Chris Wood

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

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🎫 Join Ann Schlemmer of Percona for Unlocking Competitive Advantage: A Financial Institution's Guide to Open Source at our Open Source in Finance Forum on 26th June in #London 🔗 https://lnkd.in/ghFRQx3F Talk Abstract The key to success for any organization is providing value to its customers. The product or service is what brings success. However, many components and backend systems ensure companies can get items to market. Profitability has become the primary focus for most companies these days. So, naturally, cost is part of the conversation. When it comes to the data and the management of it, cost is just one component. Other concerns include security, scalability, and efficiency. Open source software should be a part of everyone’s strategy. This talk is tailored explicitly to why adopting open-source technologies, particularly databases, benefits financial institutions by giving them a competitive advantage. The session will go over moving from proprietary databases to open source, the benefits of moving towards open source adoption, and the risks associated with open source adoption. We will review the Why and the How for migrating from proprietary to open software. 📆 OSFF Schedule: https://bit.ly/44ohJqS Event presented by FINOS & The Linux Foundation #OSFF2024 #OSinFinance #opensource #fintech #financialservices #techevent #conference #opensourcecommunity

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🚀 Empowering communities, unlocking potential Our Community ENABLE Funding programme will drive change for underserved businesses across the UK, unlocking up to £150m of additional funding in the next two years. The programme is aimed at social impact lenders like Community Development Financial Institutions (CDFIs) 💡 Why CDFIs matter: These non-for-profit lenders play a crucial role in the social impact sector, providing finance to businesses that mainstream lenders overlook. In 2023, they lent £102m to 4,546 businesses, with 98% of lending going to businesses outside London and 60% supporting disadvantaged areas. The Community ENABLE Funding Programme will enable CDFIs to reach more small businesses, especially those led by underrepresented groups, fuelling local growth, creating jobs, and strengthening communities. Read more about the programme here: https://lnkd.in/dAymWRZ7

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👥 New research by the Payment Systems Regulator has revealed the impact of APP fraud on victims in the UK. Kate Fitzgerald, head of policy at the PSR, said: “APP fraud isn’t just a financial setback, it affects people’s confidence in payments and can leave them fearful of using digital platforms and retailers in the future.” #fraud #paymentfraud #fraudprevention #socialmedia #payments #openbanking #digitalpayments https://lnkd.in/esFnyBFG

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💬 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

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Marion King, OBL Trustee, commented: "Last month, we published Open Banking Standard v4.0, the first major release for several years, which has been developed collaboratively with the entire ecosystem.   The Standard has laid the foundations for a thriving open banking ecosystem which benefits 9.79 million active users and is worth more than £4 billion to the UK economy. OBL will continue to maintain and update the Standard to ensure it is robust and able to support the future development of open banking.” Find out more > https://lnkd.in/ec_2yJTm #OpenBanking #OpenBankingStandard #TechInnovation #Fintech #Innovation #FAPI #ISO20022 #OpenBankingEcosystem

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While many DB schemes are currently well funded, our new DB funding code outlines principles and requirements to support schemes no matter what their financial positions in the months and years ahead. Read the new code: https://ow.ly/B35G50T8v3C #DBFundingCode #DefinedBenefitPensions #Pensions

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Digital bank Monzo has swung to profit for the first time, writes Frances Coppola. But its new-found profitability could prove short-lived as the end may be nigh for “narrow banks”. Full-year results just released show pre-tax profits of £15.4mn, generated largely from higher net-interest margins. Monzo, like most banks, has benefited from the Bank of England’s high interest rates. But like many of the challenger banks that grew from the ashes of the 2008 financial crisis, Monzo should be classed as a “narrow bank”. Its business model is focused largely on depository services and payments, and what little lending it does is also payments-related (credit cards and “buy-now-pay-later”). Its balance sheet is more like that of a payments processor than a traditional bank: against some £11bn of deposits, it holds £7bn of cash reserves at the BoE and £3bn of government and supranational debt. Loans make up only 15 per cent of its balance sheet. This business model amounts to an unhedged bet on BoE interest rate policy, Frances writes. Read more here https://lnkd.in/e79pQGWH #Monzo #bankingindustry #narrowbanks

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Financial Conduct Authority Confirms Anti-Greenwashing Guidance and Proposes Extending Sustainability Framework Sacha Sadan, Director of Environmental, Social and Governance, FCA, said: “Confirming the new anti-greenwashing guidance and our proposals to extend the Sustainability Disclosure Requirements and investment labels regime are important milestones that maintain the UK’s place at the forefront of sustainable investment. Our good and poor practice anti-greenwashing examples will help firms market their products in the right way. We continue to work closely with the ASA and CMA to address greenwashing. “Consumers care about investing in products that have a positive impact on the planet and people. That’s why we want to boost the integrity of the market and ensure people can make informed decisions about how to invest their money.” https://lnkd.in/efFqsgrR #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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A 'friction-right' approach to tackling the UK's epidemic of scams - 150sec: Challenger banks operate primarily through digital platforms, and that ... What is the roadmap a challenger bank or a digital-first fintech should take ...

