Payfone is an interesting new service and I like their security model.  They are able to take unique features of the phone from the SIM card and the phone itself to generate a unique fingerprint that is used in the security of the payment transactions.  This is similar to the methodology used by RSA for two factor authentication of online banking. But it is the more interesting that they have just received $19 million in funding, and will be using the Amercian Express Serve platform.  The details are outlined in this NY Times piece. The other investors in this $19 … Continue reading The payment space is heating up with mobile front and centre, but where are the Banks?

Digging a little deeper into the Commission report over lunch, and I am now coming to the funny bits.  The laudable objective on pages 123 – 124 is that one way to promote competitiveness is to smooth the account switching process between banks.  They note that very few people switch banks each year and speculate that future improvements would speed the process and encourage more people to switch banks. To encourage this, the tactics they suggest are as follows.  They are listed in increased ascendancy of humour factor: Greater transparency of each banks benefits over the other Mandate switch must … Continue reading Detailed look – UK Independent Commission on Banking proposal on account switching requires much deeper thought

If anyone is having trouble finding the Independent Commission on Banking preliminary report, they have a new link here. http://bankingcommission.independent.gov.uk/bankingcommission/ Our website is experiencing extremely high volumes of traffic. To access the Interim Report, please use the links below: Press release [78KB, PDF] Interim Report – Executive Summary [455KB, PDF] Interim Report – full document [2.3MB, PDF] They have been getting extremely high traffic. I will be back later once I have digested.  Even the executive summary is 8 pages.  What is it about ‘summary’ that government does not understand?  The main report is 214 pages. Technorati Tags: ICB,Independent Commission … Continue reading Independent Commission on Banking post an alternative link for the report

Scoble the other day noted color.com, but he noted in a way that this photo sharing app is much more and different.  I did not get it at first, then while sitting with a fellow geek in a local watering hole, he was trying to show me what it did on his iphone, then he stopped and said “who is that” – I noted that is the fellow across the table who had just joined us.  That new person automatically showed in his network. In short color shows you who is nearby, and in addition adds up the people you … Continue reading color.com introduces a subtle geo-location element to social interaction

The Independent Commission on Banking is to release its preliminary report tomorrow (11th April) and the FT is reporting that the impact on UK banks will be to ‘ring fence’ parts of the bank, presumably Investment Banking and regular ‘utility’ banking.  I read elsewhere that the further results will be regulation on activities and on capital held against the ring fenced units.  Until tomorrow. UK banks escape radical restructuring The Independent Commission on Banking, chaired by Sir John Vickers, is instead expected to propose that banking groups ringfence “essential” banking services, in effect building a wall around deposit-taking, small business … Continue reading Independent Commission on Banking report out 11th April

Strong signals coming out on the April 11th release of the Independent Commission on Banking report that it will include some form of separation of High St banking from other more risky parts of banks.  Also, though a newer aspect has crept in whereby the operational plumbing will somehow also be curtained off. Bank panel report set to cheer investors | FT.com The interim report will indicate the Commission’s clear preference for how the banks should be restructured, leaving only technicalities to be worked through by September. It will build on a speech by Sir John in January in which … Continue reading UK banks expecting significant changes to their balance sheet from ICB report

Irish banks are being forced to face reality.  Irish banks need €24bn after stress tests | ft.com Ireland’s stricken banking sector will require €24bn in additional capital, pushing the total cost of the government’s rescue to about €70bn (£62bn). As the results of stress tests on the country’s banks were revealed, the government announced a radical shake-up of the industry aimed at restoring investor confidence in Ireland’s banking sector, which remains dependent on the European Central Bank. Continue reading Irish banks must increase capital to reflect the risk they took on