Would OBeP be iDEAL for the UK market?
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15 December 2010Zilvinas Bareisis
Earlier this year, I blogged about Online Banking e-Payments (OBeP) solutions which allow consumers to pay merchants online directly from their bank accounts via online banking channel (e.g. iDEAL in the Netherlands). I mentioned that eWise and VocaLink have announced their partnership to launch such a solution in the UK market and shared my thoughts on some of the challenges the solution would have to overcome. Lately, I had a closer look at OBeP payment methods in general and the plans for the UK specifically, and I have just published a report titled "Would OBeP be iDEAL for the UK Market? A Guide For the Decision Makers", which explores the feasibility of OBeP-type solution in the UK. To evaluate a new payment solution, I proposed a framework which considers three most important constituents in determining the success of any FI-led payment product - consumers, merchants and financial institutions - and asks the following questions:
- Why would consumers get the payment product?
- Why would consumers use the payment product to transact?
- Why would merchants accept the product?
- Why would Financial Institutions offer the product?