27 October 2016
Bo Harald

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Bo Harald - ZEF and Real Time Economy Program

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Innovation in Financial Services

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

New opening in mobile payments

10 January 2014  |  3865 views  |  0

I should of course have added to the looking back at 2013 post - that the new direction for mobile payments also made a breakthrough. When it is realized that mobile payments should be payment receiver initiated in order to produce full value the speed in this direction will take up dramatically.

How does this work and what does it mean? But first the WHY?


Superior value for receivers and considerable boost for cutting admin costs in half.


As seen so often the best innovations arrive from a simple question: Could this ALSO be used for xxxx? In this case there was a series of ALSO questions like:

1. Can the payment file tranportation system ALSO be used for e-invoices?

2. Can netbanks ALSO be used for receiving and sending e-invoices?

3. Can an arriving e-invoice be approved for payment (on due date or in real time) ALSO by typing and A-answer to an SMS message?

4. Can e-invoice service providers ALSO extract the VAT data from e-invoices automatically and generate VAT-reports?

5. Can the e-invoice ALSO be used in retail payments - saving acqusition costs and lead to real time payments? 

6. Can VAT-reports be approved (if there is no need to complete them - my firms case) ALSO with typing A in SMS-notification?

As the answer to all these questions are "YES and with ease" we should expect fast actions by banks and other service providers who take growing customer value seriously. This can well be the stepping stone into mobiles becoming much more than computers can be - omnipresent acceptance devices. Not doing nothing-much-at-all times - or gimmics - is so last season. 

TagsMobile & onlinePayments

Comments: (1)

Bo Harald
Bo Harald - ZEF and Real Time Economy Program - Helsinki region | 10 January, 2014, 21:20

So it is not only a question of the payment being ultra-convenient and safe but ALSO automatically taking care of accounting and reporting on  BOTH sides (consumers also need financial reporting) - and then moving it into real time. R E V O L U T I O N time..


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