Apps open up in South Korea for personal finance » Banking Technology

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he South Korean government is launching an open platform designed to let firms develop and test apps for personal finance management.

According to Korea Joongang Daily, the platform will be available at the end of this month. The Financial Services Commission in South Korea announced today (10 August) that 16 banks and 25 brokerage firms are taking part in the joint open platform, which includes an open API and a test bed.

“Once the open platform is completed, fintech companies will no longer have to sign contracts with different financial companies,” says Yim Jong-yong, Financial Services Commission chairman.

From Apps open up in South Korea for personal finance » Banking Technology

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One-Time Card Numbers for an Era of Endless Breaches | American Banker

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Token’s app generates a 16-digit number a customer can use online the same way she would a card number. It can also generate a fake yet usable cardholder name. The merchant and bank go through a cardlike authorization process; token works with both Visa and Mastercard.

From One-Time Card Numbers for an Era of Endless Breaches | American Banker

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POST The good doctor

I think we all understand that the identity infrastructure that we have now is not suited for the connected world that it was never designed for.

On the one hand, the problem seems obvious. We all need some kind of consistent digital identity (think virtual ID “card”) that can identify and authenticate us not only to all our devices, but also to all our online services, commerce and banking accounts, and essentially anywhere where we need to digitally, or even physically, verify who we are.

From The Digital Identity Dilemma | Seeking Alpha

Now, in my world, words such as “digital identity” and “virtual identity” are not bandied around with gay abandon. To me, they mean something very specific and I am of the strongly-held opinion that it’s not possible to discuss such topics without some agreed model to work with. At Consult Hyperion we used “three domain identity” (or “3DID” model) to help our clients to develop their strategies for digital identity and its use in the mass market.

Three Domain Identity Model//embedr.flickr.com/assets/client-code.js

The very kind people from Security Printers 2016 invited me down to Seville to deliver keynote about next generation identity today. I used the 3DID model to explain that in the connected world, all transactional interactions are between virtual identities and that the virtual identities ought to be constructed to allow for partitioned and partial identities. It is more than a decade since Kim Cameron published his seminal “seven laws of identity” that included the key principle of minimal disclosure, the idea that system should disclose the least amount of identifying information possible to effect a transaction.

To illustrate this point, I got one of my old “psychic ID” presentations out of the closet and used Dr. Who to illustrate my point about showing only what the relying party needs to (and is authorised to) see. But I finished up by talking about it will mean to have “smart” identity built on top of some sort of identity infrastructure (whether the 3DID infrastructure that I was talking about or some other infrastructure). This led into some pretty interesting discussions later in the day, so I thought I’d jot down a couple of notes here.

First, I explained that making something smart does not mean either putting a chip in it or putting on the blockchain. I was using smart in a more domain-specific way, unrelated to the particular implementation. I defined a smart ID to be an ID that can not present only those attributes that a relying party needs for a transaction and is authorised to see but can also verify the attributes presented by another smart ID. In other words, my smart driving licence can check whether your smart driving is real when you turn up to test drive my car . Your psychic paper can check that your date’s psychic paper is not lying when it says they have a Barclays account and are UK resident when you log in to online dating. The nightclub bouncer’s psychic paper (Android watch) can check that a patron’s psychic paper (iPhone app) shows he has a real VIP invite to the club. 

document-1063851711.pdf

At the beginning of August, Credit Suisse published their (135 page) equity research note on Blockchain. For this interesting, comprehensive and comprehensible report, they chose to use Consult Hyperion’s “4×4” model of shared ledger technologies to help to understand the technology and analyse its potential impact in a number of sectors.

this report pulls together the collective insights from 31 analysts in 5 sectors in 5 regions around the world. In turn, these analyst views draw upon a wide variety of expert opinions ; our analysts have met with thought leaders at Consult Hyperion and technology experts at companies closer to home like Worldpay and Equiniti.

From document-1063851711.pdf

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Why I’ve cut up my contactless bank card…and you should too, says ROSS CLARK | Daily Mail Online

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It isn’t hard to imagine the power that the banks would wield if we lost the option of paying for items in cash and of keeping our savings in a hidey-hole at home.

They would use it as an excuse to ditch free banking in an instant. All kinds of charges would spring up for the simple reason it would be impossible for anyone to avoid them.

From Why I’ve cut up my contactless bank card…and you should too, says ROSS CLARK | Daily Mail Online

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Podcast – American Banker

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Executives from Deutsche Bank and Royal Bank of Canada share their early learnings about distributed ledger technology at American Banker’s Blockchains + Digital Currencies conference in July. 

From Podcast – American Banker

It was interesting to hear a former Morgan Stanley banker put forward the same use case for shared ledger as I had done earlier this year, which is to with ambient accountability in custodian services.

Transparency isn’t the only emergent property of SLT, of course. It also connects with the “single source of truth” without the need for a single point of failure. Goldman Sachs, for example, have spoken about this… Who might benefit from shifting to this sort of technology? Well, Goldman Sachs might. They’ve just been fined for some problems to do with the transparency of securities holdings.

From You can’t handle the (single) truth | Consult Hyperion

To my mind, this class of application of shared ledger technologies (SLTs) makes far more sense than the shared spreadsheet alternatives I often hear proposed.

Incidentally, while it’s not the subject of this podcast, I wasn’t sure about the former Morgan Stanley banker’s enthusiasm for using Bitcoin to bypass international anti-money laundering regulation.

POST Blockchain, identity and sunshine

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Rick Wingfield, a partner for the Australia Post Accelerator unit, told attendees of the Technology in Governance conference last week that he believes the technology could help the government streamline processes that involve ascertaining identity.

Wingfield said:

“If we’re going to successfully digitize the economy and the hard parts of the economy that haven’t been digitized yet … the hard things like health, education and government services, those things require trust. If we’re going to digitize some of those things, then we need to know someone is who they say they are.”

From Australia’s Postal Service Tests Blockchain Identity – CoinDesk

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UK Card Fraud Losses Climbed 18 Percent in 2015, Largest Rise in Europe /PR Newswire UK/

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FICO fraud consultant Martin Warwick, who provided the commentary in the map, said that the increased rate of personal data compromise through data breaches was one likely cause, but that customer expectations for a seamless purchasing experience also had an influence.

“We cardholders are very demanding, and if we don’t get what we want then we let people know in the form of reviews and feedback, not to mention switching cards,” Warwick said. “Banks want to avoid intervening unnecessarily when customers are shopping on the internet.

From UK Card Fraud Losses Climbed 18 Percent in 2015, Largest Rise in Europe /PR Newswire UK/

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