I'm curious to understand why, was it just not monetizable, did it cost more to run than the revenues?
13 Oct 2022 12:13 Read comment
The regulators are going to need to do more to make Open Banking successful. For example, quicker and more reliable RTP, e.g. an auto-approve limit of £20 similar to the support for contactless. Open Banking is superb, I'm a huge fan and invested in it from a company perspective but the challenge is inconsistent APIs, lack of SLAs, banks blocking Open Banking on their apps or making it difficult. The winners from the PSD2 are the merchants who will ultimately save the 2.5-3% “lost” to networks, acquirers, processors and payfacs, that loss is in double figures on the bottom line. Given the economic squeeze everyone is facing, now is the perfect time to make Open Banking work. CMA9 could perhaps self regulate and move this forward, it will ultimately benefit the country and prove we can at lest do something right in the UK.
11 Oct 2022 14:36 Read comment
That small parragraph with the £15m turnover and £1.8m daily deposits makes it all look very obvious but I doubt there is anyone in NatWest who actually has access to those two numbers (together). I'm not saying this is acceptable or making an excuse for NatWest but I think part of the issue here is all privacy and limited access to data that staff (and IT) have today. Anyone working in a bank wanting to run fraud algos to detect things like this would find it close to impossible to get this data, even if it was their job, they’d get walls of privacy, PCI, GDPR etc. Perhaps normalised data could be a good way to anonymise it but we have to find a balance between privacy and access to data for fraud/AML detection. I could be wrong, knowing NatWest it was probably just stuck in one of their 20th century mainframes and someone’s only just seen it.
08 Oct 2021 13:46 Read comment
Maxim, no one has mentioned formats, XML, ASN.1, JSON, SWIFT 7775/15022, CSV. None of that is important, it’s an implementation detail. I was referring to the ISO 20022 ontology, the data dictionary and its definition in RDF. Frankly it’s a mess, dozens of redefinitions of the same thing, no wonder people struggle with it. That said. It keeps me busy so I’m not complaining :-)
22 Apr 2021 04:07 Read comment
Certainly were I live (London) the limit is largely irrelevent, most people use their phones to pay, there's no practical limit as it's an authenitcated payment.
Personally I haven't used cash for over 3 years now, I haven't used my physical cards for over a year now (since lockdown 1). Everything is on my phone and watch, no limits, quick, secure, [covid] safe and easy. Payments should be pushed to mobile devices, physical cards, like cash should become a thing of the past.
07 Apr 2021 15:36 Read comment
@Andrew, I have to agree, it’s the classic paradox though, you either have dozens of standards like FIX (with multiple versions), FoML (with multiple versions), ISO 20022 with endless flavours like SEPA, BOJNet et al or we somehow find a solution that solves everyone’s problem (and usually not for long) and mandate that world-wide, as SWIFT do every November. As someone who’s spent most of my working life dealing with financial messaging transformation, integration and processing I have to say it keeps me busy. If was asked to integrate to a new payments system and they said it was ISO 20022 based (as I have done) I have to say I’d cringe, a simple domain-specific message is usually a lot easier.
20 Feb 2021 00:43 Read comment
In response to the above... This is about ISO 20022 not SWIFT or cross-border payments. ISO 20022 is a standard for standards. Payments and FX are just a part of what ISO 20022 defines. If we are to innovate, and you mention identity, sanctions and AML, you have to understand your data and that’s increasingly likely to be in ISO 20022.
19 Feb 2021 00:28 Read comment
The Brexit uncertainty, i.e. it's all still to be defined, means that FinTech companies don't know if they need separate licenses or if they can use EU licenses. The licenses themselves are time-consuming and expensive to get. You could spend €1-2m to get a license, only to find later that you can passport an EU version or assume you can use an EU license only to find you're locked out of the UK due to compliance. When you're a start-up FinTech you have to carefully choose your domains, the UK is a crouded space so their decision is probably an economic decision but it's definitely thanks to Brexit. The US is a nightmare for licenses as every state requires a separate liense so that will be another challenge for them. Brexit has just created additional uncertainty and cost so limits both UK FinTechs expandng into the EU and EU FinTechs adding the UK. It's a shame we got here and I wish N26 the best of luck.
12 Feb 2020 10:21 Read comment
This is great news, I would also go as far as suggesting we (the non-homeless) should support them by donating the devices. If someone from the Big Issue could set this up I'll gladly donate. These are exactly the sort of people that modern technologies and payments were designed to help so I'm thrilled to see this sort of progress.
09 Sep 2019 12:29 Read comment
Excellent, I stopped carrying cash about 2 years ago and was a regular donator to decent buskers and charity collectors (with badges). I will go out of my way to use these, not only for the charities like Shelter but to support contactless payments for charities in our great city. I hope we see more of this.
16 Aug 2019 14:37 Read comment
Tony KehoeCTO at ODL Securities Ltd
Florin UifeleanCTO at bankIO
Julian NalenzCTO at Divizend GmbH
Erol KayaCTO at BUNA
Pavel MelnichenkoCTO at AIROME Technologies
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