5161 Results from /payments
Retired Member
Following industry consultation, the US CFPB (Consumer Financial Protection Bureau) has issued the awaited amendments to Dodd Frank Section 1073. The new 2013 Final Rule is effective from October 28, 2013. The three issues of greatest concern to US banks have been amended: It is optional, in certain circumstances, to disclose fees imposed by a d...
01 May 2013 /payments Payments strategies 2015-2020-2030
Probably the most significant step forward was the opening up of the SWIFT network to corporates – in 2006 SWIFT finally opened its doors properly and gave corporates the ability to connect to all of their banks using the SWIFT network. There were corporates connected to SWIFT before then, but only the very largest corporates could afford the inve...
29 April 2013 /payments
Last night my wife watched a great BBC documentary about grizzly bears. I caught some of it, and two facts fascinated me most: (a) grown-up bears, causing serious damage to each other, kept fighting for a spot on the river waterfall during salmon run, although thousands of fishes could be caught easily anywhere at that place; and (b) male bears wo...
26 April 2013 /payments Innovation in Financial Services
A critical component of any business success is being able to accept payments for goods and services. At the same time, we are keenly aware of the risk associated with doing so. Whatever one trades, whatever the business, any and every credit or debit transaction processed will involve sensitive personal information. This data has to transmitted a...
26 April 2013 /security /payments Payments strategies 2015-2020-2030
Jane Adams Marketing at Currently looking for a job
I spent the end of last week sitting in a conference room in Brussels listening to presentations about digital identity and online trust. Hearing some of the delegate questions, it struck me once again how difficult a topic this is for some people to discuss. Why? Possibly because of all the philosophical and sociological baggage that comes with t...
22 April 2013 /security /payments
In the age of outsourcing and partnerships, things can go wrong when you are not in control of your own processes. That could damage your brand in many ways. Post Office has never been a media darling when it comes to payments, although they do provide solid (if somewhat old-fashioned) no-nonsense service: their currency exchange value proposition ...
22 April 2013 /payments Innovation in Financial Services
For years, dealing with different domestic and international payment and account statement formats was a primary challenge within the domain of corporate payments. In this format-centric era, the concept of the Payment Factory/Payment Hub was created and many large corporates embarked on implementations that centralised the payments initiation pro...
22 April 2013 /payments SWIFT Matters
Nick Ogden Chairman at Ogden Research
It is a real irony that when a business asks it’s Bank for financial support, and gets told “no”, and finds alternative funding, it pays the money it has raised elsewhere straight back into the Bank that said “No” so that it can use the money within its business. Strange, but true. Every business requires payments to function on a daily basis. Hi...
A side note first, to put things into perspective: to address any of 6bn mobile subscribers, anywhere in the world, all you need is a 15-digit number (16-digit, in some cases). To send someone an email, anywhere in the world, you need a simple name@domain.TLD address. To send someone money, in 2013, you need this: 1. Beneficiary bank SWIFT 2. Acco...
19 April 2013 /payments Innovation in Financial Services
I am often asked to deliver digital channel concepts, products and services for financial institutions that focus on proven market contenders. Yet, as a user, I find myself using services that have been called disruptors. That description carries a negative connotation in circles outside of innovation, but disruptors often become proven contenders...
19 April 2013 /payments
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