Technological progress and regulatory requirements are major drivers of change in the financial sector in general, and in the payment transactions market in particular. Together, they are leading to a break with the proprietary payment infrastructures established by the banking industry, and therefore driving the increasing liberalization of the European and international payment transactions market.

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Agile methods currently applied in the field of software development also play a large role in the finance industry. The main reasons for employing agile models rather than the classic waterfall model lies in increasing the speed of a process, i.e. enabling a more rapid deployment of a software. However, a variety of factors must be taken into account in order to realize this benefit.

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On September 9th, Apple presented the iPhone 6, the Apple Watch and the new payment system Apple Pay. With the introduction of the new payment service, Apple has completed its now five-year journey to setting up a payment functionality that is simultaneously integrated and user-friendly – thereby putting an end to all speculations about its possible participation in the field of payment transactions.

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The start-up “Friendsurance” offers insurance products that are based on digital social networks: Friends can buy insurance together and regulate damages up to a certain sum within the circle of friends. If the damages exceed this limit, the classic insurance policy kicks in. The model provides advantages to both customers and insurers.

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Progress continues in regard to the integration of payment functions into existing services. Without making much of a fuss, various providers, sometimes in the context of new alliances, are presenting new payment solutions and combining them with their existing services. They are paying particular attention to the solutions’ benefits and user friendliness for clients by significantly reducing technology thresholds, thereby providing a seamless transition to payment functions for clients.

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