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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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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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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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. One report you may have missed was this one: CyberRisk and the U.S.

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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.

Bank Of Thailand Plans Digital Payments System Prototype

PYMNTS

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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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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Mastercard CEO Pushes Back Against National Payments System

PYMNTS

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.

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Google Backs FedNow Payments System

PYMNTS

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.

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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. Most have already sustained massive damage, and we still have yet to see the scope of impact of the global pandemic that has upended the globe. Any return to normalcy may seem far-off, but sales and marketing are on the front lines of restarting the economy. When the dust settles, we have a responsibility to turn our shock and grief into fierce determination, and lead the charge of responsible, strategic, sustainable future growth. However, there’s no team better suited to lead that charge than the marketing department. Marketers are uniquely positioned to provide creative solutions to aid their organization in times of change and chart a course for navigating success.

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

PYMNTS

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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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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Vital Fed payment system experiences second delay of 2019

Bank Innovation

Certain bank transactions were delayed after ACH — which stands for the automated clearinghouse system — experienced delays but it is now up and running. The Federal Reserve is investigating the second significant disruption in 2019 of a payments service administered by the U.S.

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Legacy vendors are more of an issue than legacy systems 

Chris Skinner

I often find myself in weird or frustrating situations that I don’t know how to break.

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Cloud Banking Gives Legacy Systems A Lift

PYMNTS

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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Shape the Future of Financial Services: Modernize Information Systems

Bank Innovation

The reality for many financial services organizations is that modernizing information systems is a project that is often desperately needed but never at the top of the priority list.

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Ritchey Metals Discusses Its Journey From Proprietary Systems To A Modern ERP

PYMNTS

According to President and Chief Financial Officer Stephen Ritchey , overhauling internal processes and infrastructure to embrace a new ERP system is a "tremendous undertaking.". We probably had 12 to 15 systems we were using.".

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Why Mexico’s SMBs Need A FinTech Operating System And Not Another Bank

PYMNTS

The world needs a FinTech operating system.”. Asked by Webster whether SMBs or freelancers may in fact prefer to transact in cash (and perhaps skirt paying taxes), Poovala noted that “Mexico has a well-developed invoicing system” where taxes are based on invoices and not payments.

5 Ways Your Transaction Monitoring System Can Detect COVID-19 Related Fraud

Abrigo

How can your transaction monitoring system detect trending COVID-19 related fraud? Loan Origination System. 5 Ways Your Transaction Monitoring System Can Detect COVID-19 Related Fraud. Key Takeaways COVID-19-related fraud are not new typologies; they just have a new spin.

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Epic Systems Won’t Pursue Further Google Cloud Integration

PYMNTS

Epic Systems is telling clients that it will not seek further Google Cloud integration and will instead focus on Microsoft Azure and Amazon Web Services (AWS), CNBC reported. hospital systems, and its installations are a large endeavor.

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5 Ways Your Transaction Monitoring System Can Detect Covid-19 Related Fraud

Abrigo

How can your transaction monitoring system detect trending COVID-19 related fraud? 5 Ways Your Transaction Monitoring System Can Detect Covid-19 Related Fraud. The post 5 Ways Your Transaction Monitoring System Can Detect Covid-19 Related Fraud appeared first on Abrigo.

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Mexico And Amazon Reportedly Collaborating On Mobile Payments System

PYMNTS

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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Meeting The Pressure For Faster, Safer, More Seamless Systems

PYMNTS

The global outbreak of the COVID-19 pandemic slowed some parts of normal life to a crawl, while others saw their paces quickened unexpectedly. Financial services remains a growing segment, and the needs in both consumer and treasury banking are expanding and becoming more complex.

Ontario Systems Buys SwervePay To Boost Electronic Payments

PYMNTS

Payment collections software company Ontario Systems has acquired SwervePay to help bolster its electronic payment capabilities, according to a press release. Electronic payments processing is becoming “increasingly critical” for Ontario Systems’ customers, which mandated the acquisition of SwervePay acquisition, a payment facilitator in the accounts receivable management and healthcare industries.

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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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10 questions to evaluate your BSA system

Abrigo

An institution needs a system that will adapt and withstand the changes associated with growth. Did he or she say it’s time to automate and/or move toward a more robust system? Did he or she say it’s time to automate and/or move toward a more robust system? Is the system tailored to meet my risk profile? Why would you use a system with parameters set to a generic risk profile? Do we need a rules-based or a behavior-based system?

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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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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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Peru Taps Vocalink In Payments System Overhaul

PYMNTS

the release noted, and the real-time mobile transfer systems in Singapore and Thailand. Separately, a number of retailers, among them giants Target and Walmart, have requested that the Federal Reserve create a real-time interbank settlement system. The Fed, of course, has been eyeing the creation of a faster payments system, and yet there may be some challenges afoot, noted The Wall Street Journal.

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Apple To Epic: Fortnite Can Return But Remove In-App Payment System

PYMNTS

Apple's lawsuit is seeking a permanent order to bar Epic's external payment systems in all applications. In the ongoing conflict between Apple and Epic Games , Apple's newest filing accuses Epic of sabotaging itself.

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The European banking system is flat-lining

Chris Skinner

In the US, since the crisis, the six largest US banks now control nearly 70 per cent of all the assets in the US financial system, having increased around 40 per cent (against overall asset growth of only 8 per cent). A large banking system is not necessarily problematic. Trade in financial services contributes significantly to the UK’s trade surplus in … The post The European banking system is flat-lining appeared first on Chris Skinner's blog.

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Drop Delivery Starts Raising Capital For Cannabis B2B Payments System

PYMNTS

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. Drop Delivery is touted as the first all-in-one system for cannabis retailers to use for developing a business in a safe and compliant manner.

Norwegian Banks Come Together to Form Unified Payments System

Bank Innovation

DNB, banking group Eika, Sparebank 1 Gruppen and others will merge their respective payment systems Vipps (mobile payment app), […]. Norwegian banks are coming together to merge their payments. According to Reuters, the purpose behind this merger is to combat competition from global payment companies, perhaps ones like PayPal or Square Cash to name a few.

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