A library of snippets
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Angeloni believes so. “Proof is that in the final two months of last year, when personal incentives were no longer available, cashless payments continued to grow,” he says.
From Cashless payments: How one city has made electronic transactions pay off | ZDNet
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Instant person-to-person payment is something that people in many other countries have been able to do for years, and the absence of the service in the United States has been a marker of the relative backwardness of American banks.
From Under Pressure, Big Banks Vie for Instant Payment Market – The New York Times
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The bourgeoisie, wherever it has got the upper hand, has put an end to all feudal, patriarchal, idyllic relations. It has pitilessly torn asunder the motley feudal ties that bound man to his “natural superiors”, and has left remaining no other nexus between man and man than naked self-interest, than callous “cash payment”.
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Berners-Lee’s new project, underway at his MIT lab, is called Solid (“social linked data”), a way for you to own your own data while making it available to the applications that you want to be able to use it.
With Solid, you store your data in “pods” (personal online data stores) that are hosted wherever you would like. But Solid isn’t just a storage system: It lets other applications ask for data. If Solid authenticates the apps and — importantly — if you’ve given permission for them to access that data, Solid delivers it.
From Tim Berners-Lee and Solid Want to Protect Your Data | Digital Trends
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Fidor is one of the best-known names in the German fintech scene. Founded by Matthias Kröner in 2009, it has built a network of 350,000 people in the UK and Germany who are rewarded for providing each other with financial advice
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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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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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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.
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.
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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.
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.
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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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Snippings