Swiss Central Banker: Blockchain Turning Finance ‘On Its Head’
#Swiss National Bank president Thomas Jordan says the #central bank is in discussions with regulators and other central #banks about #blockchain.
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R3 Banks, Startups Test Blockchain System for Syndicated Loans
A #syndicated loan exchange trial utilizing #blockchain being undertaken by a group of #banks alongside #startups R3 and Symbiont is moving ahead.
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8 R3 Banks Test Intel Blockchain Platform
A group of #banks within the R3 distributed ledger consortium have tested a #blockchain prototype for US Treasury bond trades.
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Breaking Banks: Cardmageddon!! [AUDIO]
On this episode of #Breaking #Banks, host Brett King is joined by #fintech blogger Dave Birch to talk about “#Cardmageddon,” or the moment when other types of payment will eclipse paying with cards. The two are joined this week by Jordan Lampe, Communications Director of Dwolla (who makes an announcement duringRead More
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FinTech DACH News Rückblick der Woche 38
Fintech.Li präsentiert hier wöchentlich die wichtigsten #News rund um #Fintech in der Schweiz, Liechtenstein, Deutschland und Österreich.
Fintech DACH Top News
Deutsche Bank boss Cryan tells staff to work like a tehnology company
Deutsche Bank chief executive John Cryan says staff working for the giant bank have to change their way of thinking as “we want to see ourselves increasingly as a #technology company”. Mehr erfahren
&8220;Hypi&8221; entdeckt die Schwarmfinanzierung
Die Hypothekarbank Lenzburg lanciert eine Plattform für Online-Privatkredite. Dazu arbeitet das Institut neu mit einem Schweizer Fintech-Unternehmen zusammen. Mehr erfahren
19 Swiss #Banks As Solutions For Fintech ChallengesDie Schweiz hat mehr und mehr Fintech Startups und Initiativen. Schweizer Banken versuchen aufzuholen oder sich gegen grosse Player zu positionieren (bspw. ApplePay) und haben eine Vielzahl von (Gegen)-Initiativen gestartet. Teils zusammen mit den Fintech Startups oder im Alleingang. Mehr erfahren
Multibanking: Die Finanzzentrale der Zukunft – Interview mit comdirect-CEO Arno Walter
Jeder zweite Deutsche verfügt über mindestens zwei Girokonten, jeder Vierte hat seine Gelder sogar auf drei oder mehr Konten liegen. Dazu kommen Kreditkarten, Depots, Baufinanzierungen, Ratenkredite. Mehr erfahren
Fintech: Startups am Staatstropf
Laut beklagt die Fintech-Branche das Fehlen staatlicher Anschub-Finanzierung. Umso mehr sorgte die Förderung eines #Blockchain-Projekts für Aufsehen – schüttet der Staat nun sein Füllhorn aus? Mehr erfahren
Easycredit stellt Ratenkauf für den Onlinehandel vor
Easycredit steigt ins E-Commerce-Dienstleistungsgeschäft ein und stellt einen benutzer- und verbraucherfreundlichen Ratenkauf für den Onlinehandel vor. Mehr erfahrenDeutsche Bank und Axel Springer investieren gemeinsam in Start-ups
Die Deutsche Bank und der Axel Springer Verlag fördern künftig gemeinsam junge Technologieunternehmen aus der Banken- und Versicherungsbranche. Das gaben die Unternehmen am Montag bekannt. Mit der Kooperation wollen das Geldhaus und der Verlag über den Start-up-Entwickler Axel Springer Plug and Play schneller Wachstumsfirmen auswählen, entwickeln und finanzieren. Mehr erfahren
Wie die Deutsche Post versucht, die Startup-Konkurrenz kaltzustellen
Fintechs machen der Post das Geschäft mit digitalen Identifizierungsverfahren streitig. Nach erfolglosen Übernahmeversuchen wehrt sich der Konzern jetzt mit einer fragwürdigen Preispolitik. Mehr erfahren
