Criminals in the financial system

Chris Skinner

The reality is that such activity today is tiny when compared with the amount of illegal activity, drugs and money laundering goes through the banking system. As of 2019, $829 million in … The post Criminals in the financial system appeared first on Chris Skinner's blog. We hear a lot about how crypto and bitcoin encourages illegal activity, drugs, money laundering and such like.

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A Future-Ready Approach: Building “Living Systems” for Banks


The post A future-ready approach: Building “Living Systems” for banks appeared first on Accenture Banking Blog. Uncategorized Agile Bank Bank Innovation Banking Technology Data & Analytics Digital Banking future of banking legacy systems

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Is the whole system about to fail?

Chris Skinner

That being said, I do follow … The post Is the whole system about to fail? I’m a simple guy. I don’t trade or invest much. That may seem surprising for a FinTech guy, but most of what I’ve invested in seems to lose value. As a result, I collect rare comics instead as Batman, Spiderman and Ironman are forever. appeared first on Chris Skinner's blog. Crisis Future Grid

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COVID-19 recovery forces transit systems to accelerate contactless

Mobile Payments Today

Public transit systems are speeding up their efforts to promote contactless travel as the COVID-19 pandemic has devastated ridership and revenue on many of these systems

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Humility in AI: Building Trustworthy and Ethical AI Systems

AI is becoming ubiquitous. More and more critical decisions are automated through machine learning models, determining the future of a business or making life-altering decisions for real people. The number of critical touch points is growing exponentially with the adoption of AI. In this ebook, we explore the concept of humility in AI systems and how it can be applied to existing solutions to ensure their trustworthiness, ethicality, and reliability in a fast-changing world.

AI: The Glue That Binds FIs' Fraud Prevention Systems


Legacy cybercrime prevention systems like manual review and rules-based detection are still the name of the game for most companies, even though these methods are often found to be time-consuming and prone to result in false positives.

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What cost a system outage?

Chris Skinner

A month ago, I blogged about the problems at TSB when implementing the change-over of their core systems. Yes, core systems replacements are challenging, but they’re not risky when done right. Not only has it been highly … The post What cost a system outage? Unfortunately, TSB’s change-over shows all the marks of how to get it wrong. appeared first on Chris Skinner's blog. Case Studies Grid Opinion

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Why banks fear core systems change

Chris Skinner

I was listening to a group of CIOs talking about legacy systems change the other day. One said that it doesn’t matter how old the systems are; it’s all about whether they are maintainable and fit-for purpose. I kind of agreed with that, although I cannot think of any silo-based, … The post Why banks fear core systems change appeared first on Chris Skinner's blog.

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Should your business upgrade to a modern payment system?

Mobile Payments Today

Retailers need to consider shedding their legacy POS systems to enable mobile payment acceptance, business analytics, EMV security and better inventory management

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Featurespace Touts Breakthrough In Machine Learning For Anti-Fraud Systems


based Featurespace , which offers anti-fraud systems for financial institutions (FIs), on Thursday (Feb. Featurespace said that its new system “offers multiple machine learning solutions for fraud and anti-money laundering (AML) analysts to spot suspicious activity and prioritize alerts.”

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Marketing-Led Post-COVID-19 Growth Strategies

Businesses are laying off workers, shutting their doors (some permanently), and struggling to react to the radical destruction that coronavirus (COVID-19) is doing to our society and communities. However, there’s no team better suited to lead that charge than the marketing department.

Pakistan Launches Payment System To Boost Financial Inclusion


Pakistan has debuted a government-run instant digital payment system to help with financial inclusion and government revenue, Reuters reports. The new system is called "Raast," or "direct way," and will be rolled out in three phases culminating in early 2022, according to the news outlet.

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Forget legacy systems; what about legacy vendors?

Chris Skinner

I’m always blogging about replacing core systems, open source the bank, change the leadership to one that gets it and just do it. Not gonna name names, but I’ve had a few really fun discussions with banks in … The post Forget legacy systems; what about legacy vendors? I’m saying it so much that I’m finding myself boring. So let’s change tack. Who’s the vendor?

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Core systems should have built-in obsolescence

Chris Skinner

There is no need to build … The post Core systems should have built-in obsolescence appeared first on Chris Skinner's blog. Talking about moving from proprietary to open, from controlled to marketplace and from internal to external focus, another key change is the very nature of technology itself. It’s quite clear that a start-up today could launch with just a few thousand dollars, Amazon Web Services and a bright idea.

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New Toshiba Commerce System Offers Retailers ‘Amazon Go At Scale’


Toshiba Global Commerce Solutions aims to change that with its new Elera system. The new system enables faster integration and deployment of frictionless commerce innovations, such as POS, self-service, IoT sensors, computer-vision cameras and smart devices.

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Bank Of Thailand Plans Digital Payments System Prototype


The Bank of Thailand plans to work on a new payment system for businesses using Central Bank Digital Currency (CBDC), according to a press release , which will be a step toward readying the business sector for the digital age. After a feasibility study by the Bank of Thailand, the CBDC will be integrated so as to implement the new payments system.

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Massive cyberattack on the US wholesale payments system (simulation but real?)

Chris Skinner

Financial System: A Pre-Mortem Analysis from The New York Fed and released in January. The paper focuses upon a co-ordinated cyberattack on the wholesale payment systems of America and can be summarised as: We (the Federal Reserve … The post Massive cyberattack on the US wholesale payments system (simulation but real?) One report you may have missed was this one: CyberRisk and the U.S.

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Balance Rolls Out Digital Checkout System For B2B eCommerce


Balance has rolled out a self-serve online checkout system to reshape the digital payments experience for business-to-business (B2B) firms, according to a Wednesday (Feb.

