1) Use Bimodal IT to Avoid Stagnation
Bimodal IT is the concept of dealing with disparate styles of work that nonetheless function perfectly well separate from one another. “Bimodal” means two modes, and in this case, the term matches the function — one focused directly on predictability, and the other on exploration.
2) Avoid the Kafkaesque Monolith
lost in the structure of subordination and redirection
3) Design In a Way That Promotes Further Iteration
When developing an API, keep in mind not only the intended functionality, but the ability to extend that functionality.
4) Harvest Concepts and Incorporate
5) Distribute the Seeds: Adopt True Microservices Arrangement
6) Prune the Service Surface
Why is Content so Damn Important?
Card-not-present fraud may surpass $7 billion by 2020
Chinese shoppers spent $31.99 billion on overseas products purchased online in 2016
In the US, roughly 70% of cards are now chip-enabled but only 7% of card-present transactions used EMV technology in 2016.
Quality Content Builds Relationships
It drives awareness, promotes engagement, positively impacts SEO, generates leads and builds relationships. More importantly, it builds your reputation as a trusted leader in your space and makes you a highly desirable candidate for merchants in the market for new solutions, tools and services.
1) There is a fundamental strategic contradiction between technology and finance
2) Market realities encourage short-term thinking
3) Incumbents in the market are powerful and resistant to change
In the UK, the amount spent by shoppers using contactless soared by 166% in 2016, with half of Britons now using contactless payments at least once a month.
Security, regulation and compliance
Banks have a unique opportunity to play all three roles of bank, Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP).
Seizing the opportunity
The first stream creates a whole new financial structure, with crowdfunding as a great example.
The second stream of fintech is removing friction from financial markets. A good example of this category is Stripe, which allows merchants to set up their checkout systems in minutes through a simple API
The third stream of fintech firms are focused upon reducing costs and overcoming inefficiencies within banks.
As banking moves from online to mobile, it’s not enough for technology to become a peripheral addition to the user’s every day – it needs to become an integral part of it. How? By combining multichannel features (such as HD voice/video, web chat, SMS, secure file transfer, screen sharing and more) to enable a fully dimensional banking experience geared toward consumers seeking access at their fingertips.
However, successful user engagement doesn’t simply exist in technology versus humanity – it’s found in the cross-over. For example, while it may be convenient for users to securely web chat with a teller about a problem from their laptop, they might prefer to have the conversation on the go via text or they may feel more personally supported if they could see the teller’s face through a virtual appointment.
- Reduced costs by eliminating paper
- Faster processing
- Efficient Invoicing and Documentation
- Electronic Bill presentment
- Recurring Payments
Convenience for Biller and Payer
They save time, provide accurate and organized documentation, and eliminate the hassles associated with paper billing.
What are the advantages?
First, a reduction in calls to the contact centre. No further requirements to re-set a password. There is also another advantage, because when customers do want to speak with a call centre, they can be verified first using their biometric credentials through their mobile device even before reaching a customer services agent.
Are there any disadvantages?
Not all consumers are familiar with the technology.
effected by environments
How has the technology improved?
Matching algorithms are getting more sophisticated
random liveness functionality and real-time data is playing a critical role as well.
Will new regulations be a factor?
How Customers will benefit
the technology can bring in enhancing the user experience as well as in providing a more secure and convenient log in and payment authentication
the objectives of PSD2 are:
- Integrate payments across the European Union to build efficiency.
- Foster innovation by providing level playing field to non-banks with ‘access to bank account’ (XS2A). By extension, this brings all the non-bank players (Third Party Payment service providers, or TPP) under an updated and homogenous regulatory regime.
- Reduce the cost of transaction.
- Improve safety and security norms for transactions.
The directives segregate the payments market players in three broad categories:
- Account Servicing Payment Service Providers (ASPSP), or the banks where the customer account is maintained.
- Account Information Service Providers (AISPs) can be bank or non-bank players who can now access information from multiple accounts held with ASPSP.
- Payment Initiation Service Providers (PISPs) can link to the customer accounts held with ASPSPs and offer payment services.
- SCA (Strong Customer Authentication) limit raised to 30 euro. Cumulative limit 100 euro or 5 consecutive payments
- new exemption for ‘transaction risk analysis’ – up to 500 euro if the merchants PSP meets stringent fraud rates (e.g. 0.01% for remote card transactions). A sliding scale applies below these levels
- unattended payment terminals also exempt to avoid unnecessary queues, amongst other things (think road tolls, tube, and parking meter payments)
- Following CMA example in explicitly stating that screen scraping is no longer permitted (good)
- AISP calls to access account information appear to have been increased from two to four per day maximum – but no max if account holder is actively requesting it (AISPs will need to think of smart ways of getting their users to actively request the data if it is to be real time). Bilateral arrangements between AISPs and banks can increase that limit if they so desire (a further incentive for bank/fintech partnerships)
- PSPs to have same levels of availability to account that customers have via their online access
- Corporate payments subject to same rules and exemptions as retail payments – no special cases (as requested by some industry players)
- ISO20022 remains the standard for payment messaging under PSD2, although requirements for other security and communication standards (incl HTTPs) have been lifted to allow for technological and business model neutrality
- Authentication procedures remain within the realm of the account provider