Source: Mark Garvin, JPMorgan Chase
Speaking at the first annual EBAday payments conference in Frankfurt in June, Mark Garvin chief administrative officer JPMorgan Chase AG, outlined a vision of the payments industry in 2016, a time when paper cheques are non-existent, payment by mobile phone is commonplace and biometrics have wiped out fraud.
In his keynote address to European bankers from across Europe, Garvin called for a renewed banking industry effort to meet the challenges laid down by the move to a Single Euro Payments Area (Sepa). He urged Europe's top banks to take the lead and create an open forum to decide the priorities and the new common ground for re-shaping the payments business - whether it be rules, interoperability, or the dimensions of the co-operative space.
Looking beyond the immediate Sepa deadlines of 2008 and 2010, he shared with his audience some of JPMorgan's research into the future of the payments industry.
This comprised the views of finance directors, technologists, regulators and the younger consumer market. The research findings were used to construct a radical vision of the payments business in 2016.
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