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An article relating to this blog post on Finextra:

Retail banks scared of embracing Web 2.0 - Datamonitor

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Calls for Swift to tap Web 2.0

In a lively conference session on the opening morning of Sibos 2008, Till Guldimann, vice chairman of SunGard, told delegates that the increasing use of Web 2.0 technology was "a wake up call for Swift".

Guldimann put forward a proposal that would see the interbank network use Web 2.0 technologies to fight off the challenge posed by outfits like PayPal. The eBay subsidiary has a rapidly increasing share of the retail payments market - especially in the US - and may eye the wholesale markets in future.

Essentially Guldimann said that Swift could become the "Fedex of cash" if it were to establish a Web services hub.

Swift could then invite its members to voluntarily contribute payment details to the Web services platform, said Guldimann. This would enable all funds to be tracked at every stage of the transaction - in the same way a package sent by Fedex can be tracked through to delivery.

Guldimann's presentation was part of a colourful conference session on Web 2.0 on the opening morning of Sibos. Guldimann was joined by Peter Hinssen, CEO, A-cross and Joachim Von Heimburg, director of corporate R&D, Procter & Gamble.

In a nutshell, this is what they all said:

a member-uploaded image

Comments: (1)

A Finextra member
A Finextra member 16 September, 2008, 03:05Be the first to give this comment the thumbs up 0 likes

I haven't got my magnifying glass onto that picture properly yet, but my initial impression is that they're on the right track.

I see a solution emerging which could put even the smallest bank back in the transaction business, be it web, or retail. Perhaps a united front might give some light at the end of the tunnel for all of the banks.

Banks are in a position to absolutely slaughter the competition in every sense of the word, it's just finding the right mechanism...