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NF Edition #528 - 10/21/16
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Highlights this week...

The Internet of Payments Awakens
This nearly 50-page eReport (with over 25 charts/figures) explores how the purchasing journey has changed because of the Internet of Things (IoT), technology adoption and what payments players can do to seize the opportunity. While IoT may sound futuristic, it is already present and growing rapidly. Did you know there are over 10B devices around the world currently connected to the internet?

Content Includes:

  • Global Technology Adoption
  • The Evolving Customer Purchasing Journey
  • The Growing War on Cash and Check
  • Emerging Payment/Acceptance Trends
  • Emerging Payments Players
  • Global Acquiring Themes
  • Key Opportunities for Global Acquirers

Preview  |  Purchase - priced at $2,495

Visa CEO Charles Scharf to Resign, ex-Amex President to Take Over
Reuters | 10.17.16

Visa Inc said Chief Executive Charles Scharf, who orchestrated the company's reunion with its European affiliate, is stepping down and will be succeeded by former American Express Co President Alfred Kelly. Kelly, who already sits on Visa's board of directors, will take over as CEO following Scharf's resignation, which is effective Dec. 1. Kelly said in an interview with Reuters that he "got a front row seat to the various opportunities and issues the company faces" as a Visa board member since January 2014.

Related: Here's Why Visa CEO's Resignation Is Shocking

Rumor: Private Equity Loses to Vantiv in Moneris U.S. Auction
PE Hub | 10.18.16

Vantiv Inc has beat out private equity to emerge a winner in the Moneris U.S. auction, three sources familiar with the transaction said. Blackstone Group and Genstar Capital made final bids for Moneris U.S., Buyouts reported earlier this month.

Related (from July): Vantiv, Warburg Pursue RBC and BMO’s U.S. Payments Unit

US Payments Forum Market Snapshot: Status and Priorities of US EMV Chip Card Migration
EMV Connection | 10.17.16

The U.S. Payments Forum released its fall 2016 market snapshot, providing statements on the status of the U.S. chip migration, its impacts on the U.S. market, and upcoming priorities and recently-released resources for moving the transition forward. The U.S. Payments Forum, formerly the EMV Migration Forum, is made up of constituents from the entire payments ecosystem and has been the source for EMV implementation guidance since the start of the migration in 2012. Today, approximately a third of U.S. merchants are enabled to accept chip cards (according to The Strawhecker Group).

PayPal Ramps Up Mobile Payments Business
TechCrunch | 10.20.16

PayPal reported third quarter earnings after the bell on Thursday. The global payments company reported an 18% increase in revenue at $2.67 billion, when analysts were expecting $2.65 billion. Adjusted earnings per share stood at 35 cents, in line with Wall Street expectations. However, some investors were disappointed to see that PayPal missed on total payment volume, a metric of total transactions on its platforms. The company brought in $87 billion in TPV, below the expected $88.3 billion.

Related: PayPal Integrates With Money Transfer Service Xoom, 15 Months After Buying It

Visa Sets April 2018 Deadline for European Issuers To Support 3-D Secure Version 2.0
Digital Transactions | 10.20.16

Visa Inc. announced Thursday that credit and debit card issuers in Europe will be the first issuers required to adopt 3-D Secure 2.0, the impending update to an authentication protocol for online transactions originally introduced more than a decade ago. Visa said certain rules, such as fraud-chargeback protection on merchant-attempted 3-D Secure 2.0 transactions, won’t be enforced until April 2018. An exact date is not available yet, Visa said.

First Data: One Year After The IPO
PYMNTS | 10.17.16

Last Saturday — October 15, 2016 — was the one-year anniversary of the First Data IPO. Now, admittedly, calling 2016 a “first year” for First Data is something of a stretch. First Data was first incorporated in 1971, so it is actually 45 years young. And it wasn’t even technically First Data’s first year as a publicly traded company either. From 1992 to 2007, it traded on the NYSE before being taken private by KKR. That, First Data CEO Frank Bisignano told me in a wide-ranging chat about the first year of its most recent IPO, is but one of the things that makes First Data a very unusual initial public offering.

