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Articles by James Tomaney
It’s Only Cloud Computing (but I like it)
A rolling stone gathers no moss, and a half-hearted move to the cloud delivers no value; it can even increase costs. Moving to the cloud provides a catalyst for change and enables new possibilities in technology adoption but only if an organisation is prepared to truly transform how it operates. Half measures won’t cut it here. Simply moving applications is not enough.
Buy Now Pay Later Becomes a Commodity- What Are the Next Growth Drivers
As more players enter the market, BNPL is becoming a crowded space with innovative product variations. Other than the traditional pay-in-four model that pureplays offer, new entrants offer a variety of products that incorporate the fixed payments feature.
The March 2022 Operational Resilience Deadline looms. Are you ready?
The recent internet outage caused by a fault with cloud computing service Fastly, which took down thousands of websites in multiple countries, was a painful reminder of the importance of operational resilience. Payment provider PayPal was among the most heavily-used services to be hit, and the failure was reminiscent of TSB’s IT meltdown in 2018 when nearly two million customers were locked out of their accounts for weeks following a botched migration to a new system.
What problems does payment orchestration solve?
Payment orchestration is a hot topic in digital payments and needless to say, it has become even more relevant during the COVID-19 pandemic. Essentially, a payment orchestration platform can help businesses scale faster, remove the complexities from their payments and optimize their payment flows. All of this sounds great, but naturally, most decision-makers want to know what problems does payment orchestration specifically solve, so I will discuss some of these issues below.
Top Reasons Why Mobile Banking Will Thrive In 2021
Demand for digital banking services, already rising steeply before the COVID-19 pandemic set in last year, was given even greater impetus during 2020 and is likely to have gained years of ground in what has been an extraordinary year. Stay-at-home orders and social distancing requirements meant customers who were not already familiar with operating online had to become more comfortable with virtual alternatives and a reluctance to use cash also saw cashless solutions become more in demand.
Growth of Low-Code No-code platforms and it's adoption in Fintech
This post is from a series of posts in the group: Fintech Fintech discussions and conversations around the development of fintech. See all
Low Code Techniques And Open APIs Can Unlock Payments Processing
This week, I read an interesting paper from Newgen Software about the application of “low-code thinking” to their business process automation domain. The paper highlighted the critical need for speed in a modern enterprise in order to respond to strategic and competitive threats. It suggests that the speed with which an organisation gets from a strategic decision to execution determines competitive advantage. It’s hard to disagree with this assertion.
Why neobanks have refocused from skyrocketing growth to reaching profitability
Collectively, neobanks have secured billions of dollars of funding to rapidly scale at all costs, however strategic priorities are now changing. There are currently 250+ neobanks live worldwide, with dozens of banking apps close on their heels and gearing up to launch. But how many of these businesses are profitable today, and how many will ever actually return a sustainable profit remains to be seen.
Mastering Modernization: Building Up and Out
Managing change is not easy. This is true for most organizations, and especially for banks. But, as management guru W. Edwards Demining bluntly stated, “It is not necessary to change. Survival is not mandatory.” Let that sink in. Any business committed to future prosperity must overcome fear of the new and embrace change.
Still afraid of payment systems?
No need to be afraid of payment systems Businessmen generally prefer traditional banks, choosing to avoid payment systems. Many people believe that classic banks are much more reliable than payment systems. When we at SBSB offer our clients to open an IBAN account with a payment system, they are usually strongly opposed to this. Their first reaction is “what I need is a reliable bank, not some payment thing”.
Ready. Set. Accelerate: Health Insurers Look to the Cloud for Digital Inspiration
MP3 Players. Smart Phones. Social Media. These technologies have become so ubiquitous to our daily routine that it’s hard to remember life before them. Yet, all were introduced within the last 20 years and have continued to transform rapidly. Think about your first MP3 player, and then think about how you consume music (and podcasts) today. There is probably little comparison. Now, consider that the average age of an installed insurance core system—across all segments—is approximately 20 years.
2021 Fintech Predictions
A return to relationship banking The move away from customer-centric banking was so gradual that we barely noticed it. There was a time when having a personal relationship with your local branch manager who you met with regularly, understood your finances and gave you advice was commonplace. Digital technology changed this, focusing on convenience, increasing competition and making the mobile customer experience the key differentiator.
