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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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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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.

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.

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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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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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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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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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.

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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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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Patchy Payroll And Expense Management Systems Cry Out For Upgrades


Banks, merchants, issuers, processors — they’re all locked in combat with shadowy fraudsters that gain system access via phishing emails as easily as mice sneak into old houses.

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European Central Bank To Launch Probe Of 10-Hour Payments System Outage


The European Central Bank (ECB) has plans to independently investigate an incident that affected its TARGET2 real-time gross settlement system on Oct.

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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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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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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.

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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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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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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Citi Fined $400M Over Faulty Risk Management Systems


bank to fix the "significant ongoing deficiencies" in its risk management systems, The Wall Street Journal (WSJ) reported. The risk management systems include an expansive, complex network of procedures to track risky trades, problematic transactions and other things that could harm the bank. Last month, Citi expected to face regulators over the aforementioned issues with its risk management systems.

MoniView: ATM Remote Management System

ATM Marketplace

Modern ATMs are capable of performing a wide variety of transactions, but they need the right software to work efficiently. In a retail setting, an ATM can provide your customers with account information and cash

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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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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Ontario Systems Buys SwervePay To Boost Electronic Payments


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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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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PayPal, Mercado Libre Integrate Payments Systems In Brazil and Mexico


Mercado Libre announced Thursday (July 30) that it will integrate PayPal as a payment option in Brazil and Mexico.

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Peru Taps Vocalink In Payments System Overhaul


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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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. central bank. The FedACH service, which processes transactions for commercial banks, is currently […]. Bloomberg Compliance & Regulation Payments Capital One payments the federal reserve

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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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New Cloud-Based Card-Issuing System Aims To Standardize Payments Security


The Entrust website describes the company as “the leader in credit card production systems.” Entrust , an identities, payments and data protection firm based in Minneapolis, on Monday (Oct.

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. If the upgrade of a legacy system or even a full migration to an alternative solution was easy, then it would have been done already.

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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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Magnesafe Secure Eco-System

Mobile Payments Today

Hardware, Services, Gateway, Application for a complete Solution

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