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I wrote in my post ISO 20022: Waiting For Godot Moment In Finance:

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I first heard about the standard when a coworker told me in circa 2004 that ISO20022 was "a year away" and requested for the budget to urgently rewrite our SWIFT gateway product to fit the new standard.  

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Last I heard a couple of years ago, that product has worked just fine for 20 years without ISO 20022 support.

ISO 20022 is Exhibit 99999 for the old Niels Bohr / Yogi Berra saying "It's difficult to make predictions, especially about the future". 

I'll grant that "The EU has been at the forefront of open banking" rulemaking but it's waaaay behind USA, India etc. in terms of adoption of Open Banking-like apps.

Open Banking: EU v. USA

Can't help feeling that EU might be in a far better place vis-a-vis adoption of Open Banking apps if it had recognized the power of free markets and decided NOT to be on the forefront of open banking regulation.

TBH these measures have been tried for years but they don't work in actual practice. 

Let's take #2. Genuine employee XYZ in my bank does not know what genuine employee ABC has told me. If I call the call center, there's no way on earth that genuine employee PQR will know what I'm talking about. 

Now let's take #3. Genuine message from bank warns me to inspect the incoming URL very carefully and tells me to click an extremely dodgy - but genuine - URL to learn more. 

Lest anyone question the creds of these banks, they're among the three largest banks in India and 20 largest banks in the world. 

It's obvious to me that this is banks' way of stonewalling "drunk under lamp post" regulation holding them unilaterally responsible for scams. After all, shareholders of banks will not be happy with their management for absorbing losses caused by customers' (mostly) faulty actions.    

IMO the one thing that might work is shared responsibility according to my Three Strike Rule To Eliminate Cybercrime.

When RobinHood launched a checking account, regulators shut it down saying it does not have a banking charter and can't call it checking account.

Any idea how the regulator is permitting Apple to call it Apple Card Saving Account when Apple does not have a banking charter?

Disagree.

DMA can as well drive DaaCA as DaaP.

Customers don't need to know about Open Banking to use Open Banking-based Apps. Last I checked, the current crop of apps are solutions seeking problems. 

If app developers reorient their focus to compelling use cases served by thousands of open finance apps in USA that have collectively garnered 80M users, then EU / UK Open Banking can hope to go mainstream in the forseeable future.

Open Banking: EU v. USA

Is this the first time that an employee has been personally fined by regulator for their snafus in the company? 

We've been hearing about the promise of biometric identification / authentication for 15-20 years but the technology has still failed to go mainstream. IMO that's because, unlike passwords documents etc., biometrics is stochastic and therefore subject to reliability issues.

To take a personal example, my fingerprint always works first time on my tablet, works after 3-4 attempts on my laptop and never works on my smartphone. It's obviously due to the difference in quality of fingerprint scanners used in those devices. If somebody tells me I should pay top $ to buy devices with best quality fingerprint reader so that I have no problem using my fingerprint, I'll obviously laugh at their ignorance of consumer behavior.

Ergo, I've noticed one trend: Where biometric readers are purchased by a single party, biometrics has managed to go mainstream e.g. office access. Whereas, where biometric readers are to be purchased by end consumers, they end up in a wide spectrum of price, quality, and reliability, and biometrics has not gone mainstream e.g. Online Banking.

Interestingly, India's Aadhaar identification program, which is based on biometrics, has extremely wide adoption - we cannot get a bank account in India without an Aadhaar Card. Banks do go by biometric identification during account opening when they use their own fingerprint scanner. However, for ongoing login to NetBanking, they use traditional password and OTP, which are deterministic methods of identification and authentication, not biometrics. Ditto mobile phone connections.

Oh I see, that's an interesting area of focus.

While on the subject, when we implemented FPS for a Top 5 UK bank in 2008, we predicted that FPS would kill BACS in 3 years - after all, if you can make a payment in realtime who wants to wait for 2-3 days, right?

It proved to be one of the most harebrained predictions of all times. 15 years later,

1. FPS has not killed BACS
2. BACS volumes have grown
3. FPS has not yet hit even its projected Year 3 transaction volume.

While USA is not the same as UK, reports of transition from ACH to FedNow may be premature.

Any reason why this article has chosen to compare the A2A RTP FedNow with the non-A2A RTP ACH when the competing A2A RTP Zelle / TCH-RTP has already been around for 5+ years and has hit a TPV of $650B?