I’ve never been a fan of “Pay by Bank.” It’s a solution in search of a problem, especially when compared to the efficiency of debit cards and the global reach of Visa Direct. Now, two major developments have dealt a significant blow to the already weak business case for this payment method.
Continue readingLast week, I shared the news that JPMorgan has started charging for API access, a move that many see as a death blow to pay-by-bank and open banking in the US. While this might sound dramatic, I believe it’s a necessary reset. The truth is, the current model was never sustainable, and with the CFPB’s recent move to vacate its unlawful 1033 rule, the writing is on the wall. Open banking as we know it is dead in the US.
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