Der Wandel einer Bank zum Start-Up – Interview mit CreditPlus-Bank-CEO Jan. W. Wagner
Vor wenigen Tagen überraschte die CreditPlus Bank mit einem vollständig digitalen Konsumentenkredit per Smartphone-App – und der Ankündigung, mit einem kulturellen Wandel den bankinternen digitalen Erfindergeist zu fördern. Eine Start-up-Atmosphäre soll die Bank bekommen. Das wollen wir genauer wissen und sprachen mit Jan. W. Wagner, dem Vorstandsvorsitzender der CreditPlus Bank über den Weg zur digitalen Bank. Mehr erfahren
Crealogix: Umsatzplus dank Digital Banking Hub
Der Bankensoftware-Hersteller Crealogix hat zwar im Geschäftsjahr 2015/2016 noch Verluste geschrieben. Der Umsatz hat aber deutlich angezogen. Mehr erfahren
6 Best Swiss Fintech Startups 2016 in Top 100 Startup List
Startup.ch puts together a list of Top 100 Best Swiss Startups 2016. Several notable names in the Fintech industry made it into the list. Knip and Bexio even into the Top 3 and 10. Mehr erfahren
28 Mio. US-Dollar für das Schweizer InsurTech Startup FinanceFox
Die Resonanz auf Geschäftsmodell und der Geschäftsgang der unabhängigen Service- plattform für Endkunden und Versicherungsvermittler überzeugen die Investoren: Der deutsch-schweizerische InsurTech sichert sich weitere 28 Mio. US-Dollar am Kapital- markt. Das Investment fliesst in die Internationalisierung, das Produkt und das Marketing. Mehr erfahren
DKB: Eine Bank als FinTech-Hub – Interview mit Bereichsleiter Karsten Traum
Cringle, Barzahlen.de, FinReach-Kontowechsel, VISA-Wallet, Kooperation mit SOFORT-Überweisung und einiges mehr: Die DKB scheint immer vorne mit dabei zu sein, wenn es um FinTech-Kooperationen geht. Warum macht die Bank das? Wir fragten Karsten Traum, Bereichsleitung Privatkunden der DKB – er ist unter anderem für die Kooperationen mit FinTechs zuständig. Mehr erfahren
Twint-CEO: «Unser grösster Feind ist das Bargeld»
Die grossen IT-Anbieter wie Apple oder Samsung bereiten Thierry Kneissler nicht allzuviele Kopfschmerzen. Stattdessen kämpft der Chef der Bezahl-App Twint gegen die Gewohnheiten der Schweizer Bevölkerung an. Mehr erfahren
Daniel Keller wird Chief Product Officer der solarisBank
Mit Daniel Keller gewinnt die solarisBank einen erfahrenen Digitalexperten als Chief Product Officer (CPO), um die Skalierung der Banking Plattform und des Produkt Portfolios weiter voranzutreiben. Er wird dabei unter anderem die Entwicklung und Umsetzung einer fokussierten Produkt-Strategie vorantreiben, die Planung und Steuerung der Banking-Baustein-Initiativen vornehmen sowie das Produkt-Team weiter ausbauen. Mehr erfahren
Neuer GKB Finanzassistent – bequem und sicher die Übersicht behalten
Die Graubündner Kantonalbank bietet ihren Kunden neu mit dem persönlichen Finanzassistenten einen neuen Online-Dienst an. Dieser analysiert und kategorisiert automatisch alle Transaktionen. Mehr erfahren
UBS verliert Kickstart-Accelerator-Macher
Bei der UBS war er für den Aufbau des ersten branchenübergreifenden Startup-Beschleunigers zuständig. Nun wechselt der ehemalige Entrepreneur zur Swisscom, wo er einen bekannten Fintech-Spezialisten der Schweiz ersetzt, wie finews.ch erfahren hat. Mehr erfahren#BITCOIN / BLOCKCHAIN News
“Blockchain might be like the Internet”
DZ BANK Vorstand Thomas Ullrich hat in seinem Grußwort über den Status quo beim Thema Blockchain in der DZ BANK Gruppe berichtet, u.a. am Beispiel der Reisebank. Die DZ BANK Tochter hat im Juli innerhalb von acht Sekunden eine transatlantische Zahlung zwischen Calgary in Kanada und Frankfurt-Rödelheim mittels Blockchain-Technologie abgewickelt – ein Vorgang, der bisher vier Tage gedauert hat. Mehr erfahren
BREXIT – A Catalyst For Blockchain Technology?
