Snippings

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In addition, there is a danger to the dollar from haphazard US use of sanctions.

From: Can the dollar remain king of currencies?.

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The incoming Carney government should move to co-sponsor a CB-style domestic credit card network along with the big banks (perhaps a simple upgrade to Interac will do?). All Canadian financial institutions that issue credit cards would be required to co-badge them so that Canadians can connect to this new network as well as Visa or MasterCard. Even if annexation never actually occurs, at least we’ve got a more robust card system in place to deal with outages arising from hacking or natural disasters.

From: Moneyness: Trump-proofing Canada means ditching MasterCard and Visa.

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Ulrich Bindseil is Director General of Market Infrastructure and Payments at the European Central Bank.

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Bringing multiple assets onto the same ledger can offer a slew of further benefits, including the elimination of Herstatt risk and a simplification of settlement, or removing delays based on limited or mismatched operating hours.

From: Public crypto networks as financial market infrastructures – OMFIF.

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At this time, the need to use tools for the remote identification and verification of clients has grown significantly. The largest public system for the remote identification of individuals in Ukraine is the NBU’s BankID system. It has been providing millions of people with uninterrupted access to important public and financial services since martial law was imposed

From: Payments in wartime: the story of the National Bank of Ukraine | European Payments Council.

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Where innovation promises to not only enhance efficiency but also resilience and safety in our financial system, all the better. This recognises that we are entering a new era for operational risk – a result of rising geopolitical tension and other sources of potential disruption that include third-party vendors. For these reasons, strengthening resilience in our payment system and our financial market infrastructure is a key area of focus for the RBA in its work with other member agencies on the Council of Financial Regulators.

From: The Future of the Payments System | Speeches | RBA.

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For that, WE BUILD will take stock and leverage on learnings and other outcomes from the first round of Large Scale Pilots for the EU Digital Identity Wallet projects in order to go to near-production and show ways to represent organisations with a wallet by power of attorney, signatory rights and UBO attestations. This will allow businesses to automate and speed up processes and reduce costs, improve security, for instance in the area of ‘Know Your Customer/Business/Supplier/Employee’ (‘KYx’). The private sector consortium partners in We BUILD will for once pilot the EUDI Wallets in several B2B, B2G or B2C interactions and assess the benefits in terms of engagement, trust, efficiencies and viability. WE BUILD is expected to start work in September 2025, running for 24 months.

From: WE BUILD Consortium.

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Between January 2023 and February 2025, the Treasury Committee recorded 158 IT failures at major UK banks.
What’s more, the problem showed no signs of slowing down.
At the beginning of 2025, two high-profile incidents further exposed the weaknesses in the system.
Barclays first suffered a major outage in January that disrupted payments at the tail end of the month, Just one month later, all Lloyds Banking Group apps went dark on payday, preventing its customers from accessing their funds.

From: IT outages: Are UK banks failing to modernise?.

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More UK banks suffered outages on payday in February with Lloyds Bank , TSB Bank , Halifax and Nationwide Building Society suffering. UK high street banks accumulated 803 hours of outages in the past two years and are facing heavy fines.

From: (2) 33 days of outages – TWIF UK & Europe (10/03) | LinkedIn.

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To understand just how poor our infrastructure is, take a look at the story of the unfortunate man of the cloth who had his house stolen by a criminals who made copy of his driving licence, put their own photograph on it and then used it to obtain a bank account and the utility bills that are the crucial lynchpin of Britain’s 21st century know-your-customer pantomime.

The criminal presented the fake driving licence to a lawyer in order to sell the house. The lawyer, or more likely the lawyer’s clerical assistant, then took a photocopy of the licence and stuck in a draw. End of. Lawyer’s clerks are not, by and large, MI5-trained assessors of global identity documents and wouldn’t know a fake New Zealand passport from a hole in the ground. The criminal went on to sell the house through an online property service after impersonating real estate agents by setting up a fake site and references.

It took two years for a  property tribunal to agree that the rightful owner could get the title of his property back and that the current owner o fthe house (who had apparently bought it in good faith) could receive compensation from the Land Registry, although I have to say that as I am not lawyer I don’t understand why it is the Land Registry on the hook rather than the people who accepted the fake ID in the first place. 

Rafe Brena, Ph.D.

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Published in

Predict

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19 min read

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Feb 28, 2025

Mixed reality smart glasses (MRSG) will replace the smartpho

From: This Will Be the Next Big Thing After Smartphones | by Rafe Brena, Ph.D. | Predict | Feb, 2025 | Medium.

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