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Shaping the future of finance


When will everything, everywhere be open? Oh, around 10:33

I had a chat with a friend the other day about Open Banking and they asked if I’d heard about 1033. 1033? Is that a PIN code for their cash? No. As it turns out, 1033 is the section of the USA’s Consumer Financial Protection Act that will introduce Open Banking to our American friends….

Who are you? eIDAS2!

I recently stumbled across an update of eIDAS. Have you heard of it, eIDAS2? It’s all about our digital identities in the European Union. The first eIDAS – short for electronic Identification, Authentication, and trust Services – tried to sort out all the ways to recognise who you are online. That first version was implemented…

Can you close the gate after the horse has bolted?

We need global regulation of all technology … but can we? Building on yesterday’s piece, there is a call in many circles for the global regulation of Big Tech. In fact it goes far further than Big Tech. It’s a call for regulating everything online. From cryptocurrencies to social media to artificial intelligence … it…

Can we delegate compliance to technology?

I’ve had a lot of thoughts recently about how much automation can go. In most banks, one or two people look over the shoulder of those doing the work to make sure they comply. If we could get rid of all those people checking the checkers, there would huge savings which made me beg the…

The superhero adventures of AML and KYC

In a land known as Fed, there are two superheroes: AML and KYC. They fly around the world looking for villains attacking the financial markets and aim to zap them. It is a difficult task, and getting more and more difficult every day, but they try … and they fail. In 2009, the estimated annual…

A new Payment Services Directive, PSD3: what’s in it?

In June, the EU put forward proposals for a new Payment Services Directive, PSD3. Having been involved in these developments since their inception in the 2000s, I was intrigued to read the text of PSD3, particularly as the main point bankers made about PSD2 is that they were forced to open up to Third Party…

Let’s talk about Open Regulation

There is an important thing happening that many may have missed imho. We talk all the time about Open Banking and how that’s developing. Why don’t we talk about Open Regulation? Open Regulation uses APIs (Application Program Interfaces) to tap into banks systems and see if they’re doing things right or wrong. It’s a concept…

What happens if bankers use WhatsApp for insider dealing?

Since records began, humans have tried to find a way around the rules. Drive slow, drink less, don’t fight, avoid drugs … there are always a few who want to get around the rules. I grew up in an era of massive football hooliganism. I saw someone stabbed with a knife at a match. My…

There are rules, regulations and dodges

There are rules and regulations, and then there is leeway and dodges. It’s all down to how the rules are viewed and how they are regulated that counts. This is the big debate in the UK right now. Party animal Boris’s government has received many penalties for breaking the Covid restrictions they themselves created, whilst…

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