Brexit — this topic has been in everyones mind for the prior weeks as I traveled across Germany and the US, not only in financial services. Nevertheless, today the first shock in financial services has gone and according to my opinion the Brexit has the potential to become THE game changer for implementing Blockchain Technology — fast track. Not only in financial services. Mehr erfahren
Traditional investment banking model ‘no longer an option,’ states McKinsey & Company ‘blockchain technology could deliver a broad range of benefits’
Global management consulting firm, McKinsey & Company, recently published a report outlining strategies that could help the capital markets and investment banking (CMIB) industry. “Time for Tough Choices And Bold Actions” defines the industry’s ailments and proposes initiatives that banks could implement, including the adoption of blockchain technology. Mehr erfahren
Reisebank mit Ripple: In acht Sekunden über den Atlantik
Das Fintech-Thema Blockchain wird vielerorts diskutiert und gerne auch in den Innovationshochburgen wie Silicon Valley verortet. Doch erstmals in die Tat umgesetzt wurde es jetzt zwischen Kanada und Deutschland. Genauer gesagt zwischen der ATB Financial in Calgary und der ReiseBank mit der Zentrale in Frankfurt-Rödelheim. Und darauf sind wir mächtig stolz. Mehr erfahren
The biggest bitcoin hacks and thefts of all time
The story of bitcoin’s biggest hacks and thefts is the story of bitcoin itself. From its early days and its first hack, to the biggest theft of all time, bitcoin’s utopian promises often turned into a dystopian reality where scammers, thieves, unaccountable and often amateur exchanges, some, even fully anonymous, proliferated in a wild west of euphoria and hope for a new future combined with devastating, and at times, tragic loss. Mehr erfahren
Blockchain: Steht Vitalik Buterin vor seiner schwierigsten Aufgabe?
Der Gründer der Zuger Blockchain-Schmiede Ethereum plant den nächsten grossen Sprung mit der als bahnbrechend geltenden Technologie. Doch dazu braucht er Hilfe, die schwer zu finden scheint. Mehr erfahren
Santander Vies to Become First Bank to Issue Cash on Blockchain
Spanish banking giant Santander is working on a project that explores how it could digitize customer cash using the public ethereum blockchain. Revealed today during a panel talk at Devcon2 by Ether.camp founder and ethereum Java client developer Roman Mandeleil, the news was confirmed by representatives of Santander. In statements, Santander said its goal is to open up its bank-issued funds to a community of innovators as a way of tapping additional efficiencies. Mehr erfahren
SIX holt Blockchain-Diva Blythe Masters an Bord
Die Börsenbetreiberin SIX Group will die Blockchain-Technologie einsetzen – und hat dafür in der amerikanischen Star-Bankerin Blythe Masters die Partnerin gefunden. Mehr erfahren
ÜBERSICHTEN / INFOGRAFIKEN / STUDIEN
Studie von Hays und PAC: Digitalisierung – gefragt sind Generalisten statt Nerds
Stehen wir im Private Banking vor einer Zeitenwende? Zwar werde die persönliche Beratung unverzichtbar bleiben, so Stephan Paxmann (TME Institut) „…. aber sie wird durch digitale Unterstützung bald ein Vielfaches für neue Kundengruppen leisten können.“ FinTechs und Non-Bank-Start-ups liefern dazu zahlreiche innovative Geschäftsideen. Mehr erfahren
SAP/IDC-Studie: 6 von 10 globalen Banken wollen Partnerschaften mit FinTechs – oder sie übernehmen
Sechs von zehn globalen Banken stehen einer Partnerschaft mit FinTechs aufgeschlossen gegenüber. Dies ergab eine Umfrage über den digitalen Wandel bei Banken, die von SAP veröffentlicht wurde. Jede dritte der befragten Banken (34 Prozent) würde mit einem FinTech-Unternehmen zusammenarbeiten, während jede vierte (25 Prozent) auch eine Übernahme in Betracht ziehen würde. Mehr erfahren
CommerzVentures Report: Blockchain Tech, Wearables & AI to Transform Insurance
CommerzVentures, the fintech venture capital fund of Commerzbank, has released a white paper highlighting the key technologies which it believes will transform the insurance industry. Aimed at providing insights into their potential uses in the insurance sector, CommerzVentures’ ‘Emerging Technologies Transforming the $ 4tn Insurance Industry’ paper explores how the insurance chain value will be transformed by technological innovations. Mehr erfahren
GFT-Studie: Mobile Payment – Aktuelle Marktanalyse, Auswirkungen und Empfehlungen für den Bankensektor
