The Financial Times explores new Deutsche Bank payments pilot with IATA

Deutsche Bank has announced it will undertake a pilot project with the International Air Transport Association (IATA) to test a new payment model which will seek to save plane ticket customers billions of euros in transaction fees.

The new system will be enabled by the second payment services derivative (PSD2), the latest in a string of instant payment initiatives seeking to increase competition within the financial services industry, providing an attractive alternative to traditional credit card payments.

While many banks are reluctant to embrace such new initiatives, Deutsche bank has welcomed the opportunity for change, and will look to reduce costs for IATA and its member airlines by enabling them to collect customer payments directly from customer accounts under the open-banking principles of PSD2.

To access the full article, please click here. The news was also covered by Finextra, PYMNTS.com, Mobile Payments Insider, Payments Source, The Asset and Credit Strategy.

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