An account that will let you accept, store and send funds in multiple currencies with the ability to exchange between currencies. But there are different ways this can be achieved. This may give you a single interface in which you can manage multiple currencies, with separate account details for each currency. You may get a
-> Continue reading What is a Multi currency Account?
The world is awash with new payment systems. We have ApplePay, Android Pay, Samsung Pay, innumerable wallets and plenty of other new systems. But we still continue to do most of our shopping with cash and cards just as we always have. Why is this? Because we know it works, and we don’t like taking any
-> Continue reading Payments – How do you want to pay for that?
Imagine a world where banks are connected. Not just in the fairly tentative way they are now through all the third-party payment networks like card schemes and SWIFT but really connected. So they can pass rich, detailed messages of any type and where necessary, include real-time settlement with the message. What would such a world look like?
An industry has built up due to the inability of banks to work together directly. But what would happen if the banks were actually connected? With a rich, immediate communication and payment network such as the Trusek Universal Payment System, that would allow the banks to act as an industry instead of a group of individual institutions.
Does PSD2 have to be complicated? There has been a huge amount written about PSD2 recently and much of it appears to be, with the greatest respect, over complicating the issue. Very fundamentally, to provide for all of the requirements of PSD2, we have three…
What will replace the card schemes? There has been much talk recently about how card payments will replace cash altogether in the future. I have talked previously about my opinion that the card schemes (Visa, MasterCard, Amex etc) are past their sell-by date and we need an alternative. I have also discussed my vision of
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A new payments network…for a brave new world As mentioned in my previous blog there is much that is wrong with the existing payment networks, but it is always easy to criticise what others have done and rather more difficult to provide a solution to a problem. Let’s look at some defining characteristics of the
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We need new payment networks…but we’re looking in the wrong places “The current payment networks available to the financial institutions around the world are no longer fit for purpose.” I think that this is a statement that has been generally agreed by all those involved but let’s go through them just to be clear: The
-> Continue reading We need new payment networks…
In the early 2000s when the internet was still young, Visa, MasterCard and the other major payment card schemes had a choice. They could create a system that made using credit/debit cards on the internet safe, or they could rely on the unguessability of the card number. 3D Secure (3DS), the internet authentication protocol, was introduced to help protect online business and cardholders against online fraud.
The world is awash with new payment systems. We have ApplePay, Android Pay, Samsung Pay, innumerable wallets and plenty of other new systems. But we still continue to do most of our shopping with cash and cards just as we always have.