RBI's regulation on storage of Payments System Data in India
Electronic payments have made a huge impact on the lives of millions of Indians in the last few years with various options to make and receive payments in a timely manner. With that in mind, RBI has recently regulated for all Payment System providers, that any payments made on Indian entities for domestic payments transactions has to be stored only in India.
Payment Solution Architectures For The Post-Pandemic World
The surge in electronic transaction volumes in 2020 was driven by the switch to contactless card payments and the increase in e-commerce, triggered by the behavioural changes of consumers faced with the COVID19 landscape. Sudden, unpredicted increases in transaction volumes frequently cause problems in the payments infrastructure. The perceived stability of payments systems is often based on the tendency to limit change.
Twice as good. How digital twinning delivers for banks
Institutions from across the banking sector are turning to digital twinning to help them with a range of challenges. A digital twin is a virtual representation of a real-life entity or system, created in software. Digital twins can take many forms, but the essence is invariably about capturing and using data in a way that accurately mirrors the physical world. The idea is to use the twin to simulate conditions, test scenarios and explore what-ifs.
Lloyd’s of London Blueprint Two claims to show the way
At the beginning of the pandemic, there were perhaps few institutions that looked less well equipped to function under social distancing than Lloyd’s of London. Synonymous with antiquated practices and the primacy of dealing face-to-face, business at Lloyd’s should have ground to a halt this year. Of course, the reality is that this has not been the case. The London Market has, like many other businesses and organisations, proved to be more flexible and pragmatic than many would have believed.
Building greenfield challenger banks is a major opportunity for issuer processors
When faced with disruptive competition – the now classic example is taxi companies and Uber – a firm at risk of disruption has effectively got three options: - Adapt; use the facilities available to you today to try and stay competitive.
From Open Banking to contactless payments, what will shape the fintech industry in 2021?
2021 predictions from Luc Gueriane, Chief Commercial Officer at Moorwand 2020 has been dramatic to say the least. In the fintech industry there has been a monumental shift towards digital payments. The mix of shop closures, lockdown measures and the booming ecommerce sector have made fintech products more relevant, and more important, than ever. And businesses have relied on fintech and payments solutions to facilitate rapid change.
Reliability, Scalability and Availability - The Architectural Pillars Of Payments Solutions
"In 2008 the hubris of the financial sector that we serve finally caught up with itself. Mountains of consumer debt that had been packaged, re-sold and deferred turned out to be unserviceable and the whole edifice came tumbling down." I wrote this in a blog sometime ago - it is still true! Now commentators are wondering whether the cycle will repeat itself as personal, corporate and national debt climbs around the world in response to the COVID19 Pandemic.
Has Covid-19 helped digitise finance departments?
From all the negativity 2020 has brought with it for finance departments, one silver lining could be the rapid and immediate digitalisation of financial functions, argues Magali Michel, Director at Yooz. The issue of paper statements and invoices stuffed into cardboard boxes in the corner of the office has dogged traditional, or old-fashioned, finance departments for years.
The 7 Hottest AI Trends of 2020
Artificial intelligence is still a rapidly growing field, and we keep discovering many new uses for it in various different spheres. And while it’s not clear how long this growth and progress will continue for, one thing is certain right now – it’s reasonable to expect quite a lot in the coming months of 2020. In fact, we might be at a stage where the growth of AI is at its peak, promoted partly due to the current global circumstances. 1.
E-commerce this festive season: Why online retailers need to step up their game in a COVID Christmas
As we approach the end of the year, the festive shopping season is in full swing. But in 2020, it’s turning out to be a very different experience for retailers and their customers. Bustling high streets have been replaced by virtual queues and Christmas lights traded for the glow of our digital devices, as we sit down to do our gift shopping online this year. Supercharged by lockdown spending, e-commerce sales in the UK have rocketed with more of us spending online than ever.
Access to Cash Review - legislation is needed to ensure people aren’t left behind.
On November 25th, the government’s call for evidence into plans to protect access to cash closed for submissions. The centrepiece of the proposals involved a change in legislation to allow cashback to be offered at shops without consumers having to make a purchase, as well as making the Financial Conduct Authority responsible for ensuring the cash system benefits consumers and SMEs. The call for evidence is the culmination of nearly two years of high profile interest in the future of cash.
Access to Cash Review - legislation is needed to ensure people aren’t left behind.
