複雑なプリペイド市場および規則Ⅱの変更によるフィンテック解明の調査

複雑なプリペイド市場は、ドッド・フランク法の規制IIの変更により、混乱に直面する可能性があります。プリペイドのバリューチェーンは複雑に絡み合った企業で構成されており、交換手数料収益からより多くの利益を得ている企業も存在しています。交換手数料からの収益は、多くのフィンテック企業の収益の大きな割合を占めていますが、The Clearing House（TCH）が連邦準備制度理事会に宛てた書簡によって規制が変更され、フィンテック企業はこの利益の多くを失う可能性があります。

その一方で、これまで交換手数料収益の恩恵を受けてこなかった従来型の金融機関は、競争上の優位性を得ることになります。また、小規模なフィンテックや小規模な発行者と提携している企業は、大規模なフィンテックの競合が交換手数料収益を減らすことで利益を得ることができます。

当レポートは、プリペイド市場および規則Ⅱの変更によるフィンテックへの影響について調査しており、TCHの書簡、プリペイド市場に起こりうる影響（意図的なもの、意図的でないものを含む）について考察しています。

当レポートで言及している企業： Bancorp、PayPal、Robinhood、Sutton Bank、およびThe ClearingHouse

当レポートに含まれる図表の1つ：

当レポートのハイライト

• 複雑なプリペイドバリューチェーンと交換手数料収益が流れる経路のマッピング
• 規制IIの調査とTCHの書簡がその解釈を変える可能性について
• 強力なフィンテックがTCHが規制IIの抜け穴と見なしているものを利用した方法の具体例
• フィンテックプリペイドカードモデルと、提案された変更に対する脆弱性の程度の分析

The complex prepaid market could face disruption with a change in Reg. II of the Dodd-Frank Act.

Mercator Advisory Group releases new research on the prepaid market and how a change in interchange regulations could pose significant challenges for fintechs.

Revenue from interchange fees makes up a large share of many fintechs' income, but a letter from The Clearing House (TCH) to the Federal Reserve Board may change regulations and cost fintechs much of this profit. The prepaid value chain is made up of a complex web of players, with some benefitting more from interchange revenues than others. Mercator Advisory Group's latest research report, “An Exploration of the Complex Prepaid Market and How a Change in Reg. II Could Unravel Fintechs”, discusses TCH's letter and its possible implications - intended and otherwise - on the prepaid market.

"In effect, answers to the TCH's FAQs could dramatically transform the prepaid market. While fintechs would lose a significant amount of interchange revenue - often one of their key income-generating activities - traditional financial institutions who have never benefitted from this revenue would gain a competitive advantage. Smaller fintechs and companies that partner with small issuers would also benefit from their larger fintech competitors' reduced interchange revenue," wrote James O'Brien and Laura Handly, market research analysts at Mercator Advisory Group and authors of the report.

This report has 11 pages and 4 exhibits.

Companies mentioned in this report include: Bancorp, PayPal, Robinhood, Sutton Bank, and The Clearing House

One of the exhibits included in this report:

Highlights of the report include:

• Mapping of the complex prepaid value chain and the path along which interchange revenue flows

• Close examination of Reg. II and the ways in which TCH's letter could alter its interpretation

• Specific examples of the ways in which powerful fintechs have taken advantage of what TCH sees as a loophole in Reg. II

• Analysis of the fintech prepaid card model and the degree to which it is vulnerable to proposed changes