Regulators to Toughen Cybersecurity Standards at Nation’s Biggest Banks
The Wall Street Journal | 10.19.16

U.S. regulators on Wednesday unveiled an initial plan to bolster the ability of the country’s largest banks to withstand a major cyberattack, a move aimed at protecting the U.S. financial system in the event of a technology failure. The plan, released jointly by the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency, would strengthen the way agencies oversee how large U.S. banks and foreign banks operating in the U.S. with $50 billion or more in assets manage and address threats to cybersecurity.


Infographic: What Bankers Really Think About the Election
American Banker | 10.18.16

A survey of more than 300 bankers reveals deep industry skepticism, whether of Clinton's pledge to pursue regulatory relief or Trump's claim that the Fed was playing politics with interest rates. Coming this week: what a Clinton or Trump victory would mean for banks.

Mobile Wallets Are the New Loyalty Program
Bloomberg | 10.19.16

Dozens of companies including Starbucks, Walmart, and Apple have introduced mobile wallets, which often can be loaded from a linked bank account or credit card. During checkout at stores, customers tap their phones on a payment terminal or scan a QR code. The transaction value of such payments will more than triple in the U.S. this year, to $27 billion, according to EMarketer.

Why Facebook Is a Dark Horse in the Financial Services Industry
LTP | 10.21.16

For a casual observer, the financial services industry is mostly about banks, governmental financial authorities, financial technology startups and maybe a bit about the ecosystem that’s facilitating the growth of those startups. But for someone who looks beyond popular news releases, quite different (and often repeatedly) names pop up in the background, and those are not ‘financial’ names at all – we are talking about large technology and code-first companies that were never before considered a part of the financial services industry. 

Cash Use Strong in Fragmented Payments Landscape
Nasdaq | 10.19.16

As consumers encounter a growing array of ways to pay – from cash and cards to mobile wallets and person-to-person (P2P) apps – a ‘new norm’ is emerging as consumers embrace a blended mix of payment options in today’s fragmented payments landscape. The 2016 U.S. Health of Cash Study by Cardtronics finds that people are individually defining payments convenience by embracing today’s unprecedented menu of ways to pay. Cash, card, digital and mobile – consumers are using a blended mix of payment options, with 85 percent using at least two different types of payment methods each month and 55 percent using at least three.

CVS Rolling Out Its Mobile Payment System
CSA | 10.19.16

After a test, CVS Health is launching its mobile payment solution, CVS Pay, on a national basis. CVS Pay is now part of the CVS Pharmacy mobile app, and integrates payment, prescription pickup and the ExtraCare loyalty program all into one quick scan at checkout. CVS Pay first launched as a pilot program in August, in the New York City metro area, and the adoption of the program as well as feedback from customers has exceeded expectations, the company said. The solution is now available to all users of the CVS Pharmacy mobile app, CVS Pay simplifies the checkout experience for customers nationwide.

Apple Pay Arguments Against Oz Banks 'Superficial and Unconvincing'
Payments Cards & Mobile | 10.17.16

Australia’s banks have argued in their joint response against Apple Pay to the Australian Competition and Consumer Commission (ACCC) that Apple’s arguments against collective negotiation on accessing Apple Pay due to security concerns are “unconvincing” and “superficial”. The Commonwealth Bank of Australia, National Australia Bank, Westpac Bank, and Bendigo and Adelaide Bank have been seeking regulatory approval to collectively negotiate with third-party mobile providers such as Apple on conditions relating to competition, best practice standards, and efficiency.

Related: CEO Tim Cook Pushes Cashless Society and Predicts AI in all Apple Products

Forget the iPhone Headphone Jack: The New Clover Go Has You Covered
Clover | 10.17.16

First Data is adding an updated version of Clover Go to its Clover point-of-sale product line. The standalone device accepts EMV, mag stripe and contactless transactions, which includes NFC-enabled mobile payments. The device processes EMV transactions in less than 3.5 seconds, making it twice as fast as the previous Clover Go product. First Data also updated the Clover Go to integrate with other Clover products, meaning a transaction can begin on any Clover device and finish on either the all-in-one Clover Go or the original Clover Go reader.

