Phil Beresford-Davis

The ISO 20022 deadline for CHAPS has moved from Nov 24 to May 25... or has it?   It’s worth noting that Bank of England have made it very clear that they will not move the deadline beyond this point!  The Bank of England will expect banks, and their customers to work towards the deadline as if it was still the end of November. The May deadline is just a buffer for those businesses who aren’t ready. In the latest episode of our “Mastering ISO 20022” series, I discuss the updated deadline, and specifically the fact that even this extended timeline still requires banks and corporates to move quickly to prepare.  

27

2 Comments

Are you ready for PSD3, PSR and FIDA? Tribe MD Alex Reddish delves into the intricacies of the regulations set to reshape open banking, data access and security in the financial sector: https://bit.ly/45LxKYh The Fintech Times | #PSD3 #PSR #FIDA #Payments #Fintech #PayTech

27

How secure are banking apps? Here are some key steps all banks – and users – should be following https://lnkd.in/eiCW9wbn

1

🏆 The Smart Data Foundry and FinTech Scotland UK Fintech Challenge has been won by doqit Technologies and Planda AI, respectively. Nicola Anderson, FinTech Scotland's CEO, said: “The progress demonstrated by doqit and Planda AI in developing solutions for later life financial planning shows the power of collaboration to support initiatives that drive meaningful change and improve financial wellbeing for all.” Bryn Coulthard Catherine Ann Reid Sam Brown #openbanking #datasharing #laterlifeplanning #financialwellbeing #smartdata #fintechs #financialplanning https://lnkd.in/e6PntdBi

17

4 Comments

SwiftCloud's PO Authorisation module offers businesses the opportunity to review and authorise orders placed through SwiftCloud. Parameters can be placed so orders over a set value have to be accepted by a chosen authoriser(s) before they are processed. This is ideal for businesses who only insist on large value orders being authorised by management as opposed to every order. Read more here: https://lnkd.in/ekCezxr6

20

This is immensely useful if you seek a high-level synopsis of the complicated web of events and dates: the Post Office scandal #Heroes and #Villains. Can you work them out? Check out the #Bystanders #BetrayalBlindness #ClarkeAdvice #FiveYearsBuried #GlobalImpact I want to thank Nick for helping me assemble a web of events over time and for removing the "white noise," of which there is plenty, through his excellent book, radio podcasts, and regular blogging on his website. I am confident that investigative journalists like Nick will offer a way out of this tech-centric approach that has gripped the new #DigitalAge (nice words) Information Technology and so-called change and transformation world. #MoreNicks #RealChange #Trust #Truth #Transparency #Ethics #Professionalism #NoMasking #Audit #Traceability #BadActors Nick comes with the human touch and, along with Lord Arbuthnot, unearthed the priceless phrase, "This has gone beyond an IT problem [Ed: which it is] and has become a human problem." To all those who resolutely defend the Horizon implementation, I agree that some well-integrated core subsystems exist. Yet at its heart is an accounting system that has undoubtedly traumatised hundreds, if not thousands, of subpostmasters, their families, and friends. #DesignFaults #DoubleEntry🤔 Many other associated people will be traumatised by the implemented system, the Business system processes, and the accompanying toxic cultures. More importantly, failure will only continue with new collaboration across workstreams and swimlanes and rebuilding organisations around new operations rather than the reverse. #CulturalMindset We must stop what has already become a machine-led, tech-centric mindset and decisively change it to a human-led-centric one. Artificial Intelligence beckons, and with distinguished engineers of the same type at the helm (c/f Gareth Jenkins), #KnowledgeBias #AuthorityBias operations and organisations MUST be reanalysed and redesigned. #AgileHumanCentricMindsets. #NeuralScience #BTFA #BrainRetrain #Refire #Rewire #LoveAndPeace #Empathy #Assertiveness #MentalHealth #Healing #Feelings #Emotions #ConnectedBody

4

𝐐𝐮𝐞𝐬𝐭𝐢𝐨𝐧: 𝐖𝐡𝐚𝐭’𝐬 𝐭𝐡𝐞 𝐝𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞 𝐛𝐞𝐭𝐰𝐞𝐞𝐧 ‘𝐒𝐜𝐚𝐦𝐬’ 𝐚𝐧𝐝 ‘𝐀𝐏𝐏 𝐅𝐫𝐚𝐮𝐝’ 🤔 Scams: Citizens Advice estimate there are 𝘧𝘰𝘶𝘳 𝘮𝘪𝘭𝘭𝘪𝘰𝘯 𝘱𝘦𝘰𝘱𝘭𝘦 𝘴𝘤𝘢𝘮𝘮𝘦𝘥 𝘺𝘦𝘢𝘳𝘭𝘺 in the UK 🤯 APP Fraud: The Payment Systems Regulator reported there were 252k 𝘤𝘢𝘴𝘦𝘴 of Authorised Push Payment Fraud in 2023* Why is there such a chasm between the two??? - Because there is a difference between estimates and reports? And perhaps people vs cases? - Because APP is a small subsection of ‘scams’? - Because of something else? Does anyone have better insights and thoughts? PS: Tagging a few people more knowledgeable than me who might be able to comment - hope you don’t mind 🕵️‍♂️  *these cases are from the 14 largest banking groups - Revolut, Wise and others are not included in the data.

