Though we never knew you at all – because you only did a soft launch
You had all of the drama of Kadarshians but none of the glamor
And those around you fought and little got shipped Continue reading
Last Friday, I attended a closed door session on FinTech at the White House – alongside a few others in the Financial services ecosystem – Founders, Investors, Academics, a handful of Financial institutions and Regulators. Titled “The White House FinTech Summit” – the intent was to promote a discussion, sans media, on what could be done better to progress innovation in financial services, as well as communicate the administration’s own perspective on topics such as Financial inclusion, Regulatory arbitrage, Cyber Security and Big Data. Continue reading
From my February newsletter, so you could see what it’s normally about: my posts, thoughts about other posts I have read, my take on interesting industry bits, and other perspectives. If anyone wants to be included in the distribution – email me at cherian(.)abraham(at)experian(.)com.
What it is -> A quick read and meant to be useful.
What it is not -> Not meant to make you buy stuff, not meant to use your email for other things.
Tim Cook has a cogent explanation of why building a backdoor (in this case, a firmware that degrades the device security to allow endless pin entry attempts by the law enforcement to gain access to the device, without triggering a data wipe) will not be in the public interest. Any attempt to build a backdoor will be an irreversible step towards weakened system security not just for the iOS ecosystem – but for banking and financial systems that has come to rely on TouchID and other security subsystems inherent in iOS devices. Unintentionally or not, we are at risk of poisoning the well. Link Continue reading
I was invited recently to moderate a panel on Biometrics at the Atlanta Fed with MasterCard, Morpho, Daon, Pindrop Security and NIST, kicking off a One day summit to discuss the current technology environment in US around authentication. There will be a follow-on conference summary made available to the public by the Fed Retail Payments Risk Forum – so this serves as opinion – shaped by my own research and writing on the topic, as well as ongoing debates with organizations who are looking to broaden their use of biometrics. Continue reading
This week, Chase Partnership ends up a Hail Mary pass for MCX, and the 94 Million preloaded cards constitute the single most benefit. Elsewhere, Apple Pay looks to Amex as it rolls out to Canada and Australia – a partner who has sufficient margin in interchange to stomach a toll fee, but smaller market share in comparison. Finally, the platform moves from Mastercard to extend MDES and Express to the Internet of Things is interesting less because of payments, and more when you view it against the backdrop of name-centric identities giving away to algorithmically derived ones. This post is part of my November Newsletter. You should email me at cherian(dot)abraham(-at-)experian(.dot.)com to be added Continue reading
Last week I joined Sherri Haymond of MasterCard and Bharathi Ramavarjula of Facebook on a panel moderated by Paul Moreton, for a CapitalOne summit on Payments. When asked what was more important for the future of commerce – Sherri spoke of how security and trust is key, and I talked about how messaging has intersected with payments, (and in Wechat’s case) now intersecting with lending – with Bharathi eloquently summing it up as – “Facebook sees Commerce as a conversation”. Continue reading
This is a portion of my biweekly newsletter that I started earlier in 2015 to a small group of people that I communicate with often – a mix of Founders, Bank and Retail Execs, VCs, and others who find their work intersect with mobile and commerce. The last one to go out is pasted below, so you could see what it’s normally about: my posts, thoughts about other posts I have read, my take on interesting industry bits, and other perspectives. If anyone wants to be included in the distribution – email me at cherian(.)abraham(at)experian(.)com.
What it is -> A quick read and meant to be useful.
What it is not -> Not meant to make you buy stuff, not meant to use your email for other things. Continue reading
In Payments, Tokenization has surfaced two key points of debate for financial institutions. The first has to do with bank partnerships with technology providers like Apple, Google, Samsung et al – and how these partnerships need to be equalized around the topic of cost and control. Though the fear of disintermediation isn’t new, concerns about costs, data sharing and customer privacy has received a disproportionate share of this internal debate. Following is a brief perspective on how this is further shaped within banks and the downstream impact to those who intend to wrap them. Continue reading
As banking moves from branch to app – from a wholly owned and curated experience inside a branch – TO – an app that vies for space in a “democratized” and crowded home screen, banks must realize that they no longer own the entire canvas. Instead they merely follow the design principles set by the most-used apps on our phones. I no longer compare my bank app with that of another bank, I compare it against the services I use often – Facebook, Twitter, Gmail, Apple Pay, Uber etc. And if who you compete with on this platform has been redrawn to include brands who have nothing to do with managing money – then you have to try as hard not to be boxed in as a bank.
Having both the talent required to design these new experiences, and the capital to acquire them will only serve to further differentiate banks that have this focus as a priority vs those who will in the end get wrapped.
For Apple Pay, tokenization is the process by which card information is protected and subsequently shielded from the merchant and other parties in the transaction flow – till it reaches an entity equipped to reverse the translation and submit the authorization for bank approval. With AP – this role is entirely owned by the card schemes, even though the specification put forth by EMVCo places no such stipulations and allows third party “Token Service Providers” to exist. Apple is said to have welcomed “non-card scheme TSP’s” to operate within Apple Pay for a couple of reasons – the ability to support non-payment tokens as well as a hedge against putting all its eggs in one basket. For network TSPs like V and MA – tokenization represents a real advantage that dis-incentivizes disruption, while opening their rails to far more potential than just payments. Continue reading