On November 25th, the government’s call for evidence into plans to protect access to cash closed for submissions. The centrepiece of the proposals involved a change in legislation to allow cashback to be offered at shops without consumers having to make a purchase, as well as making the Financial Conduct Authority responsible for ensuring the cash system benefits consumers and SMEs. The call for evidence is the culmination of nearly two years of high profile interest in the future of cash.
Today’s Payments Solutions Market: A Personal Perspective
James Tomaney Chief Operating Officer Renovite Technologies Inc Member since 26 Sep 2005 Location Edinburgh Blog posts 10 Comments 13 This post is from a series of posts in the group: Payments strategies 2015-2020-2030 Payments systems visions, strategies, trends, pilots, forecasting, and planning for the short-, medium-, and far-term. See all
An Insight for Online Retail Banking & Customer Experience
With banking on the internet being around for quite some time, there is no doubt that banking has been made a lot easier and convenient for many. With more people shopping online and taking on various tasks with the use of the internet, it comes as no surprise that online banking also continues to grow and become a prosperous way of business for people all over the world.
What Are Consumers Looking For With Digital Wallets?
Welcome to Finextra. We use cookies to help us to deliver our services. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre. Please read our Privacy Policy. News in your inbox For Finextra's free daily newsletter, breaking news and flashes and weekly job board. Sign Up In my last post, I brought you the cold, hard facts and explained why digital wallets are the future of payments. Now, I'll show you what customers are looking for with digital wallets.
The State of Payments: July 2019
A week is a long time in politics – a saying that is increasingly true for payments too. We are now two weeks into July 2019, so a good point perhaps to reflect on the state of the industry. Payments is an industry which is changing - and quickly. Old technology trying to operate in a new world doesn’t cut the mustard anymore. Innovation and disruption in respect to financial services is becoming the new normal.
Are you complying with AML regulations after recent bureau du change raids?
Last week saw the latest crackdown by UK police on potential money laundering operations, concentrating their efforts on a series of raids on bureau de change, in an effort to identify and cut off a major money laundering route for drugs money and other organised criminal activities. This latest development probably shouldn’t surprise anyone that has been keeping track of the fight against money laundering.
The Data Debacle Around Investor Due Diligence
Maintaining coherent tax data across the enterprise in a fungible manner allows for vast improvements in the compliance process. All required data must be immediately accessible across the enterprise. Onboarding a new investor requires gathering a deluge of data, including Protected Personal Information (“PPI”). Obtaining this data is usually a manual process, and it often sits within siloed, antiquated systems separate from the financial books and records.
Peering into Facebook’s future - The WeChat of the Wild West?
Libra: the African blueprint and a long-term strategic play? Many might rightly argue that Libra is a strategic move by Facebook to help shore up its long-term survival and relevance. Mark Zuckerberg's affinity with micropayments can be traced back to Africa, where he sees great value in people buying things on their mobile phone. He has long wanted to use his two messenger platforms - WhatsApp and FB messenger – as payment platforms to send and receive money.
Innovation 2.0: ATMs in the 21st Century
Innovation is reshaping global financial services. From how they are consumed, to who offers them and how they’re structured, we live at a time when new ideas and new approaches to payments and digital banking arise almost weekly. Yet, arguably the biggest innovation in the sector to date isn’t a Monzo account, a mobile contactless payment, or a QR payment code. It is the now 50-year old ATM. Stay with me.
Developing a data literate workforce
The acceleration of technology means that we now live in a world built on data - it is everywhere, forever growing in value and significance. It has the potential to make hugely positive changes to the way we all live and work. But it all means nothing if you can’t use it. Innovation in data technologies certainly make it easier to simplify data, enabling people to analyse, interpret and draw actionable insights from it more quickly.
Banking Modernization: Is It A Communication Breakdown?
The famous line "What we've got here is failure to communicate" from Cool Hand Luke (1967) serves as a warning shot in the current blitzkrieg of Digital Transformation for banks.
Crummy CReM code Part V few customers covered, voluntary for firms, and dependent upon CoP
This is the fifth blog out of eight in our series on the Contingent Reimbursement Model code (“CReM”) that purports to offer customers strong protection against certain types of Authorised Push Payment Fraud, or “APPF”. Here we focus on who qualifies for cover, who is offering cover, and the vague contingency of cover on the as-yet non-existent Confirmation of Payee service.
