INDUSTRY INSIGHTS YOUR PEERS ARE READING
After two decades of tweaking and updating its existing Real-Time Gross Settlement (RTGS) system, Hong Kong determined it needed a new rail. The Hong Kong Monetary Authority (HKMA) designed its long-awaited Faster Payment System (FPS) to ease frictions that RTGS couldn’t. MORE
Albania has announced it will implement a new online billing system to prevent businesses from circumventing tax payments and to boost revenue in the country, according to a report by Reuters. MORE
We all know the system is broken,” he said. The system is not working.”. percent, believe AI systems are effective in reducing fraud, yet only 5.5 percent) and business rule management systems (17.6 MORE
Albertsons has announced that it is implementing Toshiba Global Commerce Solutions’ self-checkout systems to speed up checkout times and improve operational throughput while reducing shopper interventions. “We MORE
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. MORE
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. MORE
The content this week will outline the effective financial system process and the steps to take when beginning. The General Ledger system is, of course, the heart of a firm’s financial system. MORE
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. MORE
Shopify announced that it has reached an agreement to buy 6 River Systems , a provider of collaborative warehouse fulfillment solutions, in a deal worth $450 million. With 6 River Systems, we will bring technology and operational efficiencies to companies of all sizes around the world.”. MORE
La Capitol Federal Credit Union operated on a Loan Origination System (LOS) that was time-consuming, expensive, and inefficient in managing day-to-day tasks, such as emailing documents to members or the flexibility to change rules without an added fee. Lending Loan Origination Systems MORE
A revamped Bank of England (BoE) payments system is expected to connect with FinTech firms using distributed ledger technology (DLT). According to Reuters , the new plans will see the payments system, that supports British banking and trading, boost its defenses against cyberattacks by 2020, as well as increase the number of businesses that can use it. Payments System What's Hot MORE
The post Are Legacy Systems Holding Your Bank Back? appeared first on Zoot Solutions. Credit Risk Management Customer Acquisition and Retention Operational Efficiency automation digital banking innovation risk management user experience MORE
COO Harley Finkelstein, in a post-earnings interview with MarketWatch , said that strong outcomes were seen across the board from the firm’s efforts to transform itself from a software platform for digital and physical retail into “the first global retail operating system.”. MORE
The TfL ran a pilot of the tracking system in 2016, and will use the data to better understand how people flow in and out of the system. The transit system will use that data, it said, to send specific information to riders about how to avoid congestion. . MORE
Mitek Systems , the financial technology provider to banks, is pushing back from a takeover offer from Elliott Management , the hedge fund and ASG Technologies , the software company. Partnerships / Acquisitions ASG Technologies Elliott Management M&A Mitek Systems News What's Hot MORE
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? MORE
The application is located inside Walmart’s Retail Link system, which also includes data-mining capabilities that allow suppliers to predict what items will be in high demand. Walmart has updated a tool to allow suppliers to submit cost increases related to higher U.S. MORE
Google admitted that it didn’t tell users about a built-in microphone in its Nest Secure home security system, according to a report from Reuters. Nest Secure, a user-friendly home security system, costs around $400. MORE
HSBC , one of the largest banks in the world, wants to launch its new cloud-based anti-money laundering risk management system by next year, according to Reuters. The system cross-references customer actions and flags unusual activity for review. MORE
The move was described by Kansas Federal Reserve President Esther George as the biggest infrastructure upgrade embraced by the Federal Reserve since the ACH system went online in 1972. That stipulation is very important for the creation of the FedNow system. MORE
But how will this system help administrators and students? The post How Will Blockchain Transform the Education System? Smart classrooms aren’t too far off, and blockchain technology may become an integral part of schools all over the globe in a few years. MORE
To help attain financial independence, Europe has reportedly been working on a money transfer system. We are studying proposals for payment channels and systems, more independent from SWIFT , and for creating a European monetary fund.”. Beyond the money transfer system, Maas unveiled a new foreign policy strategy. “It’s The news comes as SWIFT, as an organization, bills itself as a neutral player in the global economic system. MORE
To provide users with different levels of access to funds that are stored, Bank of America is reportedly aiming to patent a security system that is “partitioned” for crypto-wallets. MORE
Efficient order management is critical to the success of any organisation. Yet achieving flawless orders on an ongoing basis can be challenging for organisations of all shapes and sizes. There are dozens of hurdles to overcome along the often tumultuous road to order fulfilment – from MORE
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. MORE
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. MORE
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 MORE
Someone recently equated banks and their systems and structures, to the underground in London. It’s a lot of pipes, wires, cables and tunnels that were built in the Victorian times and are still operating today. MORE
Fair Isaac, creator of the FICO credit score, will be rolling out a new scoring system in early 2019. FICO said about seven million applicants who have low credit scores due to limited borrowing histories will probably see their scores improve under the new system. MORE
