Volksbank blocks payments to 5 EMIs\Banks

[Silvio]

Blocks payments to these 5: N26, Fidor, Revolut, bunq, Solarisbank

Because of "lacking identification methods" and possible usage by criminals...

https://www.welt.de/wirtschaft/arti...sperrt-Zahlung-an-N26-und-Co-nach-Betrug.html

 

[JohnLocke]

Thank you for the information this is going to be interesting even though it's bad news.

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[TurnedToRobot]

Thank you for the information 😉

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[Martin Everson]

maxmmm said:
Blocks payments to these 5: N26, Fidor, Revolut, bunq, Solarisbank

Because of "lacking identification methods" and possible usage by criminals...
Click to expand...

Interesting but is it really fraud their main concern? Or are they witnessing large numbers of clients moving their money to these fintech startups and they are trying to slow the cash outflows smi(&%. Plus criticize modern methods of ID'ing clients. Hummm who knows.

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[Tax Cow]

I'm also on Martin with that, because it's Germany. The German market is over-saturated, and the mere sight of a new no-fee/low-fee fintech competitor brings banker vomit on the streets.

 

[Mark Rucken]

If another major bank follows them, these EMIs might be doomed soon, just saying.

 

[Flatworld]

🙄 it's like USA ban Huawei~

 

[Bmw850]

Real currencies VS Crypto
USA VS Huawei
Conservative banks VS Emi's
Trump VS The world ( almost )
It s not a matter of Identification process, it s the fear of old conservative people who see their monopoly dying. They will find all the possible reasons to try to erase competitors.
Good news : it s just slow down the progress but not kill it.

 

[Martin Everson]

Flatworld said:
🙄 it's like USA ban Huawei~
Click to expand...

Exactly. When you can no longer compete cry foul and blacklist the competition.

Lets see if Volksbank gathers together a "coalition of the willing" among old german banks to confront these outlaw Fintech startups stealing business.

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[fshore]

Mark Rucken said:
If another major bank follows them, these EMIs might be doomed soon, just saying.
Click to expand...

The articles said it's only for a week.

 

[Nesso]

I have a N26 account and received a payment yesterday, so still working for me...

 

[Martin Everson]

Seems there was some truth in Volksbank claim 🙁

"N26 faces regulator order about fraudulent transactions"

https://techcrunch.com/2019/05/22/n26-faces-banking-regulator-order-about-fraudulent-transactions/

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.