LukeW Ideation + Design provides resources for mobile and Web product design and strategy including presentations, workshops, articles, books and more on usability, interaction design and visual design.
Here begins a tale of how the Bank of England's settlement system got broken without anyone really noticing...
On October 20 2014, the BoE suffered an embarrassing collapse of its real-time gross settlements (RTGS) system, forcing it to revert to manual processing for large payments such as CHAPs for about a day.
At the time, Bank personnel, bankers and the market in general passed the incident off as largely a technical issue, like a site falling down or a regular IT fail. Nothing to lose sleep over.
But the incident was arguably much graver than that. A long-standing RTGS collapse would have constituted nothing less than a systemic collapse of the sterling monetary market with potentially catastrophic consequences for the UK economy. Think human sacrifice, dogs and cats living together, mass hysteria. That sort of thing.
Also never pointed out at the time was how the events of 20 October 2014 linked back to the banking crisis of 2008.
If I were to pick the proof point for ‘refragmentation’ and TCE within the payments industry it would be processing. If payments is a network business.. processing is undergoing open access (think MCI/ATT), nodal redesign (think iPhone vs rotary), big data, and direct sales … ALL AT ONCE.
As I was slogging through the many payments-related articles and blog posts reminiscing about 2015 events and making predictions for what may or may not be ahead in 2016, I thought of a conversation I had with Scott Loftesness around
Apple Pay was launched last year, with lots of fanfare and support by the credit-card industry. Partnering with the banks that issue credit cards overcame the resistance that early entrants in mobile payments had faced. It also solved critical technology and infrastructure problems and offered the credit-card industry a new avenue for growth. Apple Pay […]
The new year has already seen a new volley in the on-again, off-again, struggle between banks and tech companies that provide services to the financial industry. Brian Peters, executive director of Financial Innovation Now—an advocacy group representing several large technology firms like Intuit
Holiday returns account for about ten percent of holiday sales, but what do retailers do with all that returned inventory? Here's how some sellers exploit this retail problem and turn it into an ecommerce opportunity.
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