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Tired: Open Banking will induce more competition for traditional banks by making it easier for consumers to switch providers to new banks run by retailers, fintechs, telcos, etc.

Wired: Traditional banks like Barclays and Lloyds have been the largest beneficiaries of Account Switching.

Any boss in the banking industry who decides how much budget to allocate, what to buy and how much to pay will not pay a premium to buy something that will erode their profit and thereby dent their bonus twice - once because it costs more and once because it will reduce breakage and thereby increase costs.

You must be drunk on some weird Kool-Aid if you don't know this basic best practice of banking procurement. I'm sorry about whoever is going to hurt you if you continue to shill your platform in this manner.

When tens of millions of customers of customers of Synapse are unable to access their funds ostensibly deposited in an FDIC-insured institution, I can't even begin to see how far off the mark your theory about some obscure compliance is from the actual practice followed in the banking industry.

Not so sure. In my company, we've been selling a customer's shopping / loyalty management platform to BFSI and other industries for nearly 10 years. While the platform has enterprise-grade capabilities, banks are either not bothered or not willing to pay for them. As industry insiders know, the rewards model of banks is predicated on customers NOT redeeming a certain amount of rewards points aka breakage. Banks tell us privately that they don't mind if our platform breaks down once in a while since "breakage" is a feature, not bug, of their rewards program!

Sad, but true.

Back in the day, Fintech Mafia used to threaten banks by saying Apple will get into financial services and make them extinct. That threat hasn't aged well! 

On a side note, the larger a company is, the more things you'd expect it to do inhouse. In fact, in emerging markets, the only way for a company to become large is to do more things inhouse even if they belong to diverse industries aka conglomerate.

But Apple defies this wisdom: Many parts of iPhone are bought outs; manufacturing of all its products is done by the Foxtrons of the world; Apple Card was from Goldman Sachs; AI is from OpenAI; now Apple Pay Later BNPL is from Affirm. 

Safe to say that the world's #1 (okay, #2 or #3 depending on how $AAPL does on the given trading day) is slowly turning into a design, branding cum sales company.

@Jeremy Light +1.

I was about to say the same thing! 

Sure why not. I've seen gas stations in Germany making changes to prices of petrol, diesel, etc. several times a day. At the time, they had to climb a ladder to change the prices manually. They probably have Digital / Electronic Shelf Label technology now.

OTOH, when you say "type an email", they ask "Why can't one converse with another person just by talking?" 

OTOrH, when you say "converse by talking", they say "This call could have been an email".

I wonder if there's anything "natural" about human behavior.

The #1 digital payments method in India, UPI, did around $2.2T in Total Payments Value (TPV) in 2023. Due to Reg ZeroMDR, banks who processed this TPV got zilch revenues. 

Citation required for your claim "The digital payments market in India is estimated to be valued at $3 trillion in 2022". 

@Anon 12 June, 10:43:

It's a fraud by payee on payor, ergo payor can seek legal redress to nail the payee and get their money back. 

But it's not a fraud by bank on payor, so there's no case for bank to reimburse the payor. ICYMI, UK Supreme Court has ruled accordingly in Philipp v. Barclays lawsuit.  

Meanwhile, enjoy your knowledge in this area.

@Anon 11 June, 18:43: 

Short Answer: Payor.

Long Answer: Cf. cited blog posts.