Mobile-Payment kommt. Als Vorreiter gelten die Region Asien/Pazifik und der afrikanische Raum. Dort besitzt kaum ein Einwohner ein klassisches Bankkonto. In Europa gelten vor allem Großbritannien sowie Spanien und Italien als Treiber, während es in Deutschland noch Optimierungsbedarf im Handel und Vorbehalte bei den Konsumenten gibt. Das aktuelle GFT-Whitepaper „Mobile Payment 2016: Aktuelle Marktanalyse, Auswirkungen und Empfehlungen für den Bankensektor“ nimmt die Entwicklung unter die Lupe und will wichtige Empfehlungen für den Finanzsektor geben. Mehr erfahren
New Report Highlights Germany’s Fintech Industry’s ‘Impressive Growth’
The Germany’s burgeoning fintech industry is quickly emerging as a regional leader with a number of startup gaining international recognition and Berlin becoming a “strong contender for London’s fintech crown,” according to a new report by UK payments startup GoCardless Ltd. Mehr erfahren
Finanz-App „MoBox“ für Jugendliche – comdirect-Studie untersucht das Finanzwissen junger Menschen
The Germany’s burgeoning fintech industry is quickly emerging as a regional leader with a number of startup gaining international recognition and Berlin becoming a “strong contender for London’s fintech crown,” according to a new report by UK payments startup GoCardless Ltd. Mehr erfahren
Fintech: Der Hype weicht der Ernüchterung
The Germany’s burgeoning fintech industry is quickly emerging as a regional leader with a number of startup gaining international recognition and Berlin becoming a “strong contender for London’s fintech crown,” according to a new report by UK payments startup GoCardless Ltd. Mehr erfahrenFintech EVENT Hinweis
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Top Digital Fintech Heads for Switzerland on Who is Who in Handelszeitung
These following names are #Fintech experts who are proudly named in the Who is Who and also be a part of Top #Digital #Heads for #Switzerland featured in the newspaper #Handelszeitung.
Olga Feldmeier – Managing Partner at XAPO ltd
Olga is a part of the management team of Xapo, a Silicon Valley based startup, which is a global leading player in the #Bitcoin industry. Olga’s background is in financial services industry: she was a strategy advisor for #banks at the Boston Consulting Group (BCG) and at Barclays Capital.
Andreas Kubli &8211; Group Managing Director &8211; UBS Switzerland AG Andreas Kubli is Managing Director at UBS Switzerland AG Zurich. Since 2013 he has held the Head of the Multichannel Management & Digitization position at UBS Switzerland. Prior to this, he was leading Strategy and Business Development UBS Switzerland. Before his entry into UBS he was a partner with McKinsey & Company. Andreas Kubli has a masters in Corporate Law from the University of Law in New York as well as licentiatus juris form the University of Zurich. Andreas Kubli is an authorized attorney at law in Zurich as well as in New York.
Christian König &8211; Founder of Fintech News Switzerland Chris is a Fintech Specialist with 15 years Investment Banking experience. He consults Fintech and Investment companies around the world (Singapore, Vietnam, Switzerland) with his company Finanzpro Ltd and is specialized in Financial Products, Social Media and Content Marketing. He is also the organizer of the Fintech Vietnam Meetup and is regular Fintech Speaker, a Fintech Mentor and a Digital Finance Lecturer. On top of that he runs several Blog projects such as Fintechnews Singapore, Fintechnews.ch and other award winning Finance Blogs. He holds a Master in Banking&Finance from the University in St.Gallen and is Certified Inter. Investment Analyst.
Daniel Gutenberg &8211; General Partner of VI Partners Daniel Gutenberg is General Partner of VI Partners, a Swiss venture capital firm. He joined the company in 2003. Subsequent to selling Gutenberg Communication Systems AG to the Telindus Group in the year 2000, Daniel Gutenberg became a very active business angel and investor in numerous startups. His focus is on #Technology and he has been taking board assignments for various public and private Companies as well as for YPO Young Presidents’ Organization, a network of young global business leaders. He also acts as the president of the Swiss Technion Society and as a member of the Circle of Investors of BrainsToVentures. Daniel Gutenberg was awarded as business angel of the year in 2011 (SECA).
