A library of snippets
I had the honour to chair one of my favourite fintech entrepreneurs, Mike Laven of CurrencyCloud, at this years MoneyConf in Madrid.
President Trump: Replace The Dollar With Gold As The Global Currency To Make America Great Again
From President Trump: Replace The Dollar With Gold As The Global Currency To Make America Great Again
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Nursultan Nazarbayev, Kazakhstan’s leader [called] for every member of the United Nations to adopt the “acmetal”.
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The OBWG’s proposals envisaged open APIs being used in a broader context than the payments market which PSD2 standards will apply to, as well as the limited scope of the CMA’s project on business and consumer current accounts.
From Initiatives on open APIs in banking must be joined up, says expert
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As you may remember, in the UK, the Payment Systems Regulator (PSR) asked the Payment Strategy Forum (PSF) to come up with a strategy to increase competition and innovation. This strategy, published in November last year, has a number of different threads to it, but one is that of particular interest to us is the call for new guidelines on “identity verification, authentication and risk assessment”.
The Forum said: “We expect that the guideline would include requirements for improved identity assurance in a number of these areas: account opening, re-authentication of long-standing account holders, setting up payment mandates, confirming payer and payee when initiating payments, mutual authentication (e.g. bank identifying itself to customer), and incorporating identity assurance into existing risk assessment processes.”
From ‘Payments architecture’ set for major modernisation in the UK
Now these are all quite different requirements, so it’s very intellectually interesting problem to come up with a solution that will work effectively in all of these cases. What it seems to imply to me is that we need some form of identity infrastructure for the financial sector. Given that the PSF also backed the creation of a shared KYC utility (for business customers),
Now obviously I’m not privy to the deliberations of the Forum, so I couldn’t say what their vision for the new financial services identity infrastructure might be, but suppose we were to imagine some form of Financial Services Passport (FSP) with supporting infrastructure.
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The second payment services directive (PSD2) is designed to boost competition in the name of “open banking” by forcing banks to allow third parties, such as innovative financial technology companies, to access the data of customers who authorise it… But fintech bosses said the fine print of PSD2 was being written in a way that gave too much power to banks.
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One of the key goals for DLT platforms is to eventually get “cash on-ledger” issued by one or more central bank.
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[Bank of Canada] argues that “well designed and managed private digital currencies could circulate widely but only with appropriate government regulation to ensure their safety, soundness, and uniformity”.
From Private digital currencies need regulation to flourish – Bank of Ca…
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The Bank of England has made “big improvements” in its ability to forecast the UK economy, the Bank’s chief economist has told MPs. Andy Haldane… acknowledged that “sizeable” economic forecasting errors had been made in the past, especially at the time of the 2008 financial crisis.
From Bank of England ‘has improved’ its economic forecasting – BBC News
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“The problem with the internet is that everyone is allowed to hide and no one knows who you are. I think if we can see everybody, if you put your reputation behind everything, and that will fix things like fake news. That will stop you from putting out false information.”
From Revel co-founder’s new startup aims to build a web of authentic identities | TechCrunch
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Both clients and escorts can write and read reviews about their experience.
The app also tracks location and requires credit card details.
“Because we pre-authorise clients’ credit cards, which is basically we guarantee the amount of the booking,” Mr Coppa said.
“And then require as part of the appointment process the escort to sight the clients ID — we don’t keep those details — [which] provides far more security than they would currently have.
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The significant advantages of digitization, with respect to customer experience, revenue, and cost, have become increasingly compelling. The momentum to adopt the new technologies and operating models needed to capture these benefits continues to build. The risk function, which has seen significant growth in costs over the past decade, should be no exception.
[From
Digital risk: Transforming risk management for the 2020s | McKinsey & Company
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Snippings