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Used Samsung pay at neighbouring shop. The shopkeeper was gob smacked. He couldn't believe that i was using my phone to make a payment on his regular card swipe machine.

Samsung pay worked like a charm for me but its success will depend on adoption. What disappoints me is  that Samsung is not promoting its product the way Paytm has done in India. Especially when it has got such a fantastic diffrentiator of no upgrades or investments by merchants.If samsung  doesnt aggressively promote samsung pay then enthusiasts like  me will be the only ones using it.

While i would love to see Apple open up access to the secured element , i think apple has every right to keep that access proprietary.

It is akin to protecting your IP. Just like you expect a software manufacturer not to provide acess to his code to protect his IP , i think Apple has merit in extending the same logic to secured element.

It will be interesting to see how Law views Apples  position.

The question is how long does it take to make this account operational ?

The word Instant is misguiding. The recipient will get cleared funds only when Stripe settles the transactions with debit card issuing banks.

How and when strip settles with issuing banks is not known. For instant availibility there has to be sone kind of arrangement between Stripe ans issuing Banks.

Private wealth customer prefer to get advice from human rather than a robot. If something can be automated it is commoditise, and I don't think private Wealth segment want commodity services.

I am interested to find out whether they  do actually open an account real time.  I have been working on similar product for a year now, while all the digital features are ok the biggest stumbling block is the online real time KYC. There are companies who claim to do it , however  there SLA is around 4-5 mins . Now keeping a prospect occupied for 4-5 mins till confirming that he can be accepted as a customer causes friction in the process.

I am working on simple checking account aopening. For business banking accounts the KYC will be even more strenuous so I am wondering how long it takes HSBC to create the account or are they just referring to digital application and not actual account opening ready for transactions.

@Ketha ..while you have made a valid observations and points about the start up DNA, don't you think these differ from industry to industry.  Banking and financial services is highly regulated and unlike other industries it has got a direct bearing on the performance of economy and governments. Add to that the reputation that bankers have earned post the 2008 financial crisis everyone in this industry is under scrutiny.

Having said that I am hoping that regulations don't kill innovation. However it just takes one shock for the whole system to come down. I am anxiously watching the fate of alternative lenders as I believe they are operating on the edge without much regulation and they might just trigger events like the sub prime crisis . 

Banks need to adopt 2 speed architecture . A fast moving front office and slow moving but strong and secure back office. 

Just giving some hollywood touch .

All these stories about software vulnerabilites and hacks reminds me of quote from the movie "Minoirty Report"

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John Anderton : Why don't you cut the cute act, Danny boy, and tell me exactly what it is you're looking for?

Danny Witwer:  Flaws.

John Anderton : There hasn't been a murder in 6 years. There's nothing wrong with the system, it is perfect.

Danny Witwer: Perfect , I agree . But if there is a flaw it's human. It always is !!!!

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Do i need to say anymore :)

"The new system has removed the implicit obligation for smaller participants to underwrite a share of larger participants’ transactions that existed as part of the previous liquidity and loss sharing model"

1) Don't know what the contractual obligations agencies (PSPs)had with settlement members but even with the new scheme the PSPs still have to maintain enough liquidity at BoE.

2) Why would settlement members incur loss on transactions so don't understand what loss sharing model is talked about here.

Overall it looks like a good intiative but the point I am trying to make is that the PSPs do have an option already as direct or indirect agencies . I am wondering why there was not much of adoption in last 7 yrs of FPS existence.