , has adopted this system and hence the need to partner with banks. Apple device does generate tokens but the matching happens at issuers. Otherwise how can apple process payments without storing card info on their servers as they have claimed.

Any comments are welcome.

As I understand Apple do care about interchange. Their business model is based on small fee they will charge issuers who want their cards on Apple pay.

Still don't see how banks can benefit by partnering with apple. They are still card issuers. Why should they part away with fraction of interchange to Apple. Are they too scared to think that if they don't jump on bandwagon there won't be any customers left for them? In essence if banks believe that customers would treasure relationship with apple more than their banks , then it's not just end of cards in few years it's end of banks.

@Chris Thanks for the reply. I am trying to find answers to these questions

1) What is the source of data for Vocalink . Is it the banks and credit societies themseleves who will provide the data . Or is there a seprate body to be formed where participants in the service have to register their phones and bank details.

2) What happens if the same mobile number is linked to two accounts in two differnet banks. I personally had my same number registered with both Barclays and HSBC .

3) How often is will the database be updated to reflect changes in moblie numbers and accounts