Marc P. Bernegger &8211; Serial Web Entrepreneur &
Fintech Investor Marc P. Bernegger is a serial web entrepreneur and fintech investor. Aged 20, Marc co-founded the party platform usgang.ch (trade sale to Axel Springer) and he is a founder of amiando (awarded by the World Economic Forum as Global Technology Pioneer in 2010; trade sale to XING). He is Ambassador Switzerland at FinLeap, was partner at the listed investment company Next Generation Finance Invest (today Ayondo Holding) and venture partner at Orange Growth Capital. Marc was awarded as «100 most successful people under 40 in Switzerland» by BILANZ in 2015
Patrick Comboeuf &8211; Director of Studies &8211; CAS ‘Digital Leadership’ Patrick Comboeuf is a senior (digital) executive with a strong track record on both the corporate and academic side. He was Director E-Business at SBB orchestrating their digital channels (> CHF 400 Mio of revenue p.a.) from 2006 to 2014. As a leader of a team of 50-odd experts he was the driving force behind a vast array of digital transformation initiatives like SBB Mobile (ticketing/timetable) – with 5,4 million users the most downloaded app in Switzerland, their intra-preneurial startup programme SBB Digital as well as the company’s headline making social media presence to name a few. He’s a regular blogger and keynote speaker at conferences on topics like Mobile Commerce, Digital, Service Business, Customer Experience and how to create a sustainable digital lifeline for dinosaurs in the corporate world.
Urs Haeusler &8211; CEO of DealMarket Urs is CEO of DealMarket &8211; the global Private Equity Platform providing a comprehensive platform for fundraising and deal flow management. Based on his online expertise and global network Urs is valued as senior advisor for entrepreneurs and corporates alike. He also is the owner of Haeusler Management & Ventures, an internet business consulting firm, since 2008. Urs also supports early stage tech start-ups as a Business Angel.
Featured Image: Pixabay
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Top Digital Fintech Heads for Switzerland on Who is Who in Handelszeitung
These following names are #Fintech experts who are proudly named in the Who is Who and also be a part of Top #Digital #Heads for #Switzerland featured in the newspaper #Handelszeitung.
Olga Feldmeier – Managing Partner at XAPO ltd 
Olga is a part of the management team of Xapo, a Silicon Valley based startup, which is a global leading player in the #Bitcoin industry. Olga’s background is in financial services industry: she was a strategy advisor for #banks at the Boston Consulting Group (BCG) and at Barclays Capital.
Andreas Kubli &8211; Group Managing Director &8211; UBS Switzerland AG Andreas Kubli is Managing Director at UBS Switzerland AG Zurich. Since 2013 he has held the Head of the Multichannel Management & Digitization position at UBS Switzerland. Prior to this, he was leading Strategy and Business Development UBS Switzerland. Before his entry into UBS he was a partner with McKinsey & Company. Andreas Kubli has a masters in Corporate Law from the University of Law in New York as well as licentiatus juris form the University of Zurich. Andreas Kubli is an authorized attorney at law in Zurich as well as in New York.
Christian König &8211; Founder of Fintech News Switzerland Chris is a Fintech Specialist with 15 years Investment Banking experience. He consults Fintech and Investment companies around the world (Singapore, Vietnam, Switzerland) with his company Finanzpro Ltd and is specialized in Financial Products, Social Media and Content Marketing. He is also the organizer of the Fintech Vietnam Meetup and is regular Fintech Speaker, a Fintech Mentor and a Digital Finance Lecturer. On top of that he runs several Blog projects such as Fintechnews Singapore, Fintechnews.ch and other award winning Finance Blogs. He holds a Master in Banking&Finance from the University in St.Gallen and is Certified Inter. Investment Analyst.
Daniel Gutenberg &8211; General Partner of VI Partners Daniel Gutenberg is General Partner of VI Partners, a Swiss venture capital firm. He joined the company in 2003. Subsequent to selling Gutenberg Communication Systems AG to the Telindus Group in the year 2000, Daniel Gutenberg became a very active business angel and investor in numerous startups. His focus is on #Technology and he has been taking board assignments for various public and private Companies as well as for YPO Young Presidents’ Organization, a network of young global business leaders. He also acts as the president of the Swiss Technion Society and as a member of the Circle of Investors of BrainsToVentures. Daniel Gutenberg was awarded as business angel of the year in 2011 (SECA).
