[2014-12-19] Lawsky to Banks: Speed up payment innovation or else (be forced to)

[telemaco]

From AmericanBanker.com

http://www.americanbanker.com/news/law-regulation/lawsky-to-banks-speed-up-payments-innovation-or-else-1071753-1.html

New York's top financial regulator, sharply criticized banks for their failure to speed up the payment system, warning that the government may step in if they continue to lag behind.

"The current market failure in the payments system is, in part, why there has been so much excitement about virtual currency technology," Lawksy said. "Virtual currency could have the potential to force the existing, legacy payments system to up its game in a significant way."

[voephilis]

I really like his opinion!

Banks are like the former producers of horse-drawn carriages. When cars were produced they claimed nobody needs cars.

Banks can`t just rest on their laurels. They need process like every company that wants to be competetive in the market. 

[colinistheman]

I really like his opinion!

Banks are like the former producers of horse-drawn carriages. When cars were produced they claimed nobody needs cars.

Banks can`t just rest on their laurels. They need process like every company that wants to be competetive in the market.  

I hope the banks fail to heed his warning.

Most likely their heads are so far up their own asses that even if they wanted to innovate, they won't be able to.

It's too much for them! They will have to have 8 months of meetings to decide what they might do, and another 2 years to roll it out. By then Bitcoin is mainstream.

[panju1]

From AmericanBanker.com

http://www.americanbanker.com/news/law-regulation/lawsky-to-banks-speed-up-payments-innovation-or-else-1071753-1.html

New York's top financial regulator, sharply criticized banks for their failure to speed up the payment system, warning that the government may step in if they continue to lag behind.

"The current market failure in the payments system is, in part, why there has been so much excitement about virtual currency technology," Lawksy said. "Virtual currency could have the potential to force the existing, legacy payments system to up its game in a significant way."

We need a new-age Bitcoin bank to come into the picture.
Will give these old fashioned, head-in-the-sand banks a run for their money.