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Fed investigating outage in interbank payment system

Payments Source

The Federal Reserve’s system for interbank payments went down Wednesday afternoon, according to a website for payment services operated by the U.S. central bank. Risk Federal Reserve Payment processing

How 'Internet Of Systems' Can Drive SMB Finance Transparency


Instead of talking about connecting kitchen appliances, we can provide an online connected experience between companies — even if they have chosen different financial systems,” he told PYMNTS, noting that this approach is dubbed the “Internet of Systems.”.

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Bitcoin Daily: Crypto Bank Anchorage Raises $80 Million; Wyoming Proposes Blockchain Filing System Bill


In other news, the state of Wyoming has debuted a bill that would allow for a company filings system using blockchain technology, CoinDesk reported. The act would let the state implement the system, which would help companies with reports, data and other information that is legally required.

24 Big European Banks Take On Visa, Mastercard With Their Own Payment System


Dubbed the Pan European Payment System Initiative, or PEPSI, the group has the support of 20 French and German banks, and would handle all forms of cashless transactions. . Electronic Payments International reports that the system is composed of three parts: instant card or transfer payment transactions, a request-to-pay service that allows users to request payment from debtors, and the eWallet, which combines the card and the request-to-pay on an app.

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Healthcare Rx: Flexible Payment Systems Drive Positive Patient Experience


healthcare system is lauded for providing the best, most advanced care in the world, when it comes to the payments practices being used with much of that industry, honorable mention might be a more fitting rank. Although the U.S.

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Tango Card Rolls Out Reward Automation System With Workato


Digital rewards and loyalty provider Tango Card has teamed up with enterprise automation platform Workato to roll out RG Integrate, which lets firms connect digital gift cards with the technologies they currently utilize without the need for programmers or programming resources, according to a Tuesday (Mar. 2) announcement emailed to PYMNTS.

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Mexico And Amazon Reportedly Collaborating On Mobile Payments System


The Mexican central bank and Amazon are in talks to introduce a government-approved mobile payment system, according to reports. The system would involve users paying for online purchases using QR codes, and it would be the first time Amazon offered the technology in the country. The system is called CoDi, and its goal is to bring more people into the financial sector. Amazon Bank CoDi mexico Mobile Payments News payments system What's Hot

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Bank Of The West Debuts Integrated Payables System With CSI


Corporate Spending Innovations (CSI) has collaborated with BNP Paribas subsidiary Bank of the West to roll out V-PAYO, an integrated payables system that includes virtual card payment optimization, according to a Wednesday (Feb.

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Mastercard CEO Pushes Back Against National Payments System


Ajay Banga, the chief executive officer (CEO) of Mastercard, is adamantly against any attempts to fracture the Global Payments Systems (GPS) into national domains, Financial Times (FT) reported on Sunday (Feb. The worldwide move from cash to electronic payments has triggered privacy concerns among users, but that is not a reason to change a system that works. Mastercard CEO cross-border data global payments system MasterCard News privacy What's Hot

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SEC Chair: Flaws In Modern Payments Systems Are Boosting Bitcoin


Securities and Exchange Commission (SEC) Chairman Jay Clayton thinks inefficiencies in traditional payments are boosting favorability for bitcoin, a report from Coindesk says. Clayton, speaking on CNBC, said bitcoin's popularity came from that disappointment in mainstream payments.

Public transit systems look to drive down costs, boost ridership with contactless fares

Mobile Payments Today

Public transit systems in New Jersey, New York, Chicago and other major metropolitan areas are converting their systems to accept contactless payments, which experts say will reduce costs and help improve ridership

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Google Backs FedNow Payments System


First, UPI is an interbank transfer system. … Second, it is a real-time system. The system in India was quickly and widely adopted, and jumped from 100,000 monthly transactions three years ago to 1.15 Google sent a letter to the Federal Reserve , asking the U.S. central bank to consider modeling FedNow after the Unified Payments Interface (UPI) framework used in India, The Economic Times (ET) reported on Sunday (Dec.

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Cloud Banking Gives Legacy Systems A Lift


Is it surprising to know that 55 percent of legacy financial institutions (FIs) report lacking maturity in core systems? Or that, on average, 15 percent of an FI’s annual operating costs go toward maintaining core banking systems that are outmoded? Bringing pure digital efficiency to bear on legacy systems has considerable upsides for FIs. Cloud-based systems] can handle greater volumes of data and allow banks to test innovative new tools before bringing them to market.

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How the system crushes the poor

Chris Skinner

The reason for thinking this is that poverty and inclusion is yet another area, … The post How the system crushes the poor appeared first on Chris Skinner's blog. Building on yesterday’s discussion of the digital divide turning into a human divide*, I find it intriguing how we talk incessantly about financial inclusion and how technology will bank the unbanked. It is our dream. But is it just a dream?

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Drop Delivery Starts Raising Capital For Cannabis B2B Payments System


Equity crowdfunding program Equifund CFP is launching a Regulation Crowfunding offering to help cannabis tech company Drop Delivery raise money for its all-in-one delivery system for cannabis products, according to a press release.

FSS Aadhaar Enabled Payment System

Mobile Payments Today

In emerging markets, the high costs of last mile services delivery functions as a barrier to building a widespread financial services network in peri-urban and rural areas

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Legacy vendors are more of an issue than legacy systems 

Chris Skinner

For example, dealing with clients who require a Government Tax Residency Letter and multiple hurdles to be cleared before they can make payment; or dealing with American clients who want to pay me by cheque; or, worst of … The post Legacy vendors are more of an issue than legacy systems appeared first on Chris Skinner's blog. I often find myself in weird or frustrating situations that I don’t know how to break.

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