As a firm migrates financial services applications to the cloud, systems integration becomes of paramount importance. The methods and controls available within the cloud provider’s security framework need to be evaluated and the specific means of securing access to the systems and data. MORE
I often find myself in weird or frustrating situations that I don’t know how to break. MORE
Legacy systems, not fintech (November 2016), by Mike Gardner seemed to go viral on my Twitter stream. After reading Gardner’s article, I decided to tap into some of the fintech experts I’ve engaged with and see what their thoughts are on legacy systems and fintech as threats to banking. MORE
EXCLUSIVE—The legacy infrastructure of most banks leaves something to be desired, and payments technology provider Baton Systems wants to use the cloud, APIs, and distributed ledger technology to help. MORE
Former employees of German lender Deutsche Bank reportedly retained access to the financial institution’s systems, prompting an internal review of the matter, reports in the Financial Times said Monday (July 29). MORE
The Financial Crimes Enforcement Network (FinCEN) is tasked with protecting the financial system both within the United States and internationally. This advisory should be used for your AML procedures and customization of your AML monitoring system. MORE
Retailers need to consider shedding their legacy POS systems to enable mobile payment acceptance, business analytics, EMV security and better inventory management MORE
In its newest report, the EU Blockchain Forum (EUBF) noted that government bodies need to home in on two aspects of the blockchain to help the technology fully actualize: That is, the institutions need to have digital national currencies as well as systems for digital identity, The Next Web reported. MORE
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? MORE
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. MORE
A proposed law aims to completely overhaul the student loan system by having monthly bills automatically deducted from borrowers’ paychecks. Alexander said the regulation would not only simplify the student loan system, but protect borrowers. MORE
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 MORE
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. MORE
System Related Topics 
Mobile Payments Today
APRIL 30, 2019
Retailers need to consider shedding their legacy POS systems to enable mobile payment acceptance, business analytics, EMV security and better inventory management
PYMNTS
MARCH 5, 2019
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.
PYMNTS
SEPTEMBER 10, 2019
Shopify announced that it has reached an agreement to buy 6 River Systems , a provider of collaborative warehouse fulfillment solutions, in a deal worth $450 million. With 6 River Systems, we will bring technology and operational efficiencies to companies of all sizes around the world.”.
PYMNTS
AUGUST 5, 2019
The move was described by Kansas Federal Reserve President Esther George as the biggest infrastructure upgrade embraced by the Federal Reserve since the ACH system went online in 1972. That stipulation is very important for the creation of the FedNow system.
PYMNTS
DECEMBER 13, 2018
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.
Chris Skinner
JUNE 14, 2018
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.
Chris Skinner
MAY 29, 2018
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
Chris Skinner
NOVEMBER 13, 2018
I often find myself in weird or frustrating situations that I don’t know how to break.
PYMNTS
DECEMBER 7, 2018
In its newest report, the EU Blockchain Forum (EUBF) noted that government bodies need to home in on two aspects of the blockchain to help the technology fully actualize: That is, the institutions need to have digital national currencies as well as systems for digital identity, The Next Web reported.
PYMNTS
JULY 8, 2019
The TfL ran a pilot of the tracking system in 2016, and will use the data to better understand how people flow in and out of the system. The transit system will use that data, it said, to send specific information to riders about how to avoid congestion. .
Chris Skinner
OCTOBER 5, 2016
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?
Perficient Financial Servies
APRIL 2, 2019
The content this week will outline the effective financial system process and the steps to take when beginning. The General Ledger system is, of course, the heart of a firm’s financial system.
PYMNTS
JULY 16, 2019
We all know the system is broken,” he said. The system is not working.”. percent, believe AI systems are effective in reducing fraud, yet only 5.5 percent) and business rule management systems (17.6
Chris Skinner
OCTOBER 3, 2016
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.
Chris Skinner
SEPTEMBER 2, 2016
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.
Chris Skinner
MARCH 20, 2017
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.
PYMNTS
FEBRUARY 14, 2019
A proposed law aims to completely overhaul the student loan system by having monthly bills automatically deducted from borrowers’ paychecks. Alexander said the regulation would not only simplify the student loan system, but protect borrowers.
PYMNTS
FEBRUARY 20, 2019
Google admitted that it didn’t tell users about a built-in microphone in its Nest Secure home security system, according to a report from Reuters. Nest Secure, a user-friendly home security system, costs around $400.
PYMNTS
NOVEMBER 7, 2018
After two decades of tweaking and updating its existing Real-Time Gross Settlement (RTGS) system, Hong Kong determined it needed a new rail. The Hong Kong Monetary Authority (HKMA) designed its long-awaited Faster Payment System (FPS) to ease frictions that RTGS couldn’t.
PYMNTS
JUNE 13, 2019
The application is located inside Walmart’s Retail Link system, which also includes data-mining capabilities that allow suppliers to predict what items will be in high demand. Walmart has updated a tool to allow suppliers to submit cost increases related to higher U.S.
