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Location
London
Member since
2020
Writes about
Payments Regulation & Compliance Retail banking Financial inclusion Cryptocurrency Markets Financial Crime Predictions

John's blog archive

2024 (1) 2023 (11) 2022 (9) 2021 (18) 2020 (2)
John Bertrand

John Bertrand

MD at Tec 8 Limited
Message Message me Posts: 41 Comments: 8
Bio Working with large banks and FinTech companies to provide banking with business solutions for the digital age across transactional banking. Covered many aspects of banking including FX, MM, payments, real time activities including liquidity. Holistic reviews of cash management for bank and client, both retail and business, direct corporate ERP bank linkages and Open Banking/PSD2. (Please see 'A Step by Step Approach' to Open Banking and You'. (www.amazon.co.uk). Includes the new technologies (Blockchain), digital money (cyber currencies) and security against cyber-crime. Career History Extensive expertise and management in banking and technology, from both bank and IT supplier experience: Citi, Misys (Finastra), FIS global, SAP and Cognizant.

Blogs

Banking Strategy, Digital and Transformation

Will HSBC become the Google of Forex?

05 Jan 2024

Brilliant start to the year with HSBC head of wealth announcing a new Foreign Exchange (Forex) app to take on Wise (1). The app is for existing and new customers wanting to make foreign exchange transactions instantly. This activity fully supports the 695th Lord Mayor of London Lecture on “Harnessing Entrepreneurship to Build a World-Class Economy...

Banking Strategy, Digital and Transformation

Reimbursement of APP Scams: Boost for consumers/SMEs

21 Dec 2023

The Payment Systems Regulator issued Specific Requirement 1 on the Faster Payments Scheme Operator (Pay.UK) to insert APP scam reimbursement into Faster Payments. The timetable as follows: Action Financial Service & Market Act 2023 (FSMA) - places statutory on PSR for APP scam payments over Faster Payments by 29-Feb-24 Faster Payments Scheme Op...

1

Digital Banking, Mortgages and Savings

UK Finance Annual Mortgage Dinner and The New Mortgage Charter

17 Dec 2023

An exhilarating evening was held with the members of the mortgage industry on 12 December with people dressed in black tie. The mood was set by the Director of Mortgages for UK Finance and further extended by the chair of akt Charity by providing safe homes for UK LGBTQ young people. Positivity for 2024 was palpable. The Director opened with givin...

Innovation in Financial Services

Cyber Wars Going Infinite: Buckle Up

30 Oct 2023

The Michael Lewis book, Going Infinite, The Rise And Fall of A New Tycoon and Erica Stanford’s earlier book Cyber Wars, reflect an accurate but disturbing picture of this unregulated market. At times, the market appears to be a huge Ponzi Scam: The Z/Yen Group believes over 60% of the cyber coins on offer are fake. In the UK, 80% of Bank Accoun...

See all John's blogs

John is Commenting on

Accelerating the use of Instant Payments

  Ketharaman - reimbursement details are being finalised by the PSR for the UK for consumers and SMEs. Larger companies where revenues exceed £5 million per year are excluded. EU is adding CoP mandates in 2024 so we’ll have to see how euro reimbursements are addressed.

04 Oct 2023 Reply Read article

Accelerating the use of Instant Payments

  Ketharaman - as an estimate for APP scams of 0.1% compared to what a what third party cheque cashing business is experiencing is optimistic. That is APP scams will be higher based on experience and the weaknessess within the current payment flow. It is highly likely the APP scam rate will be higher greater and probably greater than 0.2%. Yes something further needs to be done to prevent misdirected and scam instant payments.   

03 Oct 2023 Reply Read article

Accelerating the use of Instant Payments

  Ketharaman - To give an idea of loss rates in the physical cheque cashing business - "cheques cashed here" - the run rate can be 15 to 25 basis points ( 0.15 to 0.25%). The fee for cashing the physical cheque to the end user can be up to 15% (< 2,000 bp) of the amount but normally 5% (5,000 bp) with a minimum fee. To cash the cheque the person has to be present, prove they are who they say they are and the cheque is their's. The files are then checked to ensure that the cheque is valid. If the check and person can not be validated then they are politely turned away. Given most APP fraud/scams the Payer has not had a physical meeting with the Payee or verified who they say they are. The UK banks with CoP - currently 10 out of 300 - do verify the account owner for domestic payments. IBAN used in International payments, usually the last instant payment of the scam, does not verify the ownership of the bank account. The figure of 0.1% (10 basis points) for a global benchmark given the above seems low. Breaking out the benchmark by market sectors - consumer, SME and Corporate - could be more accurate. Thank John     

02 Oct 2023 Reply Read article

Accelerating the use of Instant Payments

  Mel - completely agree: "without CoP both domestic and international payments fraud/scams will accelerate at alarming rates". This we saw in the UK when Payment System Regulator brought in a voluntary CoP scheme - CoP 10 - for the largest banks looking after 90% instant payment traffic in 2019/20. This lead to a jump - 30%+ in APP scams. Scammers switching to non-CoP enabled banks as their hosts. Plus a reimbursement policy which varied enormously by each bank in the program from TSB (90% reimbursed) to two anonymous larger banks showing less than 20%).    Given this experince, the PRS, with Government support, is bringing in new regs for 2024 and this should help others in their approachs to CoP. For example the EU in 2024. Thanks John  

02 Oct 2023 Reply Read article