Saturday, November 01, 2003

KBC to bring domestic payment processing to Finforce

Having just noticed a real herd of visitors from Belgian bank KBC reading this weblog made me curious if there would be something interesting to blog about KBC. So I ended up reading this press release, which explains that KBC is to outsource its domestic payment processing to Finforce. Finforce is the 90 % KBC, 10 % EDS company that currently processes KBC's cross border payments.

An interesting observation in the press release is that, according to KBC, the current international banking markt appears to be insufficiently ready to outsource payments processing to a specialised third party processor. KBC also 'invites' other players to bring their payments processing to Finforce (and become shareholder as well).

These are interesting times. The next 10 years we'll all be slowly moving to European scale processing but nobody really knows the exact end result....