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NEWS Morgan Stanley bails on R3
blockchain consortium, following Santander and Goldman Sachs out the door. Speculation is rife over whether these dropouts are to do with the hefty funding figures the group asks from its members. Santander said that it had made the decision to “abandon” R3. This does not appear to be related to the exit of Goldman Sachs.
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R3 issued the following statement: “Developing technology like this requires dedication and significant resources, and our diverse pool of members all have different capacities and capabilities which naturally change over time.”
The consortium has approached 42 banking members about investing in an equity funding round, with the aim of raising $150 million over the next 9 to 12 months.
Scott Thompson /Alex Hamilton
Apple calls Aussie banks on mobile monopoly
banks continues, as CommBank, NAB and Westpac head up a consortium hoping to negotiate with the famously pro- closed-system Apple. The Cupertino giant has now made public a new submission to the Australian Competition and Consumer Commission (ACCC).
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Apple’s first new line of argument is that it would be inordinately expensive for it to make changes to Apple Pay and iOS specifically for the Australian market. The company writes that to do so would require it “to invest significant resources to design a platform which it offers nowhere else in the world”.
he war between Apple Pay and Australian
It also argues that banks will be able to use their preferred NFC access through their own apps on iOS – but Apple Pay will still have to be the go-between. It’s understood that participating banks would still have to pay for this service, so it seems unlikely that the Australian consortium will jump at the news.
Apple’ final statement, however, is about as blunt as it gets: “The only plausible explanation for the applicant banks’ behaviour is that they are not interested in promoting competition in mobile payments, but instead would prefer a situation where the only payments apps available to consumers in Australia are the banks’ own proprietary apps that only provide access to their own respective credit and debit cards.”
So it seems we’re finally getting down to brass tacks and the gloves are off. Word is that the ACCC will most likely rule in Apple’s favour, yet the case may drag on for some time yet.
Alex Hamilton organ Stanley has left the R3
www.ibsintelligence.com © IBS Intelligence 2016
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