A gravestone, showing a list of numbers resembling an iTAN list, standing as a symbol for the demise of the iTAN procedures due to the PSD2 Open Banking regulations

iTAN – An Obituary

Here lies iTAN. 

On September 14th 2019, after a lingering and worsening case of backwardness, it passed away. It joined the likes of videotex and MeChip in the peaceful hereafter of online banking.

Alas, poor iTAN, we knew you. 

In your brief existence of only 14 years, you have put your mark on the whole banking industry. And on myriads of printed lists. Precious times we have spent on your behalf, poring over papers, grubbing for that one golden number to end our insecurity – and get those funds transferred from our budget account to our savings account. 

You, iTAN, have managed to rise above its forebears, ending the whateverism of the old TAN dynasty. And yet, you had trouble keeping a stiff upper lip in the face of all those hyperactive neo banking millenials. You passed with dignity.

Farewell, iTAN. We will miss you.

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A neobank building and an old bank building facing each other

Opinion: Neobanks vs. Old Money – How Traditional Banks Can Cope

Matthias Gall gives his opinion on how banks can cope with neobanks.

Times change. We thought we had already seen the Last Unicorn in the 1980s. But in the finance industry, the unicorns are alive and well. And what’s more: They keep multiplying. N26 is one of the latest additions to the herd. The German company acquired more than 300 million dollars in its most recent financing round. Now N26‘s company value is estimated at 2.7 billion dollar.

Good preconditions to shake the digital banking sphere to its very foundations. And the traditional banks? They rely on strategies that were last seen in the 80s, too. Although they have the potential to do much more.

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Smartphone using Apple Pay at a mobile payment station. The text next to it numbers four problems Apple Pay faces.

4 Obstacles Apple Pay Has To Overcome on the German Market

Mobile payment is convenient.

Just ask your chosen fintech aficionado.

They will point to frictionless paying. To fast access to monetary assets, wherever you are. To tech-savvy China, where almost one-third of the population pays via a mobile device.

And to Apple Pay . The Californian tech giant strives to ban the buck from our pockets and purses. The replacement: A slick mobile payment service.

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