38 Results
Jeremy Light Co-founder at Fourdotzero
The PSD2 regulatory technical standards (RTS) for strong customer authentication and secure communication are proving difficult to finalise. With the EBA rejecting the EC's amendments to its final draft RTS, it is now up to the EC to publish the final text, subject to scrutiny by the EU Parliament and EU Council. With this saga running on and on, ...
31 July 2017 /payments /regulation
In the UK, last year I estimate there were roughly 3 billion contactless transactions. This year, I predict this number will rise to 6 – 9 billion contactless transactions*. This is a huge increase and shift in consumer behaviour, with a large proportion of these transactions coming at the expense of cash. In 2017, expect a corresponding reduction...
06 February 2017 /payments
The measures in the PSD2 (and in the UK, the CMA banking remedies) to open up consumer banking data to third parties will undoubtedly lead to new innovations and consumer benefits, but I see three challenges: 1) a potential gap between expectations on using open banking consumer data, and the reality of what is actually allowed 2) public understand...
23 January 2017 /payments /regulation
Card-not-present (CNP) fraud is a big problem and is getting worse. It is possible its severity and the way it is outpacing ecommerce growth have influenced the drafting of the PSD2 and EBA RTS and defining the required levels of customer authentication and exemptions. Indeed, I attended an event recently where CNP fraud statistics were used to em...
10 January 2017 /payments /regulation
I was asked recently why Bitcoin is becoming popular with millennials. To answer, I have three points. First, Bitcoin works. As the Bitcoin evangelist, Andreas Antonopoulos pointed out in a tweet recently (his twitter feed and youtube videos are a good source of Bitcoin insight), banks are making press announcements about successful international b...
14 November 2016 /payments
Bitcoin is an economic network – it started from nothing seven years ago and continues to grow fast. Its economics are much more interesting than its technology. The technology isn’t new or revolutionary, but the application of the technology has created a new economic phenomenon, making Bitcoin fascinating to observe. The Bitcoin network is multi...
30 May 2016 /payments
I have noticed an increasing casual use of the term “rails” to describe payment systems, in particular “card rails”, “ACH rails”, and even “blockchain rails”. But do payments move on rails, are there wagons of cash moving around the country on rails between banks and other institutions when payments are made? Obviously, in the literal sense this is...
09 May 2016 /payments /retail
I am fascinated by Bitcoin. It gives a glimpse into the future architecture of money and finance, one that is very different to today. Understandably, the Banking industry dismisses it. Bitcoin has caught it off-guard, and it neither likes nor wants it. Instead, it is focussing on its underlying technology, the “blockchain”, “distributed ledger te...
25 April 2016 /payments
Global card transaction volumes outnumber global interbank payment volumes by a wide margin: approximately 206 bn txns v 108 bn txns per year (Accenture Research). Card transactions use almost universally the ISO8583 standard. This uniformity and ubiquity are a remarkable achievement, especially in comparison to the much lower volume interbank paym...
18 April 2016 /payments
At Sibos 2014, in Boston, I found myself at the Innotribe forum watching a presentation from Vitalik Buterin, one of the founders of the Ethereum blockchain who had the original idea and vision. He was then only 20 years old, and the audience was spellbound. His is the only business presentation I have ever seen displaying computer code - and only...
10 April 2016 /payments
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