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This seems a bit left field, given the announcement at SIBOS of the first global RTGS (RTGS.global founded by Nick Ogden).....

Tide is really delivering and taking on the traditional banking service providers in the SME space. This line of product is exactly where they need to expand. It's exciting times, and will drive greater competition in the market, which can only be a good thing for the SME

It's interesting to see the events that are unfolding in the USA right now. I do feel there are parallels with the UK, and for sure, interest and demand for these types of solutions. Equally demand for a Clear.Bank Banking-as-a-Service delivery into that market place too.... :)

The more we understand identity and how to use it in a digital world, the better our customer experiences will become. I would also argue safer. This is really an interesting step, not unique, and not the first, but if we start to look at biometrics and payments, then really we should be looking at identity (both digital and physical) to transact.... Interest in www.idcrypt.global and how this is being investigated. Lots of investment going into evernym so delivering the underlying infrastructure to support that identity is already here!

I love this. However, experience from building my own payment with "palm" solution - is that this is awsome, in a small closed group. The issue with payments like this at scale is the necessary compute power to recognise an indivudal across a mass user base. Think millions of faces to run your face matching algorithms against. That's not necessarily quick nor cheap......Though we came up with a process solution for this (which i wont be sharing lol)...

Personal data being lost for 106m people is serious! It won't be hard to form fuller details on the individuals exposed, so in terms of ID theft and applying for credit in that persons name - thats pretty easy now....

I would love to know what "most" means in terms of, most peoples Social Security wasn't compromised....Is it just 10% of the 106m people??? Come on, the numbers here are massive, and yet again proves that digital identity needs to be addressed. There is no reason for companies to be directly storing this type of data in this day and age.....

BTW a cost of $100m is only $1 per person compromised. That's cheap, especially if that person suffers ID theft as a result of this breach!

This just shows that the tech platform under-the-covers is seriously lacking. Why on earth would you ever be able to accidentaly stored passwords in clear text? This means they more than likely use some proprietary system for security and identity, and all this worries me. It wouldnt surprise if they now just "hash" the passwords :(

So this isnt anything new. Back in 2012 I run a lab that built exactly this. We then moved it to a phone to phone closed loop payment system. 

However, there are some issues with the card being used like this on the POS. The first is the transaction limit since there is no PIN option really (and there shouldnt be unless the mobile device is completely locked down, which we all know it wont be). The second is, is the phone completely locked down and can it be trusted. After all, NFC is broadcasting valuable card based data at this stage, so capturing it is rather easy and if your device has malware on it, who knows where that could go.... This may have changed since 2012, but the challenges regarding security are usually why you end up with specialist / locked down devices and not an option simply to download an app....