<<The Banks will eventually all sign up with most presentment providers, ala the US Post Office, UPS, FedX...they won't take 'mail' from just one source....Like at your office where you work is it common for somebody to say?, "I'm sorry we don't take Fed X here, you will have to return that to the sender".....that BITS thing will make them, OFX & Gold compatible, or one standard.
The biggest difference I see between the 2, is OFX is batch, and Gold is realtime. If we end up processing bill payments in realtime, and we will, balances of accounts will be availabe to the user on any web site, not just the banks site...like the ATM network...think about it...how could you work with an ATM if you didn't know the balance...or most importantly the bank ATM you we're drawing out of didn't know what your balance was? We'd have a free-for-all on them fricken things. ie it won't be a Bank captive thing...ah ah no way...it's MY money! It's everywhere I want to be.>>
T...I think your ATM analogy is good. Ubiquitous. Commodity.
In the future scenario, we may choose to access our $ and account info thru any website where we can 1. establish a secure connection, and 2. Provide a positive ID to the entity that is our designated $ warehouse....
Could be our bank/portal...could be our web-broker/portal, could be our portal/portal...
But where is our money warehoused? It isn't at "any" portal...its at some designated safekeeping agent....our designated settlement point. That duty won't go to uninsured, unregulated companies, IMO. That's the FI edge.
I feel CF might have an add-on business opportunity in providing a CNET/Snap! type service to the financial institutions, where much of the core portal functionality is built up by CF, the FI's can buy it or lease it and then put the FI's brand and graphics and page layouts on, and then offer their consumer most everything. With buttons for all financial access and EBill box and Billpay and whatever else the market demands.
At least that is what I wish CF would offer to my FI. Sooner, rather than later.
Regards,
Brian
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