Marc P. Bernegger &8211; Serial Web Entrepreneur &
Fintech Investor Marc P. Bernegger is a serial web entrepreneur and fintech investor. Aged 20, Marc co-founded the party platform usgang.ch (trade sale to Axel Springer) and he is a founder of amiando (awarded by the World Economic Forum as Global Technology Pioneer in 2010; trade sale to XING). He is Ambassador Switzerland at FinLeap, was partner at the listed investment company Next Generation Finance Invest (today Ayondo Holding) and venture partner at Orange Growth Capital. Marc was awarded as «100 most successful people under 40 in Switzerland» by BILANZ in 2015
Patrick Comboeuf &8211; Director of Studies &8211; CAS ‘Digital Leadership’ Patrick Comboeuf is a senior (digital) executive with a strong track record on both the corporate and academic side. He was Director E-Business at SBB orchestrating their digital channels (> CHF 400 Mio of revenue p.a.) from 2006 to 2014. As a leader of a team of 50-odd experts he was the driving force behind a vast array of digital transformation initiatives like SBB Mobile (ticketing/timetable) – with 5,4 million users the most downloaded app in Switzerland, their intra-preneurial startup programme SBB Digital as well as the company’s headline making social media presence to name a few. He’s a regular blogger and keynote speaker at conferences on topics like Mobile Commerce, Digital, Service Business, Customer Experience and how to create a sustainable digital lifeline for dinosaurs in the corporate world.
Urs Haeusler &8211; CEO of DealMarket Urs is CEO of DealMarket &8211; the global Private Equity Platform providing a comprehensive platform for fundraising and deal flow management. Based on his online expertise and global network Urs is valued as senior advisor for entrepreneurs and corporates alike. He also is the owner of Haeusler Management & Ventures, an internet business consulting firm, since 2008. Urs also supports early stage tech start-ups as a Business Angel.
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Global Banks Partner to Form Blockchain Payments Network
Ripple joins with Bank of America, Santander, the Royal Bank of Canada and more to build a #global #blockchain steering group.
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EU’s Payment Services Directive (PSD2): What It Is And Why It Matters
Recent regulatory changes in Europe, including the #Payment #Services #Directive (#PSD2), are set to accelerate payments innovation.
The Payment Services Directive (PSD) was initially adopted by the European Union (EU) in 2007 and aimed at providing a legal framework for all payments made in the region with the purpose of making these faster, more efficient and easier to use for European consumers and payments services providers.
In October 2015, the EU adopted a revised PSD – also referred to as PSD2 &8211; that sought to enhance consumer protection, promote innovation and improve the security of payments services.
PSD2: What is it?
PSD2 is a major policy development expected to impact the payments industry across Europe through: further standardization and interoperability of cards, Internet and mobile payments methods; the reduction of barriers to entry in particular for card and Internet payments providers, driving thus increased competition, innovation and transparency across the European payments market; as well as providing the necessary legal platform for the Single Euro Payments Area (SEPA).
The directive seeks to improve the existing EU rules for electronic payments, while taking into account emerging innovative payment services, such as Internet and mobile payments. It sets out rules concerning:
- Strict security requirements for electronic payments and the protection of consumers’ financial data, guaranteeing safe authentication and reducing the risk of fraud;
- The transparency of conditions and information requirements for payment services;
- The rights and obligations of users and providers of payment services.
The regulation came into effect on January 12, 2016, and EU countries must incorporate it into national law by January 13, 2018.
The impacts
The new directive brings key changes that include:
Third-party payment initiation: Payment Initiation Service Providers (PISP) will be able to initiate online payments from the payer&8217;s bank account. This will encourage competition in the European payments industry. Accenture estimates PISP services could account for up to 16% of online retail payments by 2020.
The definition of a “payment institution” is extended to new types and categories of players. While the original PSD applied only to transactions occurring within the EU, the PSD2 will extend this scope to &8220;one leg out&8221; transactions.
Third-party account access: The directive will regulate account information service providers (AISPs). These providers act as aggregators of customer payment account information.
Prohibition of card surcharges: The regulation seeks to standardize the different approaches to surcharges on card-based transactions across the EU.
Security of online payments and account access through the introduction of new security requirements for electronic payments and account access, along with new security challenges relating to AISPs and PISPs.
The directive will affect everyone in the shifting payment landscape. This includes #banks, fintechs, the PCI (Payment Card Industry) as well as merchants.
