AI

The pains of travelling and paying in a world moving to EMV

Colin Henderson

Aneace correctly points out a consequential trend in card fraud, that is going to impact travellers plans. Chip card implementation is complex, and the fact that cards will be combo, chip and mag stripe merely increases the complexity. Aneace’s Blog: The pains of travelling and paying in a world moving to EMV The explosion in ATM/debit card fraud shows how fraud can move to the US from other parts of the world, like the UK, where card issuers are adopting the more secure EMV chip card standard. Some US banks have responded by putting a temporary hold on all ATM … Continue reading The pains of travelling and paying in a world moving to EMV

Payments, Social networks

Relevance to Bankwatch – five strategic questions

Colin Henderson

I went over my posts for the last 6 months, where I had included a "relevance to bankwatch" and these five strategic questions leapt right out of the page. So I think I will start to look at those going forward. Relevance to Bankwatch How are payments evolving, and what is the risk to banks competitive position ? What is social computing impact on Banks ? How will online banking look in 2020 ? How will the branch look in 2020 ? Is chip and PIN viable security ? More to come on the sub-questions behind these, later.Tags: Payments Social … Continue reading Relevance to Bankwatch – five strategic questions

Payments

Dexit makes more moves to re-structure or exit

Colin Henderson

Dexit have quietly added a restructure specialist to the board.  This seems to validate the earlier speculation in a few earlier posts, summarised here, that they are in trouble, and considering different options. To recap, Dexit offer a contactless payment capability over a proprietary network in Canada, but primarily in downtown toronto.  They are been valiantly trying to expand their network coverage. T.DXT – News Releases Edward Nordholm – Mr. Nordholm is an Independent Consultant. Previously he was Senior Vice President of Brookfield Asset Management Inc. where he continues to serve the company on a consulting basis. He brings more … Continue reading Dexit makes more moves to re-structure or exit

Social networks1 Comment

Social Computing’s Impact On Financial Services

Colin Henderson

Excellent new piece of proprietary research from Forrester here on the impact of Social Computing on Banks, and what we need to do about it. Forrester Research: Social Computing's Impact On Financial Services Peer-to-peer technologies like user review sites, discussion forums, and blogs are contributing to a new era called Social Computing that empowers individuals at the expense of institutions like retail financial services firms. As consumers use the Net to share information, financial brands risk being undermined as marketers lose control of the message.But it's not all bad news for financial firms. Smart firms will use the same emerging … Continue reading Social Computing’s Impact On Financial Services

Payments

Yodlee launches card-based online bill payment

Colin Henderson

Yodlee new Bill Payment, offers the choice for customers to pay their monthly bills from either deposit account, or from Credit Card. They are promoting the Bank benefit to earn additional interchange on the credit card payments, being net new transactions not done today with credit card. Finextra: Yodlee launches card-based online bill payment Yodlee BillPay uniquely offers the benefits of both the consolidated bill pay model (single console for managing all bills) and the biller direct model (flexible payment instruments, same-day credit, direct confirmation of payment from biller) to create a richer and more user-friendly bill pay experience.And, because … Continue reading Yodlee launches card-based online bill payment

EU, Payments

Payments 2016

Colin Henderson

Good perspectives from Mark Garvin chief administrative officer JPMorgan Chase AG, talking about the European space post SEPA. Finextra: comment – Payments 2016 Speaking at the first annual EBAday payments conference in Frankfurt in June, Mark Garvin chief administrative officer JPMorgan Chase AG, outlined a vision of the payments industry in 2016, a time when paper cheques are non-existent, payment by mobile phone is commonplace and biometrics have wiped out fraud. Faster cheaper, simpler.  He talks about realtime information, and movement of money. Float is eliminated.  Also greater standardisation. Finance directors and treasurers care about managing their working capital, so … Continue reading Payments 2016

Payments

Xoom Webagent – international money transfer system

Colin Henderson

Another player in this field with an impressive list of countries, although its hard to tell how many actual endpoints they have set up at this point.  One to watch in this niche space, that includes, CitiBank, Paypal, & Moneygram. Finextra: Xoom raises $15m; introduces WebAgent remittance system San Francisco-based money transfer outfit Xoom has raised $15 million in a funding round led by Boston-based Fidelity Ventures and including previous investors Sequoia Capital, New Enterprise Associates and SVB Capital.…Commenting on the new service, the vendor’s newly-appointed senior vice president Gene Gutierrez – an ex-senior banker who helped build the global … Continue reading Xoom Webagent – international money transfer system

AI

No ordinary Bank – Triodos

Colin Henderson

An interesting perspective from Triodos.  The concept of ethical business is gaining traction, and has high appeal value to Gen Y’ers. Treehugger: Triodos: Banking on Positive Change This was no ordinary AGM, but then Triodos is no ordinary bank. I was treated to an organic lunch and a talk by British environmentalist George Monbiot who questioned the sustainability of ANY bank, ethical or not. His reasoning was that lending with interest inevitably leads to economic growth, and economic growth was ultimately unsustainable. Technorati Tags: green+banking Continue reading No ordinary Bank – Triodos

AI

Finance sites can be “sticky”

Colin Henderson

Google Finance fails to gather any momentum yet against Yahoo.  The comment I found useful here is the stickiness of Yahoo Finance, based on the time taken to set up preferences, making a shift to another portal a lot of work. Google Finance Struggles for Users – –Tancer said the key reason Google Finance is lagging behind its competitors is that personal finance Web sites like Yahoo Finance are sticky. “They allow users to personalize their stock and news preferences,” he said. “It is hard for users to enter all the information again, and that is going to be the … Continue reading Finance sites can be “sticky”

AI2 Comments

A case for multiple fraud protection systems

Colin Henderson

This simple story and the refutes from the UK Banks serves to valaidate the need to implement a suite of fraud systems, from software based pattern recognition, through to chip cards. This story is a clear example of why Banks need to implement PassMark/ Digital Envoy type solutions to provide customer recognition in support of chip, and not rely solely on chip for online authentication. Update:   Dave Birch provided an update in the comment, that I support, regarding online authentication: "This is incorrect. If you use even an SDA card for online authentication (eg, using token authentication) then the authenticating … Continue reading A case for multiple fraud protection systems