Also: š„¦ Grocery group as a bank? š¦ Vipps and gifting continued š¤ PSD2 as a sales channel? ā Block
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August 24 · Issue #24 · View online
A weekly summary of the latest news in our world of finance, design, and technology.
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Also: š„¦ Grocery group as a bank? š¦ Vipps and gifting continued š¤ PSD2 as a sales channel? ā Blockchain - searching for a problem to the solution?
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The grocery groupĀ Norgesgruppen has established its own finance company. They are now breaking off its credit card collaboration with DNB and will administer their Trump Visa cards themselves. This is a strategic move to have control over the payment, especially the customerās ID. They fear a third party coming between them and the customer. This breach does not come as a surprise to DNB, which has planned to withdraw from delivering credit cards for partners. On the technology side, Norgesgruppen has joined forces with Coop to establish the company Aera, which will offer payment solutions. So far, this has been an expensive collaboration with a total loss of 240 million in four years. Hopefully, they will see the fruits (pun intended) of the partnership this autumn when they introduce a new generation of payment terminals.
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At the same time, danish-ownedĀ Banqsoft is buying Concent, an IT company with software for credit management and debt collection services. The bank infrastructure market seems to be growing at the moment.
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BN Bank plans to useĀ PSD2 to hijack customers inside the competitorsā online bank. Larger banks, which have the most customers in Norway, have traditionally not offered good deposit rates and conditions on these accounts, as this is not a significant driver for switching banks. Smaller banks that have specialized in providing a good savings rate now see an opportunity to offer their product, free of conditions and fees, in the major bank customersā mobile bank with the help of PSD2. BN Bank has now launched the serviceĀ barespar.no, to easily create and activate a savings account in your regular bank. Finally, someone is trying to do something interesting on top of PSD2 instead of just aggregating accounts! But it must be said that this looks like an ordinary savings-account with an average deposit rate branded as a PR-stunt.
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The most interesting Iāve read last week was a piece tipped by my former colleague, Ida Aalen, CPO and co-founder atĀ Ā Confrere. The article probably has the best explanation Iāve read about how Bitcoin works. In the story, Jesse Frederik delves deeper into what Blockchain is, and what problems he thinks it solves:
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āIām sure I wasnāt the only one who thought: but what is it then, for Godās sake, this whole blockchain thing? And whatās so terribly revolutionary about it? What problem does it solve? Thatās why I wrote this article. I can tell you upfront, itās a bizarre journey to nowhere. Iāve never seen so much incomprehensible jargon to describe so little. Iāve never seen so much bloated bombast fall so flat on closer inspection. And Iāve never seen so many people searching so hard for a problem to go with their solution. ā
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