Central Banks Consider Bitcoin’s Technology, if Not Bitcoin
The New York Times | 10.11.16

Bitcoin was created by libertarian-minded programmers with a deep suspicion of central banks and the national currencies they issue. Yet it is central banks that are doing some of the most ambitious work of late in trying to harness the technology introduced by Bitcoin. The central bankers do not want their institutions to own or use Bitcoin itself. Instead, they hope they can use the decentralized method of record-keeping introduced by Bitcoin — known as the blockchain or distributed ledger — to complete and record transactions in the real economy more efficiently, quickly and transparently.

Consumers Willing to Take Additional Security Steps to Prevent Online Fraud as E-Commerce Grows, Finds New American Express Survey
American Express | 10.20.16

The report, which surveyed 1,021 U.S. consumers and 401 merchants, reveals that as ecommerce grows, payment security remains top of mind for both. Nearly half (48%) of consumers who shopped online in the past year have experienced payment fraud, representing nearly 80 million online consumers. Four in 10 consumers (40%) view online shopping as having more risk than an in-store purchase (28%). In addition, 42% of shoppers say that they have abandoned an online purchase due to payment security concerns.

Hackers Hit U.S. Senate GOP Committee
Krebs on Security | 10.17.16

The national news media has been consumed of late with reports of Russian hackers breaking into networks of the Democratic National Committee. Lest the Republicans feel left out of all the excitement, a report this past week out of The Netherlands suggests Russian hackers have for the past six months been siphoning credit card data from visitors to the Web storefront of the National Republican Senatorial Committee (NRSC). That’s right: If you purchased a “Never Hillary” poster or donated funds to the NRSC through its Web site between March 2016 and the first week of this month, there’s an excellent chance that your payment card data was siphoned by malware and is now for sale in the cybercrime underground.

Weebly Hacked, 43M Credentials Stolen
TechCrunch | 10.20.16

The web design platform Weebly was hacked in February, according to the data breach notification site LeakedSource. Usernames and passwords for more than 43 million accounts were taken in the breach, although the passwords are secured with the strong hashing algorithm bcrypt. Weebly said in an email to customers that user IP addresses were also taken in the breach.

Arrested Russian Linked to Theft of 117M LinkedIn Passwords
TechCrunch | 10.20.16

A Russian citizen arrested in Prague was wanted in connection to the theft of 117 million LinkedIn passwords and login credentials, the social networking firm confirmed. "Following the 2012 breach of LinkedIn member information, we have remained actively involved with the FBI's case to pursue those responsible," LinkedIn said in a statement. "We are thankful for the hard work and dedication of the FBI in its efforts to locate and capture the parties believed to be responsible for this criminal activity."

Stripe Launches Radar to Tackle eCommerce Fraud with Machine Learning
TechCrunch | 10.20.16

Stripe, the startup that lets websites and mobile apps implement payment services through its API and a few lines of code, is today adding in another new feature as it continues to build out its platform with more tools. It is now going to help prevent fraud on Stripe transactions, through a new service called Radar. Radar is being rolled out globally as part of Stripe’s primary payments service, meaning companies that use Stripe’s API for payments do not need to pay extra or do anything in particular to turn it on.

Fed Beige Book Shows ‘Mostly Positive’ Outlook for U.S. Economy

Bloomberg | 10.19.16

The U.S. economy maintained a steady growth pace between late August and early October, as a tight labor market with nascent wage pressures contributed to a “mostly positive” outlook, a report from the 12 Federal Reserve districts showed. “Most districts indicated a modest or moderate pace of expansion,” according to the Fed’s latest Beige Book, an economic survey by reserve banks. “Outlooks were mostly positive, with growth expected to continue at a slight to moderate pace in several districts.”

With Just Months to Go, JPMorgan Leads Goldman Sachs in 2016 M&A
TheStreet | 10.17.16

When U.S. titans of industry wanted to make a deal, the investment bank they called most often this year was JPMorgan Chase. The New York-based company, which reported strong earnings Friday, also provided financial advice on 91 transactions announced through the end of September, coming in first on The Deal's league tables for sales higher than $100 million with at least one party in the U.S. As for the bank's traditional rivals, Goldman Sachs came in second with 77 deals; Morgan Stanley, with 76, placed third; Bank of America's Merrill Lynch was fourth with 60; and Citigroup, with 45, was sixth.

