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$500 million: your bill for cover payments

Further to my earlier blog about cover payments, I had a fascinating
conversation with a banker who is heavily involved with the changes to cover
payments regulations.

He asserted several times that the focus upon
cover payments will cost some banks $500 million each. 

$500 million.  Half a billion.

I asked how that
could be, as the technology changes will not cost nearly that much.

He soon made me realise that $500 million is cheap compared to what it could have been.

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more …

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

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