36

35 Comments

Proposed UK Exit Tax is ludicrous and less likely to affect the wealthy and more likely to affect middle England. This is simply because the more wealthy individual's fortunes are made of assets which are difficult to tax. For instance unrealised assets generally go untaxed, but this doesn't stop them being used to make purchases. Extremely wealthy individuals, also have access to a number of lawyers, accountants and financial services which will advise them on how to minimus their taxes legally. We have also seen taxes on the wealthy before, which was then shifted to the middle-class and working classes over time. This tax would simply be a forced reduction on freedom and choice, and I fear used to penalise those who need those freedoms most. The biggest issue at the moment in the UK is taxes. Taxes are too high, and the benefits seen for those taxes are too low. When people decide that they cannot work, because taxes are too high and wages are too low, then you have a sinking ship for a country. It leads to some very unproductive behaviours, where people resort to living on state benefits. Which further increases the drag on government finances. But more worrying than this, it changes people approach to life. Causing systemic issues within society. I would love to have a real debate regarding UK taxes, and the outcomes of such a high tax burden on families, and individuals. I would particularly like to discuss how the level of tax is becoming counter productive. Please comment and lets kick-off a debate on how taxes and it usage could be improved in the UK, to actually benefit the country. As many other countries have much lower taxes than the UK, and higher standards of living.

1

6 Comments

How your service will look like in 10 years? It's a question I ask every time I create a piece of software And it works on all levels 🏢 Organisation 💻 System as a whole 📁 A Class within application Is it for premature optimisation It's not that When you plan your holidays you start with destination Not with leaving the house ❌ You won't take swimsuit for skiing ❌ You won't take flip-flops for hiking in mountains Yet we do this designing software We're so focused on movement We forget the direction How can you avoid that mistake? ✅ Think before you start making changes 👉 Ask yourself the 10 years question 👉 Ask yourself how clients will use your code       → Both internally and externally 👉 Gather your peers and ask their opinion Then armed with knowledge implement the solution You'll be surprised how different decisions you make Even more how easy your systems will be to change Because all the cost lays in maintenance Not in the creation A day of thinking will save you years of development.

10

1 Comment

We recently partnered with a leading bank operating in the UK and South Africa to #automate testing for their Loan IQ application using #RightClickTMS. 🔄 By covering a wide range of test scenarios, including #UI and #batch processes, the testing efforts were streamlined, and the Bank was able to adopt changes much faster. The result? 📊 A 40% reduction in manual #testing efforts and a Hot Fix implemented completed in just 6 weeks—twice as fast as before! With minimal business user involvement, the bank freed up valuable resources for strategic tasks, gained real-time insights into the software quality and ensured a seamless #upgrade with zero disruption. Explore the full case study: 👉 https://lnkd.in/gT4mgKYG Ready to accelerate your #LoanIQ upgrades? Reach out to our experts. #TestAutomation #AutomatedTesting #RightClickTMS #LoanIQ

29

UK Finance has released it's H1 2024 Fraud Report, and there are some promising signs around APP fraud decreasing - 16% by volume and 11% by value. However, there's still over £400m per year being lost to scams (and reported). Wouldn't it be fantastic if we could detect even more APP fraud before losses are incurred? Both from the victim perspective and to reduce the operational overheads of 200,000 reimbursement requests. Talk to us at FinCrime Dynamics to learn how Scam Hunter can help you test and improve your controls and stay protected against emerging threats. Our solution complements internal teams and vendor solutions, increasing your view of the fraud landscape. https://lnkd.in/eKQJBYhX

8

We've created a comprehensive guide to EPCs for #mortgagelenders that covers everything you need to know ... #EPC #energyperformance #energyefficiency #retrofit #mortgagebroker #mortgage #greenfinance #greenmortgage

