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.

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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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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.

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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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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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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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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.

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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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SBA Computer System Crash Further Tangles PPP Loan Process

PYMNTS

The Paycheck Protection Program (PPP) introduced April 3 is experiencing more setbacks as the Small Business Administration (SBA) works to solve computer system problems, according to a report in Politico on Monday (April 6).

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Russia To Launch MIR Payment System In UK

PYMNTS

Russia is partnering with PayXpert to test its national payment system MIR in London, RT.com reported on Wednesday (Nov. will be the first country where the system will operate, and PayXpert will become the “unique acquirer” of MIR cards in Europe, the report noted.

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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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NY Lawmakers Push For Public eBanking System

PYMNTS

Lawmakers in New York have proposed a public electronic banking system that would essentially function like payment service Venmo, with the purpose of including more people in the economy in an attempt to stimulate growth, according to Vice.

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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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EU Blockchain Forum Recommends Digital Identity Systems

PYMNTS

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.

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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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Federal Reserve To Launch FedNow Instant Payments System 

PYMNTS

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.

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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.

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Crafting an Effective Financial System Process

Perficient Financial Servies

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.

JPMorgan Moves Forward With Blockchain Vehicle Tracking System

PYMNTS

The wholesale car financing arm of JPMorgan Chase is putting together a plan to finance the creation of a blockchain-based automobile inventory system, The BlockCrypto reported on Friday (Nov.

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Latest AI Playbook: Many FI Systems Are Too ‘Artificial’

PYMNTS

Systems fitting our definition must have current business applications and be able to work with and learn from dynamic data sets in real time, and these capabilities must be able to associate with specific entities within a system.”. systems leveraged by those with less than $5 billion.

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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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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.

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Ransomware Attack Cripples Some Billtrust Systems

PYMNTS

As it recovers from a ransomware attack that started last week, business-to-business payments provider Billtrust is in its last stages of putting all of its systems online from backups. The impact of that was several systems were no longer available to our customers.

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South Korea Pilots Open Banking System

PYMNTS

The South Korean government said it was going to run the pilot phase and assess the system and its performance, as well as make adjustments as necessary. The system will be released to FinTech firms by Dec.

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Wells Growth Hampered By Outdated Systems, Tech Failures

PYMNTS

Wells Fargo is striving to revamp its approach to technology to ensure systems stay online, satisfy regulators and block cybercriminals, the Wall Street Journal (WSJ) reported on Saturday (Jan.

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What Hong Kong’s New Faster Payment System Means

PYMNTS

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.

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London Transport System To Track Subway Riders

PYMNTS

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. .

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Mexico Ransomware Attack Freezes Pemex Payment Systems

PYMNTS

Sources have revealed that a ransomware attack has frozen the billing systems of Mexico’s Petroleos Mexicanos (Pemex). The company was hit by cyberattacks on Nov. 10, which affected less than 5 percent of personal computing devices.

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Europe Seeks Alternate Payment System To SWIFT

PYMNTS

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.

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Malware Attack Knocks Pitney Bowes’ Systems Offline

PYMNTS

Pitney Bowes was affected by a malware attack that encrypted information on some systems and disrupted customer access to our services,” the company said on Monday (Oct.

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Google Erred In Not Disclosing Microphone In Nest Security System

PYMNTS

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.

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Lawmakers Mull Overhaul Of Student Debt System

PYMNTS

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.

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The complex impact of fintech and legacy systems on banking

Insights on Business

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.

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Shopify Agrees To Buy 6 River Systems for $450M

PYMNTS

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.”.

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