Related: Brexit, Fed Could Dampen Dealmaking in Q4

eCommerce Sales Growth Slightly Decelerated in September
Internet Retailer | 10.15.16

Non-store sales grew 10.6% in September, according to retail data released today from the U.S. Commerce Department. It’s looking like the third quarter was a good one for e-commerce, accordingly to monthly retail sales data released today by the U.S. Commerce Department. But Q3 likely won’t beat Q2, when e-commerce sales grew 15.8%, its largest year-over-year gain in nearly two years.

American Express Reports Third Quarter EPS of $1.20; Raises Full Year Guidance and Reaffirms 2017 Outlook
American Express | 10.19.16

“Strong operating discipline and credit quality helped to keep us ahead of the 2016 financial outlook that we first provided at the beginning of the year,” said Kenneth I. Chenault, chairman and chief executive officer. “While reported revenues were down 5 percent, we saw underlying revenue growth of 5 percent after adjusting for the absence of Costco-related business this quarter – slightly faster than comparable second-quarter levels. Adjusted billed business was up 7 percent, adjusted loan growth remained healthy and net card fees rose 10 percent, reflecting strong performance across our premium card portfolios."

Related: American Express Launches "Amex for Developers" Portal

Android Pay Goes Live in Hong Kong with Mastercard
Mastercard | 10.19.16

Mastercard cardholders and Android device users in Hong Kong now have even more ways to shop easily and securely on-the-go as Android Pay launches in the city! Following the introduction of Android Pay in Singapore and Australia earlier in this year, Hong Kong is the third location in the Asia Pacific region to roll out the service. Mastercard is working with major card issuing institutions, including DBS Bank, Dah Sing Bank, Hang Seng Bank, HSBC, Standard Chartered Bank and The Bank of East Asia Limited, to enable Mastercard cardholders in Hong Kong to use their Android smartphones for everyday purchases, both in-store and in-app.

ABA Endorses BluePay’s Merchant Processing Solution
ABA | 10.17.16

The American Bankers Association  – through its subsidiary the Corporation for American Banking – has endorsed the merchant services bank partnership program provided by BluePay, an award-winning, single-source payment processor specializing in servicing financial institutions and their customers. Prior to awarding the endorsement, ABA conducted an extensive due diligence process – which included an in-depth, independent evaluation from First Annapolis Consulting – to thoroughly investigate BluePay’s ability to help financial institutions provide their business customers with a competitive payment card acceptance solution. 

Global Payments Announces Full Support for Android Pay in Hong Kong
Global Payments | 10.19.16

Global Payments Inc., a leading worldwide provider of payment technology services, is pleased to offer merchants in Hong Kong the ability to accept Android Pay, which will enable more payment choices for Android mobile users in-store and in-app. Android Pay is a digital mobile wallet which is easy to setup and use. Customers can download the Android Pay app and add an eligible credit or debit card. Simply tap the Android smartphone on any contactless terminal and the payment is sent for authorization. Android Pay is designed to align with industry tokenization standards. 

Omni-Channel Payments Easy, Fast and Future-Ready With Worldpay Total
Nasdaq | 10.19.16

Worldpay launched its newest omni-channel payment platform for the United States – Worldpay Total. Connecting and simplifying payments across sales channels through a single integration point, Worldpay Total delivers end-to-end payment processing by combining point-of-sale (POS), integrated payments and acquiring for integrated software vendors (ISVs) and merchants. orldpay first introduced Worldpay Total in November 2014 for its largest UK customers, before extending its omni-channel offering to ecommerce businesses trading in Europe earlier this year.

Shift4 and Mi9 Retail Announce Joint EMV Solution for Retailers
PR Web | 10.20.16

“Many payments industry players are forcing retailers into EMV implementations that don’t suit their business or consumers. We are pleased to partner with Mi9 to offer a solution that actually works for retailers today — with more device and processor combinations available than any other industry player. Best of all, retailers can meet the new EMV standard while keeping sensitive payment data out of their environment entirely — better protecting their customers, and their brand, from the devastating effects of a data breach.”

Vantiv First to Offer Verifone Carbon with Commerce Platform
Verifone | 10.21.16

In an era where connected commerce technologies are transforming consumer behavior, research shows the next several years will see small- to medium-sized businesses (SMBs) increasing adoption of new commerce software and technologies. To help SMBs keep pace and win in the face of this transformation, Verifone and Vantiv, Inc. announced an agreement to bring the Verifone Carbon Commerce Platform to market in the United States as a key feature of the Vantiv SmartFit Solutions.

