Big tech groups are now working to cut out banks as the middlemen, threatening to turn legacy financial institutions into the dumb pipes that feed the back-end infrastructure of firms such as Amazon, Google or Facebook.
"The days when a single channel for financial services was controlled by banks are coming to an end," said David Parker, head of banking at Accenture UK and Ireland.
"Companies like Google, Amazon, Facebook and many others who have much more intimacy with their customers will be able to demand and create better services", said Parker.
"In the short term, this will be the equivalent of small fish nibbling away at parts of a bank's services, but in the longer-term, most banks are worried".
"It will become attractive for tech firms to pick off parts of the bank - Amazon lending to small merchants, Google putting a buy button in its adverts, Facebook facilitating money transfers."
Amazon's payment service is already advancing steadily: today, it allows online vendors on its Marketplace site to take payments across the US and Europe, and also makes small loans to its US merchants through its B2B arm, Amazon Business. The division was recently launched in Germany, although it does not make loans in Europe yet.
In 2016, the e-commerce firm rolled out "Pay with Amazon" across France, Italy and Spain - a PayPal-like service that allows users to pay for non-Amazon purchases including government services, insurance and travel, using their Amazon login on thousands of third-party websites.
In 2016, payment volume on this service nearly doubled and was used by 33 million customers, Amazon said.
The registered trademark name, Monel, is applied as the prefix name to several corrosion resistant alloys produced by Special Metals Corporation. These alloys are nickel-based and exhibit traits that include high resistance to atmospheric corrosion, salt water, and various acid and alkaline solutions.
Alloys of identical chemical and mechanical properties are available from other manufacturers and offer excellent alternatives to the various Monel® brand alloys.
The corrosion-resistant alloy is widely used in the marine, oil and chemical processing industries.
Monel Availability
Mega Mex supplies Monel 400, K-500 & R-405. Most of these grades are available in the form of plate, sheet, pipe, tubing, fittings, bar, wire and rod.
What are the Characteristics of Monel ?
Good resistance to acids such as hydrofluoric and sulfuric acid
In what Applications are Monel alloys used ?
Pump shafts, oil-well tools, instruments, doctor blades and scrapers, springs, valve trim, fasteners, marine propeller shafts
Monel Trivia
Monel was discovered by Robert Crooks Stanley who worked for the International Nickel Company in 1901. The new alloy was named in honor of the president of the company, Ambrose Monell.
*Monel® is a registered trademark of Special Metals Corporation group of Companies.
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MONEL®
Highly resistant to alkalis
Malleable
Highly corrosion resistant
Stronger than steel
Marine components
Chemical and hydrocarbon processing equipment
Valves, pumps, shafts, fittings, heat exchangers