Article: Bank Payments? Happiness Is?
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Bank Payments? Happiness Is?
The older folk among us may remember a song that was popular in the mid-1960s, by Bobby Sherman titled ?Happiness Is?. To quote a key line from the lyrics ?happiness is different things to different people?. And this is my starting point. It is the ?different things to different people? part that is so important, especially when one considers the critical issues that surround the payments industry.
Banks have long claimed the right to be the sole interlocutor in the payments world ? a right that they claim on the strength that they alone legally hold the accounts of individuals from which and to which these payments are made. Traditionally because of this banks have been the sole and arbitrary determinant of what information constitutes a payment. Usually this is the bare mi...
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