Denver Tech Company, PaySimple, Receives $115M Investment
Denver Business Journal | 10.20.16

"PaySimple is the first true service commerce solution on the market and we are excited for the opportunities that our PSG partnership will bring," said Eric Remer, CEO of 10-year-old PaySimple, in a statement. PaySimple's software helps small- and medium-size companies manage invoicing and payments, billing, recurring bill-pay setup for customers, appointment scheduling and other functions.

Payments Veteran Joins JetPay Board, Invests in Company
ISO & Agent | 10.19.16

JetPay Corp., the Berwyn, Pa.-based card processor, has received a fresh round of funding from payments industry veteran Larry Stone, who is joining the company’s board. Stone has agreed to invest $19.6 million in debt and equity in JetPay, a provider of debit and credit card acceptance and processing, along with payroll and prepaid card services, JetPay said in an Oct. 19 press release.

Apriva Completes Extensive EMV Certification with Miura Bluetooth Readers to Global Payments
Apriva | 10.20.16

Apriva, the leading provider of secure end-to-end wireless transaction processing solutions, and Miura Systems, the market leading UK-based mPOS platform provider, announced that they have completed EMV certification to Global Payments for Apriva’s AprivaPay Plus application with the Miura's M010 Bluetooth capable mobile card reader. This certification builds on the existing partnership with Miura, announced last year, which integrated AprivaPay Plus with Miura card readers.

Citi Ventures Invests in Feedzai
Finextra | 10.19.16

Citi Ventures has made an undisclosed 'multi-million pound' investment in AI-based fraud detection company Feedzai. The California-based company applies machine learning technology to large data sets to detect anomalies and highlight potential cases of fraud associated with banking and shopping. It claims its software can detect fraud as much as 10 days earlier than other solutions and exposes up to 60% more fraud cases with lower false alarms.

Bank of America Teams Up With ModoPayments
PYMNTS | 10.21.16

Bank of America Merrill Lynch, a player in transaction services, and ModoPayments, a digital payments company, announced Thursday (Oct. 20) a strategic relationship that will give the bank access to Modo’s patented COIN Operated Digital Payments Hub. In a press release, the companies said, through the hub, Bank of America Merrill Lynch clients will have the ability to connect with multiple emerging payment networks. Furthermore, the new global capabilities can extend the reach of the bank’s existing digital business-to-consumer offering, Digital Disbursements.

Elavon and Poynt Offer Best-in-Class Smart Terminal for Small and Mid-Sized Businesses
Elavon | 10.18.16

Running a business and growing it can be stressful, but finding the right payment terminal shouldn’t add to a business owner’s daily workload. U.S.Bancorp subsidiary Elavon and California-based Poynt today announced a partnership to offer one of the most advanced payment devices available to small to mid-sized businesses in the U.S., featuring the latest in payment acceptance technology, pre-installed security features and a broad range of mobile capabilities.

FIS Launches Unified mobile Payments Platform BuyWave
Finextra | 10.19.16

What if consumers could find a gas station, pull up and pre-authorize the fuel pump they choose, get instant rewards such as cents off per gallon or other on-site incentives, then pay directly from their smartphone or other device connection? The result would be a faster, safer, more convenient transaction that meets the needs of mobile consumers, while also providing merchants and service providers an easy way to deliver more value with their applications and implement a cost-effective mobile strategy.

First Data’s Connected Commerce Experts on Display at this Year’s Money 20/20 Show
First Data | 10.18.16

As the world of payments, commerce, and FinTech descends upon Las Vegas this month for the annual Money 20/20 conference, leading commerce-enabler First Data will take center stage for a mainstage presentation and a variety of panel opportunities. “This is the fourth year that First Data has played a prominent role at Money 20/20, and we are delighted to once again have so many of our colleagues showcase their expertise at one of the leading industry conferences,” said Guy Chiarello, President, First Data.

