Credit cards have become indispensable to both consumers and businesses in expediting the payment process; but when disputes arise, the system can break down into acrimony and injustice, especially when intentional fraud is committed. What programmes are card schemes Visa and Mastercard implementing to streamline the current chargeback system, settle disputes quickly and efficiently, and to protect the innocent? The new Open World model provides some answers.

The platform economy, today’s economic and/or social online matchmaker, is set to transform another industry – financial services. To keep up, banks will need to adapt their business models to an outside-in approach that recognizes the importance of openness and collaboration in developing personalized products and services that enhance the banking experience for customers and enable them to manage their finances holistically.

Digitalization has become second nature to many banks around the world, but not all. In the Central European country of Hungary, many banks—and their customers, who are relatively uninformed of the ways going digital can enhance their personal financial management—are in the early stages of the digital banking voyage. The time has arrived for Hungarian banks to jump into the present, or remain behind in the past.

Credit cards have become an essential staple of the financial world within the past century, so a world without them seems inconceivable today. But the marriage of Open Banking with Instant Payments is making that reality look more plausible, and in the not-too-distant future. How can banks not simply survive but excel in the new post-card world, in which the payments process moves in-house, providing a wealth of data?