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.

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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.

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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.

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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. . International banking Banks EU europe MasterCard News Payment System Visa What's Hot

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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.

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?

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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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U.S. Bank: How Legacy Systems Impede Open Banking Adoption

PYMNTS

and the United Kingdom, a study of how open banking has reduced the need for outmoded data sharing practices like screen scraping, and an examination of how legacy systems have hindered the spread of open banking.

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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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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. B2B Payments Acquiring Acquisition B2B Digital Payments News Ontario Systems SwervePay What's Hot In B2B

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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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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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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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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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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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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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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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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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JCB And TECHFUND Partner For Blockchain Payment System Ideas

PYMNTS

Japan-based credit card and payment firm JCB has announced a partnership with tech startup accelerator TECHFUND to explore the idea of a payment system with blockchain options, the company said on Friday (May 15). based Paystand for a B2B payments system.

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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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Systemic racism and the digital equality opportunity

Matt Wilcox Pro

They have been for the most part peaceful and appear united in taking on systemic racism. I realize that some people take exception to the term systemic racism. As I write, demonstrations continue around the country and show no signs of slowing.

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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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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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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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.

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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.

Through New Oracle Partnership, Baton Systems is Bringing the Cloud, APIs, DLT to Banks

Bank Innovation

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.

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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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U.S. Banks Officially Launch Their Real-Time Payment System

Bank Innovation

The real-time payments system created by The Clearing House, owned by U.S. banks, is officially up and running as of yesterday, according to the banks.

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A Strong Loan Review System Is Good for Your Business

Abrigo

Many of the objectives of a credit risk review system support business goals. Regulators consider an effective loan review system vital for financial institutions’ efforts to meet safety and soundness standards. Objectives of effective credit risk review systems.

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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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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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Building a Future-Ready Billing and Settlement System

Mobile Payments Today

FSS helps a leading processor in Jordan to modernize its billing and settlement infrastructure

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Visa Seeks Patent On System To Turn Government Currencies Into Digital Blockchain Versions

PYMNTS

patent on a computer system that would convert physical dollars and other fiat currencies into digital versions, complete with denominations and serial numbers and recorded via blockchain. The system would then remove the paper currency from circulation.

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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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