How PISPs and AISPs will change existing interaction models between customers and banks, Accenture report ‘Seizing the Opportunities Unlocked by the EU’s Revised Payment Services Directive&8217;
PSD2 will bring both challenges and opportunities for European banks. Banks will be required to open up their infrastructure to third parties by offering APIs under the XS2A (access to account) rule. They will be forced to grant them access to their customers&8217; online account/payment services in a regulated and secure way.
On the other hand, PSD2 presents significant opportunities to grow new revenue streams &8211; by facilitating and monetizing access to raw data and banking services, for instance &8211;, capture customer ownership and process toward an extended ecosystem centered on the &8220;Everyday Bank,&8221; a concept that takes banking to being trusted, indispensable and central to consumers&8217; everyday activities.
EU banks: challenges and opportunities of PSD2, Accenture report &8216;Seizing the Opportunities Unlocked by the EU’s Revised Payment Services Directive&8217;
Featured image: Mobile banking concept by Ditty_about_summer, via Shutterstock.com.
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Blockchain will change the World?!
What can we do with #blockchain?
What does blockchain provide us?
How to apply blockchain?
Can we afford not to answer these three fundamental questions?
Introduction. There is a widely accepted perception that the potential impact of blockchain for society is huge and a game changer for many industries. Almost all major #banks are involved in some kind of research on blockchain. There is something going on. We apply Socratic questioning; a good question is more valuable than a good answer. Three related good questions are proposed that must be answered well before we can do any new and valuable things with blockchain. Because, without good research questions good R&D is not possible.
What can we do with blockchain? The first question is well answered in more detail by some visionary authors who describe the new things, products and services, and the impact on business and society on many areas. In financial and government services there are the promises of a better production of existing services. In short, “doing the same things in a better way”. There is also a new dimension, “doing totally new things” using disruptive business models. There are plenty of these examples based on social media. Blockchain is closely related to social media, communication and to documents, as will be shown in later blogs. So it is reasonable to expect that blockchain may have an impact in all these areas.
There are more urgent reasons to apply blockchain. Experts agree that the world financial system of transactions is a geopolitical battlefield for state sponsored cyber crime. Blockchain promises a radically new way to realize resilience to cyber crime and a reduction of costs due to a reduction of complexity. A much more resilient and robust world financial transaction system can be and must be realized.
What does blockchain provide us? This question is answered today by a number of good articles on the inner construction and working of blockchain, mainly for #bitcoin(s). This is fine and we can trust our fellow engineers and cryptographers to provide us good solid blockchain platforms. However, this is not our prime interest, we are interested in what blockchain provides us as a black box, without knowing its inner construction and working. Some authors state that it is “trust-less authenticity”, or “trust-less consensus”, or use comparable terms. Since this is new and enables those new services, the trust-less authenticity is the new paradigm. So, the term ‘blockchain’ refers here to ‘trust-less authenticity’. The new paradigm is enabled using good software engineering and cryptography but these are not the new paradigm; they provide us the new paradigm trust-less authenticity. What trust-less authenticity is must be understood and described well enough (very well). Then, and only then, we can make any good use of it from an engineering perspective, for example building robust and fault tolerant world financial systems. So far any good specifications have not been found in the literature. To answer this question well, we need a high quality conceptual specification of blockchain’s trust-less authentication. This is a subject for later blogs.
How to apply blockchain? The third question is about the application of blockchain’s trust-less authenticity – and we must understand this first – as a key component to construct and produce the new services and new financial service providers. No good answers to this engineering question have been found in the literature so far. The answer consists of three major parts and a conclusion.
The first is that we have existing services (products) that we would like to produce in a better way. We also see that a range of totally new services is possible. We must start by describing the functional qualities of our services ‘well enough’. What is the value of our service to our customers, as seen by our customers? We must ask them because it is highly subjective. We need this functional specification because we must check, validate, that our actual production meets these functional specifications. If our actual production does not match the functional requirements, it will not provide the desired value for the customers, and we are in deep trouble with a dissatisfied customer.
The second part is that we must specify the construction of the services in an appropriate way. The term ‘appropriate’ is not vague; it means also a truthful, coherent, concise, consistent and comprehensive specification. Without a good specification of the construction of the services we are not able to find out how toproduce the services in new enterprises. As said already, we must check, validate that if we construct our service in this way, it meets the functional requirements for the customer.
