In the good old days, if something was big and challenging, banks would get together and create a co-operative to solve the problem. SWIFT, Visa and MasterCard were all bank created co-operatives.  Admittedly, times have changed and now Visa and MasterCard are private entities, but originally they were created to solve problems that a single bank could not tackle like making global payments and processing billions of card transactions. Since the good old days, I wonder if banks have taken their eye off the ball.  A good example is Alipay, Yandex and PayPal.  As the internet took over, banks decided to ignore the need for online payments and let these startups take over.  Now the startups are more than upstarts, as they have taken a major chunk of online transaction processing.

http://thefinanser.co.uk/fsclub/2015/07/have-banks-made-a-fatal-mistake-with-apple-pay.html?utm_source=dlvr.it&utm_medium=twitter