The financial services industry is experiencing a power shift, moving away from traditional banks towards payment infrastructure providers. This change is driven by the fragmentation of payment systems, which creates a "fragmentation tax" for businesses managing multiple providers and complex reconciliation processes. Open banking initiatives, particularly account-to-account (A2A) payments, are facilitating this shift by enabling direct transactions and reducing costs, thereby redefining the core of financial services. AI
RANK_REASON Article discusses industry trends and shifts in power dynamics rather than a specific event.
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