A library of snippets
Nigeria is a fascinating business school case study of the relationship between regulation and technology in payments. It ought to be a mobile payments powerhouse, but the regulatory strategy there has resulted in a plethora of subscale mobile money businesses.
Despite having 21 mobile money operators licensed by the CBN in the circulation, the volume of transaction on the payment platforms is still grossly low
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Well, this week we saw another milestone in the evolution of the global payments marketplace.
The New Payments Platform (NPP) will enable customers of Commonwealth Bank, National Australia Bank and Westpac to send money via a service called PayID, which requires users to enter only the recipients’ mobile phone number or email address. Other financial institutions, including ANZ, will follow.
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To celebrate this event, I went to Australia to record a podcast with NPP Australia Ltd, who developed the system with 13 financial institutions. Adrian Lovney is CEO of NPP Australia and Katrina Stuart is the Executive Manager for Engagement. In the podcast, they explain the key features of NPP and chat about the new products and services that it could enable.
From a UK perspective, I’d highlight three areas where NPP is different to our existing Faster Payment Service (FPS) and may inform debate about our New Payments Architecture (NPA). These are settlement, data and
First, settlement. NPP is a real-time gross settlement system (RTGS), unlike FPS which is a net settlement system.
Second, data. NPP uses ISO 20022, where FPS uses the old ISO 8583, which is why when you Ping money to someone you only get a handful of alphanumeric characters for you payment advice. With NPP you can send huge quantities of data along with the payment advice, which itself can be 200 characters and include the full ISO character set (including emojis, like Venmo).
Third, addressing. NPP allows you to send money to a “PayID”, which can be
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China’s central bank is reining in efforts by Tencent and Alibaba to create contentious “social credit” scores from data on citizens’ purchases and social behaviour.
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The aggregate value of fake currency seized has increased since 2013. By collating the data issued by the government in response to two questions previously raised in Parliament on May 3, 2016, and July 25, 2017, it can be observed that the total value of fake currency seized has gone up post-demonetisation.
From ₹21.54 crore in fake currency seized post demonetisation; Delhi, Gujarat on top – The Hindu
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Indian news website NDTV reported that two agents from Pakistan’s Inter-Services Intelligence reached out to Mr Marwaha on Facebook a few months ago.
They allegedly used fake profiles which led him to believe they were women after which they began regularly communicating with him on WhatsApp.
From India officer held over ‘swapping secrets’ for obscene photos – BBC News
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Giffgaff, the mobile network run by Telefonica, is to use Open Banking rules to provide a personal financial management service to its users in the UK.
From Mobile network giffgaff to use Open Banking rules to move into pers…
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I was very sorry to hear about the death of John Perry Barlow, one of the great influences on my life in technology.
One of my happiest memories of is having dinner with John and cypherpunk founder Eric Hughes, along Nicholas Negroponte, and having a discussion about the use of cryptography to deliver transparency (I was – and still am – sure that Eric’s “open book accounting” has a role to play in creating a new financial services infrastructure).
I remember being on a panel with John at a Vanguard executive summit thing in New York. It must have been mid-2000s, maybe 2005 or 2006. The topic of smart cards came up, and I told John that American banks were reluctant to start issuing them. He asked me why, so I told him it was because they were invented in France. He suggested that Gemplus rename them “Freedom Cards”, which still makes me chuckle thinking about it more than a decade later.
I probably only met him a dozen times, but he was unfailingly nice and I greatly enjoyed his company. Above all, he was interesting about cyberspace, virtual worlds and the future of society, things that need impassioned visionaries to be interesting about them, and I thank his memory for that.
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In June 2017, the National Institute of Standards and Technology revised its digital identity implementation guidelines in Special Publication 800-63. By the end of June 2018, all federal agencies will be required to have legacy systems and applications in compliance with the guidelines.
The NIST Digital Identity Guidelines use a three part model to create a standardised framework for dealing with the digital identity.
The NIST guidelines break up digital identity management into three sections: enrollment and identity proofing, authentication and life cycle management and .
If that breakdown sounds familiar to blog readers, it’s because it is congruent with the “Three Domain Identity” (3DID) model that we developed a few years ago to help our clients to formulate strategies around digital identity. Just as a reminder, the three domains in our model are “identification” (NIST’s enrollment, identity proofing), “authentication” (NIST’s authentication and life cycle management), and “authorisation” (NIST’s federation and assertions). I made a handy “cut out n’ keep” graphic.
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So, it seems to me that the 3DID model provides an excellent basis for government and business to establish a shared digital identity paradigm.
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A SURGEON who lied about his skills in an interview so he could get a job at a Worcestershire hospital has been found guilty of fraud.
From GUILTY: Surgeon Sudip Sarker lied to get hospital job | Worcester News
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Mastercard has announced that by next spring, consumers will be able to identify themselves with biometrics when they shop and pay… using a mobile device.
From Mastercard Plans for EU Biometric Authentication | PYMNTS.com
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Snippings