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Agree Andrew Smith - consumer at the centre, consumer control and pull data from the data controller aka the consumer. 

It'll work in the EU as the EU have had the schemes in their sights for some time - hence SEPA.  SEPA was a fundamental building block toward this and regulation (PSD2) helps their case. But there's where it then becomes difficult. Like it or not the card schemes are the only truly global networks. And yes, there were built on top of various bank networks but they joined them and provided a convenience and trust through their scheme rules. Tech is fallible but people are too and the rules address both.  That's why they are such huge global brands and all of these factors are huge - for the consumer - an interested party that wasn't mentioned in the article. Can Visa be toppled? Yes.  Will they be?  Well, a bit behind their competitor MasterCard, but they are trying.  They don't own rails as MasterCard do. They have tried to make significant acquisitions to help but have been thwarted.  So the jury is out but there'a long game to play and the consumer has a lot of sway.  They don't change habits or likes so easily.  The young can and do but will their new habits be life long?  And do they have the power of money in comparison to the more habitually entrenches older generations? 

Thanks for this article.  A good summary of priorities.  I hope that the collaboration also includes the idea of collaborating with customers on their data from the stance of understanding it's the customer's data, not the banks and they can gain a broader view of customers if there is a fair exchange (quid pro quo) for having the privilege of access to such data.