Tuesday, 21 July 2020

Digital Transformation

"Digital transformation goes beyond optimization by driving business growth, creating innovative business models and achieving an enterprisewide competitive advantage" 

Thursday, 23 August 2018

The Disciplined Pursuit of Less

Another outstanding article from HBR, based on a book titled  Essentialism: The Disciplined Pursuit of Less, of the same author, Greg McKeown:


If you don´t have enough time to read it all, just have a look at the summary:

If success is a catalyst for failure because it leads to the “undisciplined pursuit of more,” then one simple antidote is the disciplined pursuit of less. Not just haphazardly saying no, but purposefully, deliberately, and strategically eliminating the nonessentials. Not just once a year as part of a planning meeting, but constantly reducing, focusing and simplifying. Not just getting rid of the obvious time wasters, but being willing to cut out really terrific opportunities as well. Few appear to have the courage to live this principle, which may be why it differentiates successful people and organizations from the very successful ones.

This applies to organizations and professional careers alike. Interesting reflection, isn´t it?

Friday, 12 January 2018

Capitalización bursátil de la gran banca española

Santander casi el doble que BBVA, BBVA el doble que Caixabank, Caixabank el doble que Bankia. Así es la estructura de la gran banca española en términos de capitalización bursátil.

Monday, 16 October 2017

Why took BBVA so long to launch an m-remittance solution?

BBVA has today announced the launch of Tuyyo an m-remittance solution for the US-Mexico remittance corridor that will try to tap a $2,000 million/month flow of money between the two countries.

Tuyyo gives recipients free, 24/7 access to 11,000 Bancomer ATMs, with no need for a bank account or ATM card, eliminating the hurdle of traveling long distances or wating in lines to pick up money. Tuyyo users can expect to access their money within minutes of it being sent.

BBVA is not a newcomer to the digital remittances sector. It operates BBVA Transfer Services (BTS), which has facilitated money transfer services to Mexico since 1995. However, it has not been until today that BBVA has launched an m-remittace service that leverage their foothold in the US and Mexico and that will compete with Xoom (created in 2001 and acquired by Paypal in 2015 in a $1.09 billion deal) and the likes.

Back in 2013 I wrote an article in Visible Banking: m-remittances: the new el Dorado for mobile transfers? There, I pointed out the business opportunity for m-remittances and how the combination of high cost of sending money and new mobile solutions placed the industry in the list of industries to be transformed. I also added:

"I wouldn´t be surprised if BBVA any time soon connected BBVA Compass mobile app with BBVA Bancomer Dinero Móvil service to seize more of the almost $2 billion in remittances that every month Mexico receives in electronics transfers."

m-remittances: the new el Dorado for mobile transfers?

If the business opportunity was so clear (at least to me), why took BBVA so long to launch an m-remittance solution?

Thursday, 3 August 2017

Mercedes Pay llega a España

Así se desprende de la información proporcionada por el Banco de España, en el que Mercedes pay, S.A., empresa de dinero electrónico autorizada en Luxemburgo, ha sido registrada por el Banco de España como entidad de dinero electrónico para operar en nuestro país.

Este movimiento llega pocos meses después de que Daimler comprara PayCash Europe, una entidad de dinero electrónico con sede en Luxemburgo. Según anunció Daimler, con esta adquisición se formaría Mercedes Pay, el proveedor de servicios de pago para todas las soluciones de movilidad del grupo Daimler. Entre dichas soluciones, Mercedes Pay permitirá que los cliente registren su datos de pago una sola vez y pueda ser reutilizada en todos los servicios de movilidad del grupo automovilístico.

‘Mercedes pay' allows our customers to easily and securely pay for our mobility offerings and services using their smartphones. “Mercedes pay” will mainly benefit customers who, in the future, will only need to provide their payment details one time, in order to be able to use a range of Daimler’s services. This is made possible by the eWallet function, a virtual source of payment.”

Mercedes Pay es una subsidiaria de Daimler Mobility Services GmbH y está integrada en Daimler Financial Services, la unidad que aglutina los servicios de financiación y movilidad de Daimler. Esta unidad gana más de 1.000 millones de euros al año y tiene un ROE de casi el 19%. De hecho, es la unidad más rentable de todo el grupo Daimler.

Esperamos ver pronto cómo Mercedes Pay mejora la experiencia de Car2Go y mytaxi, que ya tienen 2,6 millones y 8,2 millones de usuarios respectivamente. Una gran base sobre la que crear nuevas experiencias, desde pago en un click en cualquier servicio de Daimler hasta loyalty para los usuarios recurrentes de sus servicios de movilidad.

