In 1974, the Herstatt Bank in Germany collapsed after making a series of wrong moves on the foreign exchange markets, ending up with DM470 million in losses (worth the equivalent of nearly USD 1 billion today). This forced Herstatt into insolvency before it could settle accounts with counterparty banks, putting client funds at risk. The failure of...
01 July 2020 /payments Banking Strategy, Digital and Transformation
As many parents of adult children do, I recently offered to help my son manage his mortgage application. And, while I was of course delighted to see everything go through in the end, part of me wished I hadn’t got involved. The bank’s processes were ugly and cumbersome, with seemingly endless paperwork, various mobile portals and old-world ways of...
09 June 2020 /payments /covid-19 Payments strategies 2015-2020-2030
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