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All money will soon be digital

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Mobile Wallets: A benefit to consumers or another weak link for security and compliance in an already vulnerable ecosystem? The rapid advancement of technologies such as analytics, Blockchain, cloud, mobile and social media have created major opportunities to drive a better customer experience for financial service providers but are also spawning headaches when it comes to security and compliance. At the centre of this customer-centric innovation is the mobile wallet, which is a terrific way for consumers to shop card-…

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Moving from a corporate to a start-up

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“He who dares”… Why moving from a corporate to a start-up could be the best move you ever make… We’ve all got them: friends, ex-colleagues or LinkedIn connections who’ve made the move from a big corporate to a start up. I was about to follow suit. The fintech boom was attracting more and more people from some of the large corporates I’ve worked with, but the rationale of the exodus was made clear one night over a drink with an…

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How fighting fraud and boosting sales have turned from a dilemma into a must-have set

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Online businesses have been for years struggling to effectively fight fraud of various kinds. Along with the rapid growth of the ecommerce industry and the emergence of numerous new payment methods, preventing fraudulent transactions has become an extremely challenging task. Despite all the efforts of greatly skilled and knowledgeable risk managers supported by diverse IT solutions, many companies still mistakenly consider fraud prevention as a limiting factor for sales. They believe that false positives – erroneous transaction denials that lock…

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Bitcoin – For a Better Connected World

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Bitcoin – For a Better Financially, Economically, and Culturally Connected World With my first Banking experience dating back to 1995, upon Cirrus ATM network introduction, I see that Bitcoin, like mobile payments and cash withdrawal from ATMs by smartphones, is paving the way to a new era in monetary transactions. What is Bitcoin? While every country has its own currency, Bitcoin cryptocurrency was created in 2009 and was not tied to any country. Using peer to peer system, individuals can…

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SIBOS Impressions

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My SIBOS impressions – Geneva 2016 This is not just another article you’ve probably read in the media claiming that this year’s big topics at SIBOS was Blockchain and Cybersecurity. Yes, a lot of conferences focused on these themes and discussions about these subjects could be heard in various booths and corridors throughout the venue. Also FinTech and its evolution RegTech were being discussed by everyone. Instead, I would like to focus on the daily business, the near future of…

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FinTech Effect on the Global Economy

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FinTech Response to 2008 Financial Crisis is Reshaping the Global Economy and its Workforce Unlocking the Potential The Fintech response to 2008 financial crisis has been playing a role in reshaping the global economy and its workforce. If we look at the Fintech evolution we notice how the introduction of the telegraph was the first milestone at that time in providing the infrastructure for financial globalisation. Today people can open bank accounts online and transfer money to each other from…

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The Swiss ISO-20022 Payments Harmonization

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The Swiss ISO-20022 Payments Harmonization   In 2008 only a few people knew what ISO-20022 is. Some payment specialists worked on the idea to create a new standard to harmonize all the different payment schemes not only in Switzerland but also worldwide. After recognizing the big opportunities that ISO-20022 gives on one hand and on the other hand predicting the future seeing that the actual formats would have limitations in future compliance rules, on September 2009 the Board of Directors…

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Payment Bancronyms – what is this?

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Payment Bancronyms – what is this? If it looks as though I have just made up a word, you are right, however if you think this word shouldn’t exist, then think again. Banks and the finance industry are probably one of the biggest culprits when it comes to using acronyms, especially when it comes to industry regulators and industry members, but it also flows down to the payment networks, platforms and clearing house operations that work behind the scenes. Because…

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Payments – Robo Advisor

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New kid in town – Robo Advisor There is a new kid in town: online automated investment platforms, or “Robo Advisors” as they are better known, which allows clients to manage their own investments. Robo-advisors are expected to become a $2.2 trillion industry by 2020, up from around $20 billion till now. Although clearly a threat to established wealth managers, those banks which embrace the concept could also reap the benefits. Moreover, I admit it seems counterintuitive to imagine that…

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Consumer Security vs. User Experience

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Have we reached a tipping point in balancing security with convenience? Has the digital commerce industry compromised consumer security in favour of user experience? In digital commerce, there has long been a struggle to balance security with convenience. Now, David Poole of MYPINPAD assesses if the payments industry has prioritised convenience over security for too long. As most people would agree, the mobile platform is not optimised for the entering of personal data and passwords; the screen is too small, the…

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