The banking sector seems to be in a very dominant position controlling markets and dictating the direction of innovation in the financial sector. However, this dominance may not be as assured as first thought: Non-banks are playing an increasingly significant role in the financial world and are involved in all aspects of financial systems (Mouatt & Adams, 2010; Adams & Mouatt, 2010). For instance, Bradford et al (2002) examined the roles that non-banks play in payment activity and identified that:-
Non-banks are involved in a myriad of activities and roles, both in traditional and emerging payments types;
Non-bank business relationships with banks and other participants in the payments systems are often highly complex and interrelated;
Non-banks are rarely directly involved in settlement activities and, hence, appear to be associated with limited settlement and systemic risk;
Both non-banks and banks appear to be increasingly susceptible to operational risk factors.