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#Payments: "We should be designing safer systems; it's also right that banks should not shoulder the burden entirely for fraud that happens outside of their control - online platforms have the resources to tackle fraud, just not the will" With the #PSR's new #Fraud Reimbursement mandation, receiving #banks are facing additional costs of £227m+ based on 2023 APP specific fraud figures. It is time to implement proactive prevention measures with better payment flows and fix the #broken #payments ecosystem. #EFD needs to be a major player in helping #AI #antifraud and identity verification solutions. Great post Adrian Field

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Bank of England have published their report on proof of concept for potential use of #CBDCs @ #POS. Congratulations Consult Hyperion on developing this with the bank. Bank of England Point-of-Sale proof of concept https://buff.ly/44OKzRd "As part of the design phase for a digital pound, the Bank of England is conducting experiments and proofs of concept in collaboration with private-sector innovators and a range of stakeholders. These aim to assess the technical feasibility and technology and policy implications of potential digital pound design features." The experiment also concluded that it is technically feasible to implement offline payments functionality at points of sale using existing POS terminals. But this functionality might require that an offline payments application be deployed to those terminals in order to store offline balances. Therefore, while existing POS terminals may not need to be modified to make online digital pound payments, they might need to be modified for offline payments. Point-of-sale proof of concept

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Understand the successful user centred design process used by Scotpayments https://lnkd.in/eN3DgsdY #govtech #servicedesign #payments

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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.  

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Open Banking Limited have released version 4.0 of the UK open banking standard, and Banks and Financial Institutions in the UK will need to consider how this will affect them. But don't worry, there is an easy way to update your open banking API to the latest standard. Be smug like Francis and find out how: https://ow.ly/c2ba50SYAkT #UKOpenBanking #OpenBankingAPI #FintechUK

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📣 In the UK, the Joint Regulatory Oversight Committee has released its proposed design for a Future Entity which will continue to set the standards for Open Banking. JROC's report proposes that an Interim Entity be established that will be a subsidiary of Open Banking. Marion King, chair and trustee of OBL, said that it provides "much-needed clarity". Payment Systems Regulator Financial Conduct Authority Henk Van Hulle Fiona Fenn Smith Clare Ambrosino Samantha Boyle #openbanking #smartdata #openfinance #datasharing #payments #regulation #financialservices https://lnkd.in/gQYQBTTx

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7 Million Customers. 2500 Microservices. This appears complex. But not for Monzo. A sneak peek into ‘how & what’ they implemented 👇 Background: Monzo Bank is an amazing Digital Bank! 🌞 🛠️ (a) Architecture They adopted a cloud-native approach, leveraging AWS Cloud and Kubernetes for infrastructure orchestration. They welcomed microservices architecture using Cassandra as the core database and communicating between services through RPC (initially RabbitMQ, later HTTP). Services were isolated, each managing its data and exposing Protobuf interfaces for communication. (The Image gives an idea about Monzo’s Microservices Architecture Flow) 🛠️ (b) Transition from Monolith to Microservices: Monzo initially adopted microservices, building services for core banking functions like ledgers, accounts, and authentication. They defined clear boundaries between services, each managing its data and communicating through RPC interfaces. This approach enabled an incremental transition from a monolithic architecture by adding new services while maintaining a consistent microservices-based architecture. 🛠️ (c) Scaling the Digital Bank: Their architectural choices, such as using Cassandra, Kubernetes, and microservices, enabled them to scale to over 300 engineers, 2500 microservices, and hundreds of daily deployments, even on Fridays. The isolation of services and data allowed for independent scaling and ownership changes. Uniformity in service development, through shared libraries and best practices, facilitated maintaining and scaling the codebase. To ensure operational excellence, Monzo invested heavily in observability tools like: ▪️ Grafana for visualization, ▪️ Jaeger for distributed tracing, ▪️ Prometheus for metrics collection, ▪️ OpenTelemetry for instrumentation, ▪️ Elastic search for centralized logging. Making informed technological choices aligned with organizational capabilities helped Monzo maintain consistency and quality as the codebase grew. 💡 Found it useful? Repost and follow Simform for more simplified explanations of complex engineering concepts. #monzo #microservices #awscloud #cloudmigration #softwareengineering #simform

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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

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