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.

 

[TurnedToRobot]

Thank you for the information 😉

 

[Martin Everson]

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.

 

[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]

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.

 

[fshore]

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/