The third part is the observation that services are produced by enterprises. An enterprise must be well designed to produce the services, based on the construction specifications of the service. Example: an automotive production line is very carefully designed and tuned to produce a specific car type. If another type of car must be produced, the production line must be redesigned, adapted, tuned in many places. If the production line must produce radio’s, the whole production line must be redesigned from scratch. These enterprises must be specified also in an appropriate way, otherwise we cannotconstruct these enterprises and let them operate well in production.
These answers show that if we use the special qualities of a new component in our services, blockchain’s trust-less authenticity with all of its benefits, the construction of our services must be totally redesigned from scratch. We produce the same service, same functional specifications, but in a different way. And, if we produce services in a totally new way, we must redesign and rebuild our enterprises also from scratch. The conclusion is that the application of blockchain typically demands a totally new (re)design, from scratch, of the construction of the services and therefor theconstruction of the financial service enterprises. In other words; if you want to apply blockchain well, it is better to redesign the services and rebuild the whole enterprise from scratch.
Is this about #Fintech? Yes and No. Yes, because it is innovative, based on two new paradigms (one is blockchain – trust-less authenticity) and the benefits will probably most visible in financial services. It’s most valuable benefit for society is likely a robust and fault tolerant world financial system. No, this is not some new potentially disruptive financial service. It is how to apply blockchain well, better than state of the art technologies, using better engineering.
Can we afford not to answer these three fundamental questions? The three questions are interconnected and are also umbrella questions for many more detailed questions – see below. Without an appropriate answer the next question cannot be answered. So, without three appropriate answers we cannot deliver the new services. To provide appropriate answers to the three questions we need also better engineering methods for enterprises and their supporting IT systems, which is in the domain of the discipline of enterprise engineering, based on another new paradigm.
Blockchain will #change the World..?! No, not if we continue the old way of doing things. Looking at the state of the art in IT systems development [much literature] in for example financial services, we observe that these IT systems are too expensive, have been developed over many years using trial and error methods, resist agility, are increasingly difficult to maintain and have a limited functional value (business-IT alignment). If we continue to work in this way, we will realize similar bad results.
If, as some visionaries are rightfully saying, we are going to machine to machine financial services in production chains, then we need really much better engineering.
Future blogs. The following future blogs discuss the answers to the three fundamental questions, based on good engineering. Subjects include:
- How to build more robust and fault tolerant financial enterprises and their information systems? “Keeping the cyber criminal out”, enhanced by “Once the cyber criminal is inside, make sure he cannot do much harm”.
- What is trust-less authenticity (precisely)? What does it guarantee? How and when is it created? By whom? How should blockchain be embedded in business procedures?
- What is business procedural risk or systemic risk. What are the causes? How to identify, mitigate or eliminate procedural risk, at design time or in production?
- What is total factual knowledge of the enterprise operation – containing digital fingerprinting, total audit knowledge, communication and commitments made, documents produced?
- What do the new blockchain platforms provide us, and what not?
- How to specify new blockchain based services in an appropriate way? For whom? Customer’s identity?
- How to engineer enterprises, addressing governance, risk, compliance (GRC), efficiency and effectiveness issues?
- How to construct IT systems that support the operation of enterprises and support the new blockchain platforms?
- What is communication between human actors and how does it relate to commitments, intentions, contracts, obligations, rights, permissions, authorizations and delegation? What are social media and chatbots doing?
- What are ‘documents’; what do they contain, represent, do, how are they designed and produced?
- How does enterprise engineering support the application of blockchain’s trust-less authenticity?
- What is the enterprise operating system? How does it work? What does it do? How is blockchain supported?
The new discipline of enterprise engineering is based on the (quite) new paradigm of communication and commitments between human actors in social systems, enterprises. It is ‘solid’ engineering, just like electronics, aviation, mechanical engineering, no place for BS or hype. Enterprise Engineering must provide good answers to these questions.
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The author, Steven J.H. van Kervel, Ph.D. computer science, is with Formetis Consultants BV in The Netherlands. Formetis develops methodologies, tools and software systems for the engineering of enterprises with supporting IT systems, applying blockchain #technology.
Formetis participates in the CIAO! community of scientists and engineers on the field of enterprise engineering.
Formetis seeks partnerships to bring this technology to the real world.
Contact: [email protected]
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