Fighting the friction: Bridging the gap in innovation between B2C and B2B payment solutions

The elimination, or at least reduction of all forms of ‘friction’, perceived or obvious has been an enduring human obsession, and great excitement surrounds new discoveries. One can only imagine the furore that followed the first ancient Mesopotamian saying to his or her peers, “Hey guys, instead of dragging this heavy wooden box across the ground…why don’t we attach some round things that spin to the underside?”

Fast-forward 5,000 or so years, and though the types of friction we are seeking to reduce have become a little more nuanced, the excitement of a new discovery is just the same. It’s what makes FinTech such an exhilarating industry to be a part of, as such discoveries and innovations are increasingly prolific. ‘Friction’ in our industry usually refers to the time taken to make payments, and ‘frictionless payments’ are those transactions that can be completed in an instant.

BCBS 239 compliance: A catalyst for effective change

It’s the end of May 2016 and as the BCBS 239 deadline is now five months overdue, banks are still asking what approach towards compliance will prove to be the most effective. Some banks have taken a methodical and timely ‘check-the-box’ approach whilst some have viewed the regulation as an opportunity to thoroughly strengthen their underlying governance, architecture and data quality.

To first understand the logic behind both strategies, it’s worth revisiting what the regulation is and how it came to be. Back in January 2013, the Basel Committee on Banking Supervision published the BCBS 239 principles for effective risk data aggregation and risk reporting, in response to the lessons learned during the 2007 global financial crisis.

How to keep a corporate customer

If corporate banking customers are unhappy with the customer service their bank offers them, the chances of them leaving are higher today than ever before, was the stern warning by panellists at the recent summit organised by billing and pricing software supplier, Zafin. Steve Murphy, research director at CEB Tower Group, cited research that the 68 per cent of corporates will not hesitate to move to another bank if they feel their current provider is not offering them top service.