Quote
Let me cherry-pick a few key points:
1) Global payments revenue (fees on debit & credit cards, wire fees etc.) accounts for 30-34% of bank revenue—so this is a BIG chunk of their revenue.
2) In 2016 that revenue was $1.8 Trillion, (with a T) (page 4).
3) “Outstanding balances on transactional accounts exceeded $27 TRILLION (my emphasis) by the end of 2015, their highest level ever.” (page 6)
4) “North America continues to derive nearly half its payments revenues from credit cards – far more than any other region – and has a significantly lower reliance on account-related liquidity.” (page 11)
5) “The average cost for a bank to execute a cross-border payment via legacy correspondent banking agreements remains in the range of $25 to $35, more than 10 times more than for average ACH payment” (page 21)
6) “reduce the overall cost of cross-borders for banks by up to 90 percent, [you can reach] a target cost of $1 to $2 per transaction or a total cost reduction for banks of up to $140 billion.” (page 22)
1) Global payments revenue (fees on debit & credit cards, wire fees etc.) accounts for 30-34% of bank revenue—so this is a BIG chunk of their revenue.
2) In 2016 that revenue was $1.8 Trillion, (with a T) (page 4).
3) “Outstanding balances on transactional accounts exceeded $27 TRILLION (my emphasis) by the end of 2015, their highest level ever.” (page 6)
4) “North America continues to derive nearly half its payments revenues from credit cards – far more than any other region – and has a significantly lower reliance on account-related liquidity.” (page 11)
5) “The average cost for a bank to execute a cross-border payment via legacy correspondent banking agreements remains in the range of $25 to $35, more than 10 times more than for average ACH payment” (page 21)
6) “reduce the overall cost of cross-borders for banks by up to 90 percent, [you can reach] a target cost of $1 to $2 per transaction or a total cost reduction for banks of up to $140 billion.” (page 22)
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