PYMNTS
JUNE 19, 2019
Albertsons has announced that it is implementing Toshiba Global Commerce Solutions’ self-checkout systems to speed up checkout times and improve operational throughput while reducing shopper interventions. “We
PYMNTS
AUGUST 27, 2018
To help attain financial independence, Europe has reportedly been working on a money transfer system. We are studying proposals for payment channels and systems, more independent from SWIFT , and for creating a European monetary fund.”. Beyond the money transfer system, Maas unveiled a new foreign policy strategy. “It’s The news comes as SWIFT, as an organization, bills itself as a neutral player in the global economic system.
PYMNTS
JANUARY 31, 2019
How HSBC Uses AI & Human Insights To Boost Banking’s Immune System. Yet, what good are AI-powered insights if banking systems do not know how to respond?
Abrigio
AUGUST 6, 2019
The Financial Crimes Enforcement Network (FinCEN) is tasked with protecting the financial system both within the United States and internationally. This advisory should be used for your AML procedures and customization of your AML monitoring system.
Insights on Business
DECEMBER 7, 2016
Legacy systems, not fintech (November 2016), by Mike Gardner seemed to go viral on my Twitter stream. After reading Gardner’s article, I decided to tap into some of the fintech experts I’ve engaged with and see what their thoughts are on legacy systems and fintech as threats to banking.
Dataconomy
JANUARY 31, 2019
But how will this system help administrators and students? The post How Will Blockchain Transform the Education System? Smart classrooms aren’t too far off, and blockchain technology may become an integral part of schools all over the globe in a few years.
Bank Innovation
JULY 30, 2018
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.
Abrigio
MAY 30, 2019
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?
CU Direct
JULY 19, 2017
La Capitol Federal Credit Union operated on a Loan Origination System (LOS) that was time-consuming, expensive, and inefficient in managing day-to-day tasks, such as emailing documents to members or the flexibility to change rules without an added fee. Lending Loan Origination Systems
PYMNTS
JULY 24, 2018
A revamped Bank of England (BoE) payments system is expected to connect with FinTech firms using distributed ledger technology (DLT). According to Reuters , the new plans will see the payments system, that supports British banking and trading, boost its defenses against cyberattacks by 2020, as well as increase the number of businesses that can use it. Payments System What's Hot
PYMNTS
OCTOBER 22, 2018
Fair Isaac, creator of the FICO credit score, will be rolling out a new scoring system in early 2019. FICO said about seven million applicants who have low credit scores due to limited borrowing histories will probably see their scores improve under the new system.
ZootBlog
AUGUST 16, 2019
The post Are Legacy Systems Holding Your Bank Back? appeared first on Zoot Solutions. Credit Risk Management Customer Acquisition and Retention Operational Efficiency automation digital banking innovation risk management user experience
PYMNTS
OCTOBER 11, 2018
Mitek Systems , the financial technology provider to banks, is pushing back from a takeover offer from Elliott Management , the hedge fund and ASG Technologies , the software company. Partnerships / Acquisitions ASG Technologies Elliott Management M&A Mitek Systems News What's Hot
Perficient Financial Servies
MAY 14, 2019
As a firm migrates financial services applications to the cloud, systems integration becomes of paramount importance. The methods and controls available within the cloud provider’s security framework need to be evaluated and the specific means of securing access to the systems and data.
Mobile Payments Today
DECEMBER 18, 2018
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
PYMNTS
AUGUST 19, 2019
To provide users with different levels of access to funds that are stored, Bank of America is reportedly aiming to patent a security system that is “partitioned” for crypto-wallets.
Bank Innovation
MARCH 16, 2018
EXCLUSIVE—The legacy infrastructure of most banks leaves something to be desired, and payments technology provider Baton Systems wants to use the cloud, APIs, and distributed ledger technology to help.
Chris Skinner
AUGUST 12, 2016
Someone recently equated banks and their systems and structures, to the underground in London. It’s a lot of pipes, wires, cables and tunnels that were built in the Victorian times and are still operating today.
PYMNTS
NOVEMBER 30, 2018
HSBC , one of the largest banks in the world, wants to launch its new cloud-based anti-money laundering risk management system by next year, according to Reuters. The system cross-references customer actions and flags unusual activity for review.
PYMNTS
JULY 31, 2019
Albania has announced it will implement a new online billing system to prevent businesses from circumventing tax payments and to boost revenue in the country, according to a report by Reuters.
Bobs Guide
NOVEMBER 28, 2018
Efficient order management is critical to the success of any organisation. Yet achieving flawless orders on an ongoing basis can be challenging for organisations of all shapes and sizes. There are dozens of hurdles to overcome along the often tumultuous road to order fulfilment – from
PYMNTS
AUGUST 1, 2019
COO Harley Finkelstein, in a post-earnings interview with MarketWatch , said that strong outcomes were seen across the board from the firm’s efforts to transform itself from a software platform for digital and physical retail into “the first global retail operating system.”.
PYMNTS
JULY 30, 2019
Former employees of German lender Deutsche Bank reportedly retained access to the financial institution’s systems, prompting an internal review of the matter, reports in the Financial Times said Monday (July 29).
176 
Let's personalize your content