News & Views - Savantor

Going back to the future?

Friday, 30 October 2009

It was interesting to see some innovations taking place in the finance market recently.  Apparently the person who invented Twitter has come up with an attachment to an iphone which reads the magstripe on a card turning the phone into a terminal.  Sounds like a good idea for fraudsters looking to the US market but when the rest of the World is trying to reduce magstripe transactions it’s a shame nobody mentioned chip and PIN to him.  It also seems that the UK Government is planning to break up parts of the state owned banks and offer them for sale to new entrants to the market such as Virgin and Tesco banks.  Recent reports have suggested that Lloyds would sell Cheltenham and Gloucester, TSB Scotland and Intelligent Finance.  RBS is understood to be preparing to put its network of around 300 RBS-branded branches in England up for sale, under the Williams and Glyn brand they used until 1985. Maybe someone will try and bring back Access too!

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