Fiserv Clients Achieve Double-Digit Transaction Growth with Outsourcing of ACH Processing Utilizing PEP+
Fiserv | 10.20.16

Fiserv, Inc., a leading global provider of financial services technology solutions, announced today that clients utilizing its ACH Processing Services have reported transaction volume growth of 12 to 14 percent, significantly higher than NACHA-member average of approximately four percent year over year. ACH Processing Services is a hosted (outsourced) version of PEP+, an online, real-time solution for the processing of ACH electronic payments. The financial institutions are benefiting from a scalable and predictable cost model that can help protect and grow their ACH payments business with greater capacity and automation.

Excentus and Verifone to Deliver Digital Punch Card Loyalty Solution to U.S. Convenience Stores
Verifone | 10.18.16

Excentus Corporation, a provider of loyalty marketing and technology services, and Verifone, a world leader in payments and commerce solutions, have developed a solution to enable merchants using Verifone Commander Site Controller to offer their customers an electronic punch-card loyalty program. It will work with a simple-to-use mobile application for Apple iOS and Android operating systems as part of the standard Commander offering.

ACI Worldwide Opens State-of-the-Art European Data Centre
Businesswire | 10.17.16

ACI Worldwide, a leading global provider of real-time electronic payment and banking solutions, today announced the opening of its new European data centre. Located in Limerick, this state-of-the-art facility delivers the utmost in reliability, security and data privacy, further expanding world-class payments solution capabilities and capacity for European customers, comprising some of largest merchants, intermediaries and financial institutions, including the two biggest banks in Ireland.

Burch Food Service Expands Relationship with USA Technologies; Sees One-Year 17% Topline Growth in Transaction Dollars
BusinessWire | 10.17.16

USA Technologies, Inc., a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market, today announced the initial results of an expanded agreement with Burch Food Service (Burch), a Canteen franchisee. Over the last 30 years Burch Food Service has grown to become one of the country’s premier independently owned foodservice and vending providers, with operations spanning Missouri, Arkansas, Tennessee, Kentucky and Illinois.

Ingenico Group to Demonstrate Leadership in Omni-Channel Payment Acceptance at Money20/20
Ingenico | 10.18.16

Ingenico Group, the global leader in seamless payment, today announced it will be sponsoring and exhibiting at this year’s Money20/20 conference, taking place October 23-26, 2016 in Las Vegas, and will also be a lead sponsor for the Money20/20 Hackathon, a 24-hour competition beginning on October 22. Additionally, the company will be demonstrating its leadership in omni-channel commerce and FinTech innovation through its participation in several key industry panel discussions, including a keynote panel on the next generation of POS.

Ingo Money and MoneyGram Launch New Credit Card Payment Service

Yahoo! Finance | 10.17.16

Ingo Money, a leader in real-time push payments technology, and MoneyGram, a global provider of innovative money transfer and payment services, today announced an agreement to offer consumers a new service to make quick and convenient credit card payments through Ingo Money's platform at any one of MoneyGram's estimated 40,000 U.S. retail locations. Ingo Money's push payments technology enables banks, financial services providers and companies to move money instantly between businesses and people in mobile, online, ATM and retail channels with a single API integration. 

PayCommerce Completes $22M Series B Investment to Drive Exponential Global Expansion of its Enterprise Cross-Border B2B Payments Network, Appoints Payments Veteran as CEO

PR Web | 10.18.16

PayCommerce, the leading enterprise cross-border payments network for payments disbursement and acceptance, today announced a $22 million investment from Tritium Partners. This strategic investment will drive growth, increase the company's global market share by region and accelerate the expansion of its proven, correspondent-banking consortium and network, which includes more than 90 banks in 75 countries. To lead this expansion, PayCommerce Chairman and Founder Abdul Naushad, announced Max Narro as CEO. Mr. Narro, formerly President of WorldPay, U.S. Small Business and Senior Executive at Fiserv and First Data, will also join the PayCommerce board of directors.

R3 Trials Interbank Cross-Border Payments With Ripple’s Digital Asset XRP

LTP | 10.20.16

Financial innovation company R3 and 12 of its consortium member banks have trialed Ripple’s distributed financial technology and the potential for its digital asset to scale liquidity and reduce the costs and inefficiencies of interbank cross-border payments. Banks traditionally provision liquidity for cross-border payments by holding various currencies in local bank accounts around the world, known as ‘nostro accounts.’ The practice of holding various currencies across many accounts is costly because banks have to fund those accounts, trapping capital.

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