13

1 Comment

Broken Business Savings Market Is Costing British SMEs £9 Billion a Year in Missing Interest Richard Davies, CEO of Allica Bank, said:  “There’s no question the SME savings market is broken. “The fact the SME savings penalty has got larger since we first did our research last year – while the Bank rate has reduced slightly – is a travesty many SMEs will find hard to understand. “It’s very unfair SMEs don’t get similar rates to large companies, and our research suggests big banks won’t be improving their rates for SMEs any time soon. “It’s time for something to be done to make that change, get SMEs a better deal and release billions of pounds into the real economy.” https://lnkd.in/eqAmuVCf Chloe Fenton (née Vaidya) Georgie Burks Joe Jones James Heath Ravneet Shah Conrad Ford Mitch (Munish) Trehan Nick Baker #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

11

Tech Sector Focus note: It's not what you sell, it's the way that you sell it Read Tech analyst, Ian Robertson's, recent report for the UK small- and mid-cap space on how software companies sell: https://lnkd.in/ew-cQ82W In it he discusses how many investors and analysts spend a lot of time talking about technologies and addressable markets and listening to the hype, but forget what the companies really do and what the big cost lines are. Not knowing how a product is sold can lead to serious misunderstandings about margins, recurring revenues, growth prospects, and the quality of the product and its customers. Ian examines the sales processes for six UK-listed companies and one that has recently been taken over, and considers why they have followed their respective paths. The companies examined in his report are Softcat plc, Idox plc, Sopheon plc, Darktrace, Aptitude Software, Dotdigital Group plc and Learning Technologies Group plc.

2

An updated FCA report 'UK Payment Accounts: access and closures' is hot of the press. In a follow-up to the original report published in September 2023, this iteration concentrates on several topics, of which #reputationalrisk is one. The FCA reviewed a sample of firms to explore, inter alia, how they approach reputational risk. However concerning its findings may be, they illustrate the complexity of reputational risk and are not entirely surprising: 1️⃣ There was little consistency in how firms under review defined and used reputational risk. 2️⃣ Firms 'invariably' lacked clear internal guidance on how much reputational risk can define onboarding/onboarding decisions. 3️⃣ Firms appear to have occasionally miscategorised their concerns about clients as reputational risk. 4️⃣ Firms often kept poor records of the relevant onboarding/offboarding decisions, making it unclear how a certain client posed a material reputational risk to the business. The firm's risk appetite is foundational to how it approaches especially reputational risk during #duediligence of prospective/existing customers. The risk appetite needs to be well-calibrated and nuanced enough to enable the firm to explain to itself i) what exactly presents reputational risk to its business and why; and ii) what level of reputational risk it is prepared to tolerate and under what circumstances. The lack of clarity and internal alignment on these points will – always – catch the firm off guard when it faces a complex customer onboarding decision, making it tempting to improvise and place any uncategorised (perceived) concerns in the reputational risk bucket.

4

📜 The government has introduced to Parliament the new Data Use and Access Bill to “unlock the power of data to grow the economy”. Delivered by the Department for Science, Innovation and Technology, the Bill will support the future of Open Banking and the growth of new Smart Data schemes. Marion King, chair and trustee of Open Banking Limited, said: "The UK has been a world leader in Open Banking, and this legislation will help us retain our position and give our fintechs certainty as to our collective direction of travel." Read the full story ⬇ #openbanking #smartdata #datasharing #openfinance #technology #fintechs #dataeconomy #ukeconomy Peter Kyle Henk Van Hulle https://lnkd.in/eeJrsd26

9

💬 The Payment Systems Regulator has published its response to a call for views on the expansion of variable recurring payments (VRPs) in the UK, citing key areas such as a multilateral agreement, mandated participation and pricing. Kate Fitzgerald, the PSR's head of policy, said: "Our call for views response aims to provide the transparency around what’s needed to make sure Open Banking keeps growing, delivering new financial opportunities and services that increase choice and flexibility for consumers." Read the full story at the 🔗 including comments from Henk Van Hulle of Open Banking and Tom Burton of GoCardless. #payments #openbanking #recurringpayments #regulation #financialservices #paymentinnovation Sam Uden Samantha Boyle https://lnkd.in/epJRz--v

3

BREAKING: Freelancers Manifesto for Growth Launched today, ContractorCalculator is promoting 5 policies for the parties to consider: [1] Abolish Off-payroll IR35 Reforms [2] Ban Zero-RIGHTS Employment (not banning zero hours) [3] Establish a Taxpayer Bill of Rights [4] Champion the Self-Employed [5] Regulate Umbrella Companies The essence of 5 reforms is simply: Fair treatment for flexible workers and the self-employed. DOWNLOAD HERE: https://lnkd.in/eBhmHkFy #freelancers #generalelection

389

53 Comments