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This is great news and shows the growth of true BaaS capabilities globally. BaaS is still a long way off of where it should be in terms of wider market adoption, but financial services moves slowly. I have no doubt we will start to see large incumbents becoming dependent on some BaaS capabilities to help ease operational burden, and therefore reduce their operational costs. 

As it was back in 2014 when Nick Ogden and myself penned out BaaS and the ClearBank offering, BaaS is the most exciting opportunity in banking

I think SCA is ok, the real benefit and step change is when we enable identity to identity payments. This is a key stepping stone to not only dramatically improve security, but also to tackle push fraud

Didn't China do that so it could promote its own CBDC and therefore control money fully?

This is a prime example of why governments and other bodies are concerned regarding crypto. Regulation is in place primarily to protect people, underlying customers. Secondly it is there to ensure the economic leavers are understood and can be applied in specific situations. Lending, saving, inflation all typical examples as to are sanctions. If crypto exchanges are to be taken seriously and gain further traction, then it is time acknowledge their role within macro economics, and wider macro economic policy. Obligations regarding sanctions needs to apply to everyone in finance... 

And so many people claim a DLT cant fail.....

On a serious note, resilience is hard to test, however this outage, implies a more funadmental issue than some form of availability challenge. 

Great work...... Fab opportunity to work right across Europe and the UK (via ClearBank)

Great to see yet more innovation in this space. Interesting though that we are dealing simply with token ownership - the work now begins on converting that into a governed process where a payment can be facilitated....

I think the approach should be more of regulation of private cryptocurrencies..... But at the end of the day, this is tough, value can be derived in many ways - so its best to try and work with the community as opposed to simply trying to ban it

A service that helps no doubt. But it is still so dated. We need to be moving away from sharing account data, rather move to a world that supports verified identities paying each other...... Until we do so, push payment fraud will continue to rise

Great article....

I am a great fan of Featurespace - I have been impressed with their tech for many years now and they are a company I have had the pleasure of working with quite a bit. 

The issue with these types of fraud is that it is really hard, even for tech as good as Featurespaces, to start to identity fraud. Banks need to invest in these types of solutions that understand "context" of a users activity. However, we also need to re-asses what regulation should be in place regarding compensation of this type of fraud, and we also need to finally start looking at the outdated way in which we initiate payments - as in using sort code, account number and account name....

I wrote about this a few weeks back, in the post I outline just 3 steps which MUST be taken by the industry, if we are to finally address this type of fraud.

Let’s finally address push payment fraud – FinTechAndrew – The blog (wordpress.com)