The Empire Strikes Back. Banking | Technology | Platforms
Blog Posts21st August 2017
Technology, Banking, Platforms
The technologically driven change in the financial industry is entering a new phase. While banks have developed a common digital ecosystem with fintechs over the past few years, technology companies such as Google, Amazon and Alibaba have been shaping new structures – a growing impact on the financial industry in the future.
Digitization is transforming the world as we know it. Our daily work will be challenged by increased automation (so-called Work 4.0), our production processes will be adapted to Industry 4.0, and our value chains will be broken up while platforms will enable new modular and customizable businesses.
In line with Article 96(6) of PSD II, payment service providers must submit statistical data on fraudulent cases according to different methods of payment to the supervisory authorities at least once each year. The relevant authorities concerned then send a summary of this information to the EBA and European Central Bank.