Thursday, 27 July 2017

PayPal recipe for a successful transformation in Payments

PayPal reported yesterday 2Q17 results that demonstrates its solid position in the Payments industry. In the press release Dan Schulman, President and CEO of PayPal describes Paypal´s recipe for success:

“Our strong results reflect PayPal’s transformation from a single product to a platform company, from a vendor to a strategic partner to both merchants and ecosystem players, and from a checkout option to an increasingly more central way for consumers to manage and move their money.”

PayPal Reports Second Quarter 2017 Results and Raises Financial Guidance for Full Year

In my view one of the highlights of that recipe is the strategic partnerships. Since early 2016, PayPal has announced 22 partnerships agreements with card schemes, major US issuers, global tech companies, and select international players. This is really transformative, as PayPal is being now recognized as partners by certain players previously thought of as competitive threats.

Recent metrics suggest that this new direction is paying off:

  • TPV Growth: 26% y/y
  • Net Revenue Growth: 20% y/y
  • Active Account Growth: 12% y/y (or +6.5mn to 203mn)
  • Transaction Growth: 23% y/y
  • Mobile Payment Volume Growth: 50% y/y to 34% of TPV (vs 32% in 1Q17).

Friday, 21 July 2017

HR Treasury response to PSD2 public consultation dispels some doubts

It is six months until the PSD2 comes into affect, and there are many questions not answered yet about its applicability. This week, the HM Treasury has published its response to the consultation document published in Ferbruary 2017. This response dispels some doubts some players still have on what banks have to deliver from 13 January 2017, the role of screen scrapping and APIS during the transitory period or the access to credit cards for initiation of payments.

The documents lists the 85 respondents in which you interestingly will find Apple.

Below a summary of the main points related to AIS/PIS:
  • The government can confirm that, from 13 January 2018, ASPSPs will have to allow access to payment accounts for all registered or authorised TPPs, unless they have an objective reason (such as fraud) to deny access. The FCA sets out further detail on blocking TPPs for fraud in their draft Approach Document. ASPSPs will not have to provide access to unregulated or unauthorised TPPs.
  • ·         Prior to the RTS coming into effect, registered or authorised TPPs will be able to access consumers’ accounts directly by utilising their login details (commonly known as ‘screen-scraping’), or via Application Programming Interfaces (APIs) such as those designed to the Open Banking Standard. This is in line with the PSDII, which states that all registered or authorised TPPs must be able to access accounts.
  • ·         The government’s expectation is that the Open Banking directory and standard APIs will start to be available to TPPs for the majority of UK consumers’ current accounts from 13 January 2018. The government is of the view that this access route offers a more secure and stable interface for ASPSPs, while also creating a more competitive ecosystem for TPPs by lowering the barriers to entry. The government therefore strongly encourages TPPs to use these APIs where they are available, other ASPSPs to use the Open Banking standard APIs for their payment accounts, and the Open Banking Implementation Entity to broaden the scope of Open Banking to the full PSDII product suite in due course.
  • ·         ASPSPs will only be expected to provide equivalent access to that available online to customers. Therefore if consumers cannot initiate a payment from their online credit card account, PISPs cannot initiate a payment either (and therefore have no right of access). Equally if there is no online account available (as is the case for many gift cards) there is no requirement for access to be provided.
  • ·         The government maintains its view that direct debits are out of scope of payment initiation services unless this facility already exists within a user’s online payment account. The PSDII definition of payment initiation also does not extend to cancelling or amending existing direct debits or standing orders.
  • ·         Regarding specific access routes for AIS/PIS services, the government:

o   is aware that the Commission is examining the question of whether certain corporate systems, such as those operated by SWIFT and host-to-host services, should be exempt from the scope of the AIS & PIS regimes
o   does not intend to explicitly carve TPMs out of the definition of AIS/PIS services, as they could be used as an access route for TPPs providing services which should be in scope.
  • ·         Regarding which TPP needs to be authorised if there is more than one, the general rule is that the TPP which the customer has a contractual relationship with for accessing their account is the TPP which needs to be registered or authorized.
  • ·         The government recognises the concerns of ASPSPs who are seeking compensation from a PISP (where the PISP is liable) and can confirm that ASPSPs will have a right of action against PISPs in the event they breach their regulatory obligation to refund an ASPSP for an unauthorised transaction. However, we would also encourage industry to develop a voluntary solution to better address this issue for all parties involved.