Comments
The Promise Of Payments
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Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
9/4/2013 | 11:05:35 AM
re: The Promise Of Payments
These are all important safeguards that any payments system should have. Most banks have these security, risk, AML and privacy processes in place for other products, so it shouldn't be that much of a leap to include these in a payments service.
Guest
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Guest,
User Rank: Apprentice
9/4/2013 | 4:46:12 AM
re: The Promise Of Payments
Major problems must be dealt with:
Security both the customer data to gain access to the customer's capital and credit.
Fraud the transactions being presented are ONLY from our customer and not allowing scammers to setup accounts in our organizations.
Money Laundering organization must be able to identify the actual owner and that they are not illegally moving and cleaning illegal funds.
Privacy for each customer must be assured and proven that their information is not given out without proper authority.
KBurger
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KBurger,
User Rank: Strategist
9/3/2013 | 2:04:44 PM
re: The Promise Of Payments
A few years ago (pre-crisis?) there was a lot of discussion in U.S. banking about the opportunities to serve the unbanked/underbanked. At that time the tech focus was around the risk management aspect and the extent to which untraditional credit factors could be considered & used in extending financial products (mortgages, etc.) to this segment. I think that has been a casualty of the subprime mess. But in the meantime mobile has transformed the unbanked "market", what the channel enables I think has superceded discussions about credit risk. I think U.S. banks definitely are going to be playing catch-up. Maybe too late?
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
9/3/2013 | 12:49:39 PM
re: The Promise Of Payments
Good point. The US banks have let the other firms around the world learn the harsh lessons of different payment methods. Hopefully, the US-based banks will learn from the mistakes, and not repeat them.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
8/30/2013 | 9:30:44 PM
re: The Promise Of Payments
There are so many examples in other countries of different payments efforts, especially around mobile, aimed at the unbanked. U.S. banks are fortunate to have the opportunity to examine some of these efforts going on around the world and learn lessons that they can apply here for similar ends.


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