Crummy CReM code Part VI as customers’ baseline rights are overridd...
This is the sixth blog out of eight in our series on the Contingent Reimbursement Model code (“CReM”) that purports to offer customers strong protection against certain types of Authorised Push Payment Fraud, or “APPF”. In it we discuss how customers’ baseline rights in law are overlooked.
Cashless society and legacy technology; a perfect storm.
In response to the recently published article by The Guardian , “UK cash system ‘on the verge of collapse’, report finds” - a writeup of an independent report called the Access to Cash Review - it is worth emphasising we may be heading toward something far worse when it comes to making payments.
FinTech Guide for Global Citizens
With traditional providers slow to cater to global citizens, FinTechs have been quick to fill the space, launching innovative solutions to meet global citizens’ banking, remittance and payments needs. While these are undoubtedly amongst the areas most penetrated by FinTech innovation, global citizens’ wider financial needs are now also being addressed.
FinTech Guide for Global Citizens: Conclusion
The Global Citizens blog series has demonstrated that this ever expanding segment is continuously necessitating new forms of financial services. With traditional providers slow to cater to this audience, FinTechs have been quick to fill the space, launching innovative solutions to meet global citizens’ banking, remittance and paymentsneeds – as discussed in the previous episodes of this series.
Five DevOps trends for 2019
DevOps as an approach to software development has become widely established over the last nine years. Bringing the development and IT operations functions together has brought many benefits in the form of better communication and increased collaboration and we’ve seen a range of new tools and disciplines emerging to support the movement. Looking ahead, I’d like to explore five DevOps trends on the horizon for 2019.
Open banking starts with culture change
Open banking has swiftly turned from being a buzzword into the means of bringing financial services in the new paradigm. Change is inevitable and corporate culture is a good place to start. For decades, banks and financial institutions have operated by traditional methods culminating in hefty legacy systems, high operating costs, manual procedures and profit-driven KPIs with too little focus on Digital and Innovation.
Life After MiFID II
It's been a busy and fun Autumn on the London financial services conference circuit. I've been lucky enough to attend a healthy diversity of events with distinct though intersecting agendas. I've attended two alternative data events, both heady mixes of vendor/user speed-dating interspersed with panel discussions, one up-and-coming Quant event and a couple of established Research events.
The Innovation Game
Banks are facing up to the challenges of the digital age. But legacy systems remain a hindrance to innovation. How are banks addressing this challenge to deliver innovation at the speed that customers expect? These issues, and more, are addressed in a whitepaper we commissioned with Finextra: “The Innovation Game: Escaping legacy with new technology.” The research is based on insightful interviews with CIOs, CTOs and heads of digital and innovation at banks across Europe.
Facts speak for themselves: a lack of innovation in financial services is failing society
As you may have read, recently published findings from consumer charity Which? have revealed consumers are not happy about the number of bank branch and ATM closures we’re seeing.
How banks can be more customer-centric
Do something you never thought you could Successful innovation focuses on making customers' lives easier, better and, ideally, more enjoyable. In banking, this focus is calibrated by de-complicating processes that customers have to go through simply to manage or move their money, make payments, checks balances and other everyday matters that are driven by necessity for customers and hence involve a degree of stress. Stress is no basis for an enduring relationship.
Google, Facebook, Alibaba in Africa
So many mighty and powerful are drawn to the African countries, and I am not even talking about Chinese and their generous investment in infrastructural projects in 53 out of 54 countries of the continent. There are also 500 more companies from around the world, famous and not so much, that are actively investing in various business projects in Africa.
What Improvements Has Foreign Exchange Seen Thanks to Fintech?
It’s hard to ignore the presence of fintech all around us these days, and it looks like the situation is only going to move further in that direction if current trends are to be of any indication. There is also a lot of speculation regarding the exact place that fintech has in our world at the moment, but one thing is clear – sectors like foreign exchange are seeing particularly significant changes.
Payment outages don’t have to keep happening. Here’s why.
Over the last 12-months, several high-profile FinTechs and challenger banks have experienced multiple outages for cards processing, leading to reputational damage, anxious tweets, irritated customers, and potentially, lost revenue. Why does it keep happening? Most FinTech money management companies and challenger banks issue debit cards for their customers to make payments. When these debit cards are used, the card scheme routes them to the FinTech/Challengers’ “issuer processor”.
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